Smart Hospitality Market

Cisco Systems, Inc. (San Jose, U.S.), and Infor, Inc. (New York, U.S.) are Leading Players .in the Smart Hospitality Market

The smart hospitality market size is estimated to be USD 5.74 Billion in 2016 and is projected to reach USD 18.11 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8% during the forecast period. Some of the major factors that are driving the growth of the smart hospitality market include the growing demand for real-time optimized guest experience management, luring revenue generation & low operational costs, increasing adoption of Internet of Things (IoT), as well as automation technologies to enhance optimization, technological advancements, and others. The adoption of smart hospitality software is propelled by the increasing demand for improved service quality in hospitality facilities. Moreover, cloud-based deployment of software has enhanced the efficiency as well as guest experience. The applications of IoT have also made the software more robust as well as revenue generating.

Technological giants such as Schneider Electric (Rueil-Malmaison, France), Siemens AG (Munich, Germany), IBM Corporation (New York, U.S.), BuildingIQ (California, U.S.), Honeywell International (New Jersey, U.S.), Winhotel Solutions (Balearic Islands, Spain), Cisco Systems, Inc. (San Jose, U.S.), Oracle Corporation (California, U.S.), Huawei Technologies (Shenzhen, China), Johnson Controls (Wisconsin, U.S.), NEC Corporation (Tokyo, Japan), and Infor, Inc. (New York, U.S.) offer smart hospitality software and services, to cater to the needs and demands of the market. These players have adopted various growth strategies, such as expansions, mergers & acquisitions, partnerships, and new product launches (partnerships and new product launches being the key strategies). Partnerships and mergers & acquisitions have been the major strategical trends, accounting for more than half of the market share of all the growth strategies adopted by the major market players.

NEC Corporation has adopted a strategic mix of organic and inorganic growth strategies, such as new product developments, partnerships, acquisitions, and business expansions. In 2016, NEC Corporation of America (NEC) and Technovation Solutions, a customer experience innovator, entered into a partnership to enhance NEC’s hospitality solutions. This development is expected to offer a unique 'user environment' to the guests, thus allowing them to see, feel, touch, and experience technology.

Similarly, BuildingIQ, in April 2016, announced the acquisition of Energy WorkSite and Facility WorkSite software applications from NorthWrite Inc., a leading American energy information management organization, to craft an advanced energy management platform. The two cloud-based applications, coupled with BuildingIQ’s packaged Monitoring-Based Commissioning (MBCx) services, created a new, full-suite Energy Information Management Services (EIMS) platform.

Related Reports:

Smart Hospitality Market by Software (Hotel Operation Management System, Hotel Building Automation System), Service (Professional, Managed), Hotel Type (Business, Heritage & Boutique, Resorts & Spas), Deployment Model, and Region - Global Forecast to 2021

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Report Code
TC 4911
RI Published ON
1/12/2017
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