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A Detailed Study On Smart Hospitality Market

Introduction

Smart Hospitality refers to the smart handling of all the operational and management activities of the hotel, event centers, cruise lines, and travel organizations with the use of the software. With the growth of the travel and tourism industry, the number of visitors at hotels, resorts, and other such establishments are also increasing. Due to continuously increasing competition in the hospitality industry, businesses are moving towards advanced solutions to efficiently manage their business to prevent losing customers to their rivals due to improper management.

It can help in managing several activities such as housekeeping, maintenance, central reservations, billing, guest relationships, and various others in no time. The software can be customized personally, according to the need and size of the hotel. It helps in overcoming problems of shortage of workforce and meeting the expectations and requirements of guests. The hospitality industry is investing in technology to improve customer experience and ultimately the revenue. 


Drivers of Smart Hospitality Market


Increasing investment by the companies on the Internet of Things is the key driving factor for the growth of the market. IoT is offering a wide range of innovative and affordable solutions for the hospitality industry. Rapid growth in the travel and tourism industry and increasing expectations of guests are also boosting the smart hospitality market growth. Software used in the hospitality industry can be customized personally according to the needs of the hotel, resorts, etc. which helps for effective management. 

Smart hospitality also helps in lowering the operational cost. It also helps in ensuring the safety and security of the infrastructure. The smart solution provides access to different facilities such as door unlocking, etc. to the guests on their palm. It enables them to control the temperature of their rooms, change the lightings, etc. in the meantime hotel owners can use intelligence and analytics technologies to know about their guests’ preferences. It enables hotels to maintain optimal pricing and provide a personalized experience to the guests.

Hindrances


Limited budget of end-users and high installation is restraining the growth of the market. Lack of IT department and skilled workforce is also hampering its market growth. The absence of skilled IT professionals in several hotels is preventing the guests from the usage of smart features. Another major challenge for the market is the security breach. However, the smart hospitality market trend will be positive on account of its various benefits to the hotel owners as well as the guests and due to the rapid growth of IoT.

Market Segmentation


On a geographic basis, Europe region is expected to have a significant market share on account of innovations in technology, robust internet infrastructure and increasing adoption of IoT. North America region also expected to have a significant share, while the market of Asia Pacific region is expected to grow at a rapid pace owing to the rapid adaptation of smart technology in the region. Based on the deployment model, the cloud segment is expected to have a significant market share in the smart hospitality market share. Reduced costs of cloud segment are the key factor for this share. Based on components, the software segment is expected to have a significant market share on account of the growing usage of the software.

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