The global smart hospitality market revenue was around US$ 18.8 billion in 2022 and is estimated to reach US$ 112.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 22% during the forecast period from 2023 to 2031.
Smart hospitality is a term used to describe a hotel that employs internet-connected devices that may communicate or interact with one another. This phenomenon, commonly referred to as the Internet of Things (IoT), makes everyday tools and appliances capable of sending and receiving data, transforming them into "smart" gadgets.
Market Driving Factors
Numerous firms and government organizations are working together to boost R&D in the hotel industry through developing fruitful collaborations that result in the development, indigenous design, production, and deployment of affordable smart hospitality solutions and products. For instance, an organization that is a part of the Indian Hotels Company (IHCL) and World Bank Group, South Asia's largest hospitality firm introduce an open call for creators worldwide to bring efficient, cooling solutions for India's hospitality industry. Such advancements are anticipated to increase market growth.
The increasing adoption of smart hospitality by end customers is developing as a result of the growing digitalization of smart hotels for a small group of hotel organizations using automation and robotics. Additionally, hotels use automation to track the preferences and behavior of their guests to deliver a more customized experience. Automation may also result in time and money savings for hotels. Such elements fuel the market expansion.
Increasing global investment in hotel projects creates a positive impact on the market. For instance, the Ludhiana-based Jujhar Group bought over 12.5 acres of land in its hometown to spend more than Rs 350 crore on the construction of two hotels. Additionally, it spent Rs 67.5 crore for the Fairfield Marriott hotel in Amritsar, which was purchased from NCLT. Such factors are estimated to boost the market.
The high investment cost associated with implementing smart hospitality management solutions is a significant factor that is anticipated to impede market expansion.
Regional Analysis
Asia Pacific is estimated to dominate the market during the projection period. This is due to technological developments, the Internet of Things allows hotel staff to remotely control electronic devices in "smart hotels," giving them access to real-time data about their operational state. As a result, these elements are anticipated to significantly expand the market.
Segmentation Insights
Application Insight
The hotel segment dominates the market in terms of revenue. The demand for hotels to offer sophisticated hospitality services and solutions is creating a positive impact on the market. Additionally, the rising level of living, the number of five-star hotels, and significant advances in customer service boost the segment's growth.
Deployment Mode Insight
The on-premise segment dominated the market and is estimated to continue its dominance during the projection period. This segment offers sophisticated environmental and entertainment controls. Moreover, providing Internet of Things (IoT) guests with quick wireless links to central smart systems is predicted to fuel the market.
The cloud segment is anticipated to dominate the market. Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) were two cloud deployments used in the hotel industry. , This method minimizes the cost of infrastructure by enabling hotels to install their software and services in a virtual ecosystem. The cost of maintaining, purchasing, and powering server-class equipment is reduced with the cloud-based deployment of smart hospitality software. Hotels gain increased scalability and cheaper ownership expenses with this subscription approach.
Prominent Companies
Segmentation Outline
The global smart hospitality market segmentation focuses on Type, Application, and Region.
By Solution Type
By Component
By Application
By Deployment Mode
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SMART HOSPITALITY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SMART HOSPITALITY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SMART HOSPITALITY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SMART HOSPITALITY MARKET, BY SOLUTION TYPE
5.1 OVERVIEW
5.2 HOTEL OPERATION MANAGEMENT
5.3 HOTEL AUTOMATION MANAGEMENT
5.4 GUEST SERVICE MANAGEMENT SYSTEM
5.5 SECURITY MANAGEMENT SYSTEM
5.6 OTHERS
6 GLOBAL SMART HOSPITALITY MARKET, BY COMPONENT
6.1 OVERVIEW
6.2 SOLUTION
6.3 SERVICES
7 GLOBAL SMART HOSPITALITY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 HOTELS
7.3 CRUISES
7.4 LUXURY YACHTS
7.5 OTHERS
8 GLOBAL SMART HOSPITALITY MARKET, BY DEPLOYMENT MODE
8.1 OVERVIEW
8.2 ON-PREMISE
8.3 CLOUD
9 GLOBAL SMART HOSPITALITY MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL SMART HOSPITALITY MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ORACLE CORPORATION
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 JOHNSON CONTROLS
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 NEC CORPORATION
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 SIEMENS AG
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 INFOR
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 HUAWEI TECHNOLOGIES CO. LTD
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 IBM CORPORATION
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. CISCO SYSTEMS INC
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 HONEYWELL INTERNATIONAL INCORPORATED
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 SCHNEIDER ELECTRIC
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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