How Has the Smart Hospitality Market Evolved Historically and What is its Current Size?
The smart hospitality market has seen considerable growth due to a variety of factors.
• The scale of the smart hospitality market has seen remarkable growth in the past few years. It is projected to escalate from $23.2 billion in 2024 to $29.65 billion in 2025, registering a compound annual growth rate (CAGR) of 27.8%. The expansion during the historic period is a result of factors such as improving customer experiences, operational proficiency, leveraging data analytics, commitment to sustainability and energy efficiency, and evolving guest expectations.
What Does Future Hold for The Smart Hospitality Market?
The Smart Hospitality market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipation for tremendous expansion in the smart hospitality market over the coming years. It's projected to reach a valuation of $74.86 billion in 2029, growing at a compound annual growth rate (CAGR) of 26.1%.
This surge during the forecast period can be credited to increased use of data analytics, focus on sustainability and eco-friendly initiatives, advanced security provisions, the growing need for automation, and customized solutions for specific industries. Key trends for the predicted period involve the incorporation of IoT, the rise of contactless technology, voice-activated interfaces, improved sustainability, and predictive maintenance.
What Are The Primary Growth Drivers In The Smart Hospitality Market?
The smart hospitality sector's growth is anticipated to be fuelled by the rising need for advanced IoT-based smart solutions. IoT, which serves as a connected network, is tipped to usher in significant changes on the operational front for hotels, resorts, cruise ships, casinos, restaurants, and other recreational services. The integration of IoT with technological advancements like data analytics and user mobility creates a distinct hospitality model whereby businesses gather data, communicate with users, and automate processes for advanced guest experiences. The incorporation of IoT-centric solutions enhances processes by cutting down operating costs, boosting productivity, and churning out novel services. As per the IoT Analytics GmbH, a non-government organization stationed in Germany, it was recorded in September 2024 that there were a total of 16.6 billion IoT-connected devices by the end of 2023. This marked a rise of 15% from 2022, and the organization anticipates a further leap of 13% towards 18.8 billion by the end of 2024. Moreover, the number of IoT-connected devices is expected to soar to 40 billion by 2030, representing a notable surge from the last market update in 2023. Consequently, the uptick in the rising demand for advanced smart IoT-based solutions is set to power the smart hospitality industry.
What Is The Segmentation Of The Global Smart Hospitality Market?
The smart hospitality market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By End User: Hotel, Cruise, Luxury Yachts, Other End-users
Subsegments:
1) By Solutions: Property Management Systems (PMS), Guest Experience Management, Revenue Management Systems, Energy Management Solutions, Mobile Applications, Internet Of Things (IoT) Solutions, Contactless Technology
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Training Services, Managed Services
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What Emerging Trends Are Shaping The Smart Hospitality Market Landscape?
Tech-forward advancements have emerged as a leading trend in the smart hospitality market. Big corporations active in this market often strive to offer cutting-edge solutions and tools to bolster their ranking. For instance, in January 2022, the South Korean multinational conglomerate LG introduced the LG CLOi ServeBot, the first service robot of its kind to receive UL 3300 certification for safe usage in complex commercial environments like restaurants, retail outlets, and hotels. This semi-autonomous robot positions businesses to upgrade their hospitality services.
Who Are the Key Players In The Smart Hospitality Market?
Major companies operating in the smart hospitality market include:
• Cisco Systems Inc.
• Honeywell International
• IBM Corporation
• Johnson Controls
• NEC Corporation
• Oracle Corporation
• Schneider Electric SE
• Siemens AG
• Infor
• Huawei Technologies
• Qualsoft Systems Pvt. Ltd.
• Samsung
• BuildingIQ
• WiSuite
• Cloudbeds
• Hotel Internet Services
• NTT Security
• Onity Inc.
• Shiji Group
• Comcast Business
• AT&T Inc.
• Verizon Communications Inc.
• T-Mobile US Inc.
• Ubiquity LLC
• Zebra Technologies Corp.
• Altronix Systems Inc.
What Are The Regional Insights Into The Smart Hospitality Market?
North America was the largest region in the smart hospitality market share in 2024. The regions covered in the smart hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
