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Global Smart Hospitality Market (2022 to 2027) – Emerging Concept of Hotel Workspaces Presents Opportunities – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The Report “Global Smart Hospitality Market by Offering (Solutions, Services), Solution (Property Management System, Network Management System, Integrated Security Management System), Deployment Mode, End User and Region – Forecast to 2027″ has been added to the report from ResearchAndMarkets.com offer.

The publisher forecasts the size of the smart home market to grow from USD 13.6 billion in 2022 to USD 49.9 billion by 2027, at a compound annual growth rate (CAGR) of 29.8% in during the forecast period.

The solution segment to register the highest market share during the forecast period

In the smart hospitality market by offer, the solutions segment is expected to hold the largest market size. Today, hotels must adopt more reliable and scalable solutions to integrate information and operations technologies into a unified integrated solution. Additionally, the need to control costs and improve staff efficiency in the hospitality industry will drive the smart hospitality solutions market.

The cruise segment is expected to grow with the highest CAGR during the forecast period

In the smart hospitality market by end user, the cruise segment is expected to register the highest CAGR during the forecast period. Smart solutions such as remote check-in, digital waivers, smart dinner reservations, location-based mobile ordering and wearable technology are being adopted by cruise lines to turn these floating hotels into smart cities. Cruise lines are adopting smart hospitality solutions to improve the passenger experience. Cruise ships are adopting smart hospitality solutions and services to accelerate their service lines and streamline staff productivity. Additionally, the need to achieve operational efficiency and reduce labor costs will drive the market

The cloud segment to register the highest market share during the forecast period

In the smart hospitality market by mode of deployment, the cloud segment is expected to hold the largest market size. Hotels around the world are adopting cloud-based solutions adapted to changing market and business dynamics. The need for increased guest experience, better cost optimization and universal access to hoteliers from any remote location will drive the market.

Europe is expected to hold the largest market share during the forecast period

Europe is estimated to dominate the smart hotel market and is expected to register the largest market share during the forecast period. The region has been segmented into the UK, Germany and the rest of Europe. The hospitality sector in Europe is making great efforts to increase resource efficiency and reduce its greenhouse gas emissions. Additionally, the government is adopting different initiatives promoting a collaborative and partnership approach to deliver a smart home system across the country.

Market dynamics

Drivers

  • Tourism growth and increased investment in hotel projects

  • Growing demand for a personalized, hyperconnected and optimized real-time customer-centric experience

  • Reduced operational costs and high revenue growth opportunities

  • High adoption rate of advanced technologies such as IoT and energy management systems across the world

Constraints

  • High cost of implementation, maintenance and training

  • Integration complexities on legacy systems and networks

  • Shortage of quality and technically sound labor after COVID-19

Opportunities

  • Using smart hospitality to ease operational load and promote employee safety and guest health

  • Evolving 5G to Transform the Smart Hospitality Industry

  • Emerging concept of hotel workspaces

Challenges

  • Threats to data security and information sharing

  • Integration of real-time streaming analytics capabilities into smart solutions

  • Technology and data fragmentation

Companies cited

  • Buildingiq

  • Chris Lewis Group

  • Cisco Systems

  • cloud beds

  • Control4

  • Reception anywhere

  • Global Business Solutions Co.Ltd

  • guest line

  • Honeywell

  • Home network

  • Huawei

  • IBM

  • Information

  • Johnson Controls

  • Great

  • Leviton

  • Nec Corporation

  • Oracle

  • Qualsoft Systems Pvt Ltd

  • Saber Corporation

  • Samsung

  • Schneider-Electric

  • Siemens AG

  • Springer–Miller systems

  • Keep in touch

  • Suite

  • Xie Zhu

For more information on this report visit https://www.researchandmarkets.com/r/xc486z