Hotel Automation System Market, 2024The hotel automation system global market report 2024
Market Size – The hotel automation system market size has grown strongly in recent years. It will grow from $17.39 billion in 2023 to $18.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increasing demand for operational efficiency, rising adoption of cloud-based solutions, focus on enhanced guest experience, growing integration of iot and ai, stringent regulatory compliance, expansion of online booking platforms, shift towards sustainable practices.
The hotel automation system market size is expected to see strong growth in the next few years. It will grow to $23.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to accelerated digital transformation, emergence of contactless technology, demand for predictive analytics, enhanced data security measures, integration of voice and gesture control, expansion of mobile app integration, global expansion of hospitality sector. Major trends in the forecast period include advancements in artificial intelligence, IoT integration for smart hotel rooms, focus on sustainability and energy efficiency, rise of robotics in guest services, augmented reality (AR) and virtual reality (VR) experiences, blockchain for secure transactions, hybrid work environments.
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Scope Of Hotel Automation System MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hotel Automation System Market Overview
Market Drivers -The rapid expansion of the tourism and hospitality industries is expected to fuel the growth of the hotel automation system market. This sector encompasses businesses and services related to travel, accommodation, food and beverage, entertainment, and recreation for guests. The growth of tourism and hospitality is driven by increased disposable incomes, enabling more people to afford travel and leisure activities. Additionally, advancements in international travel and innovations like online booking platforms and travel apps have made trip planning and booking more convenient. Hotel automation systems improve these industries by streamlining guest experiences, helping hotels control costs, and ensuring guest comfort and safety. In January 2023, the American Hotel and Lodging Association reported that the hotel occupancy rate in the US reached 62.7%, with a 9% increase in April 2022 compared to 2021, and the average hotel occupancy rate is projected to reach 63.8% by 2023. Thus, the growth in tourism and hospitality industries is propelling the hotel automation system market forward.
Market Trends – Major companies operating in the hotel automation system market are focusing on data analytics for personalization solutions, such as hotel upselling software, to enhance guest experiences, boost revenue through increased upsell opportunities, streamline operations, and differentiate their offerings in a competitive hospitality landscape. Personalized hotel upselling software solutions improve the ability of hotels to upsell additional services and upgrades to their guests in a targeted and customized manner. For instance, in April 2023, Oaky, an Amsterdam and Singapore-based company specializing in upselling software explicitly designed for hotels, launched a new front desk upsell automation solution to revolutionize hotel revenue strategies by transforming front desk agents into effective upselling specialists. Oaky provides real-time prompts and recommendations during guest check-ins, streamlines segmentation, offers dynamic pricing capabilities, and delivers comprehensive reporting. This solution significantly boosts upsell revenue (3–9 times more for hotels), supports employee retention with higher commissions and gamification, and simplifies operations by reducing manual work.
The hotel automation system market covered in this report is segmented –
1) By Type: Software, Hardware
2) By Deployment Type: Cloud Based, On Premises
3) By Application: Independent Hotel, Chain Hotel
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Regional Insights – North America was the largest region in the hotel automation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hotel automation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Oracle Corporation, Infor Hospitality Solutions, Sabre GLBL Inc., Urmet SpA, ASSA ABLOY Global Solutions, Pacific Controls, Agilysys Inc., Guestline Ltd., Maestro PMS, MSI Solutions, Springer-Miller Systems (SMS), protel hotelsoftware GmbH, SkyTouch Technology, Hotelogix Inc., StayNTouch Inc., RMS Cloud, InnQuest Software Corporation, RoomRaccoon Hotel Tech, Rezlynx by Guestline, SuitePad GmbH, Quore Systems LLC, BuildTrack, Frontdesk Anywhere, Clock Software Ltd., Hotello by Mingus Software Inc., StayFlexi Inc., Fastnet IoT, AutoClerk Inc., RoomKeyPMS
Table of Contents 1. Executive Summary2. Hotel Automation System Market Report Structure3. Hotel Automation System Market Trends And Strategies4. Hotel Automation System Market – Macro Economic Scenario5. Hotel Automation System Market Size And Growth…..27. Hotel Automation System Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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