The Business Research Company’s report on the Smart Hospitality Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the smart hospitality market?
The growing demand for enhanced smart IoT-based solutions is expected to propel the growth of the smart hospitality market. The Internet of Things (IoT) is a connected network that has the potential to significantly alter how hotels, resorts, cruise ships, casinos, restaurants, and other leisure services work. When IoT is combined with technologies such as user mobility and data analytics, a new paradigm in hospitality is created in which businesses collect data, interact with users, and automate processes to improve guest experiences. This adoption of IoT-based solutions improves processes by lowering operating costs, increasing productivity, and developing new services. For instance, in September 2024, according to the IoT Analytics GmbH, a Germany-based non-governmental organization, by the end of 2023 there were 16.6 billion connected IoT devices, reflecting a 15% increase from 2022, with IoT Analytics projecting a further 13% growth to 18.8 billion by the end of 2024. Additionally, the number of connected IoT devices is projected to reach 40 billion by 2030, a significant increase from the last market update in 2023. Therefore, the increase in the growing demand for enhanced smart IoT-based solutions will drive the smart hospitality market.
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How has the smart hospitality market size evolved, and what are the latest forecasts for its expansion?
The smart hospitality market size has grown exponentially in recent years. It will grow from $23.2 billion in 2024 to $29.65 billion in 2025 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to customer experience enhancement, operational efficiency, data analytics utilization, sustainability and energy efficiency, guest expectations.
The smart hospitality market size is expected to see exponential growth in the next few years. It will grow to $74.86 billion in 2029 at a compound annual growth rate (CAGR) of 26.1%. The growth in the forecast period can be attributed to deepening data analytics usage, sustainability and green initiatives, advanced security and safety measures, rising demand for automation, tailored industry-specific solutions. Major trends in the forecast period include IoT integration, contactless technology, voice-controlled interfaces, enhanced sustainability, predictive maintenance.
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Which major companies dominate the smart hospitality market?
Major companies operating in the smart hospitality market are 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 trends will shape the future of the smart fleet management market?
Technological innovations are the key trend gaining popularity in the smart hospitality market. Major companies operating in the smart hospitality market focus on providing advanced solutions and tools to strengthen their market position. For instance, in January 2022, LG, a South-Korea based multinational conglomerate corporation, launched the LG CLOi ServeBot. This ServeBot is the world’s first commercial service robot certified by UL 3300 for safe operation in multifaceted commercial environments such as restaurants, retail stores, and hotels. The semi-autonomous CLOi ServeBot provides businesses with an effective way to provide enhanced hospitality service.
Which region dominates the smart hospitality market, and what factors contribute to its leadership?
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.
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How is the smart hospitality market segmented, and which segment holds the largest share?
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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How is the smart hospitality market defined?
The smart hospitality market refers to hospitality services in which smart electronic devices powered by the Internet of Things (IoT), automation, and artificial intelligence are used to control various functions and activities. It allows users to handle and control multiple services remotely. The primary purpose is to increase employee efficiency and advance guest service facilities and experiences.
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