Enhanced Guest Experience: Role of IoT in Smart Hospitality

The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033.

The Smart Hospitality Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/smart-hospitality-global-market-report

According to The Business Research Company’s Smart Hospitality Global Market Report 2024, The smart hospitality market size has grown exponentially in recent years. It will grow from $18.25  billion in 2023 to $23.39  billion in 2024 at a compound annual growth rate (CAGR) of 28.1%.  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 $59.78  billion in 2028 at a compound annual growth rate (CAGR) of 26.4%.

The growing demand for enhanced smart IoT-based solutions is anticipated to propel the growth of the smart hospitality market. The Internet of Things (IoT) represents a connected network with the potential to transform various facets of the hospitality industry, including hotels, resorts, cruise ships, casinos, and restaurants. Integration of IoT with technologies like user mobility and data analytics introduces a new paradigm in hospitality, enabling businesses to collect data, engage with users, and automate processes for an enhanced guest experience. This adoption of IoT-based solutions is instrumental in improving operational efficiency, reducing costs, increasing productivity, and introducing new services.

For example, according to an article published by McKinsey & Company, a management consulting company, the global number of IoT-connected devices is projected to reach 43 billion by 2023, nearly tripling from the figures in 2018. This exponential growth in IoT-connected devices signifies the increasing adoption and integration of smart solutions in various industries, including hospitality. Therefore, the rising demand for enhanced smart IoT-based solutions is expected to drive the smart hospitality market.

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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 Yatches, Other End-users

Top Major Players

Cisco Systems Inc.,

Honeywell International,

IBM Corporation,

Johnson Controls,

NEC Corporation                         

The smart hospitality market report table of contents includes:
1. Executive Summary

2. Smart Hospitality Market Characteristics
3. Smart Hospitality Market Trends And Strategies
4. Smart Hospitality Market – Macro Economic Scenario
5. Global Smart Hospitality Market Size and Growth
6. Smart Hospitality Market Segmentation
7. Smart Hospitality Market Regional And Country Analysis

………..

33. Key Mergers And Acquisitions In The Smart Hospitality Market
34. Smart Hospitality Market Future Outlook and Potential Analysis
35. Appendix

List Of Tables :

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Smart Hospitality Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Smart Hospitality Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Smart Hospitality Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: Cisco Systems Inc. Financial Performance

Table 75: Honeywell International Financial Performance

Table 76: IBM Corporation Financial Performance

Table 77: Johnson Controls Financial Performance

Table 78: NEC Corporation Financial Performance

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