NEW YORK, Jan. 18, 2017 /PRNewswire/ -- "Growing demand for real-time optimized guest experience management is expected to drive the growth of the smart hospitality market"
The smart hospitality market is expected to grow from USD 5.74 billion in 2016 to USD 18.11 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8%, due to the need of Internet of Things (IoT) technology for better hotel operation management, security, energy management in hotel, and hospitality services. The restraints of the smart hospitality market include high initial cost of deployment & capacity, integration complexities over legacy systems & network, and limited availability of technically skilled personnel.
"Guest service management system is estimated to be the fastest growing market during the forecast period"
The guest service management system is expected to grow at the highest CAGR during the forecast period. The growing demand for automated real-time optimized guest services and rise of demographic growth & hyper-urbanization are estimated to drive the adoption of smart hospitality solutions across various hotel types. In addition, room automation and control systems provide guests the convenience of controlling multiple functions in their room, such as temperature, drapes, lightning, and audio/video systems using automated interfaces. The solution helps hoteliers track all the data and interaction with a customer during their visit.
"Managed services segment is expected to grow at the highest CAGR during the forecast period"
On the basis of services, the managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services support the implementation of smart hospitality solutions across hotels.
"Europe is expected to dominate the market during the forecast period"
With regards to the geographic analysis, Europe is expected to benefit from its technological advancements, large number of smart devices, strong tourism activities, high usage of big data analytics, and predictive & sensor analytics across the hospitality industry.
Europe is expected to lead the smart hospitality market, by region, between 2016 and 2021. The growth can be attributed to the global competition, increasing penetration of smart devices, connected machines, and increasing investment in smart cities.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profile of primary discussion participants is given below:
- By Company: Tier-1 (32%), Tier-2 (39%), and Tier-3 (29%)
- By Designation: C-Level (72%), Manager Level (20%), and Others (8%)
- By Region: North America (29%), Europe (43%), Asia-Pacific (APAC) (18%), and Rest of World (RoW) (10%)
The various key smart hospitality vendors profiled in the report are as follows:
1. BuildingIQ (California, U.S.)
2. Cisco Systems, Inc. (San Jose, U.S.)
3. Honeywell International (New Jersey, U.S.)
4. Huawei Technologies (Shenzhen, China)
5. IBM Corporation (New York, U.S.)
6. Infor, Inc. (New York, U.S.)
7. Johnson Controls (Wisconsin, U.S.)
8. NEC Corporation (Tokyo, Japan)
9. Oracle Corporation (California, U.S.)
10. Schneider Electric (Rueil-Malmaison, France)
11. Siemens AG (Munich, Germany)
12. Winhotel Solutions (Balearic Islands, Spain)
The global smart hospitality market has been segmented by software, service, hotel type, deployment model, and region. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities in different regions. In addition, product portfolio analysis, value chain analysis, and strategic benchmarking are some of the other MarketsandMarkets analyses included in the report.
Reasons to Buy the Report
The report is expected to help the market leaders/new entrants in this market in the following ways:
1. This report segments the smart hospitality market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments, across different regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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