Hotel Revenue Management Software Market 2024 : Expected To Create Lucrative Opportunities

May 5, 2021

Hotel revenue management software uses advanced technologies, such as artificial intelligence, to set and maintain optimal room rates in order to make strategic pricing decisions that drive revenue
Hotel revenue management software provides the ability to automate the whole process of revenue. For instance, it changes the hotel room price in real-time based on internal & external factors.
Hotel revenue management software basically consists of some modules such as property management system (PMS), booking engine, reviews & reputation management, commission tracker, direct feedback system, meta-search manager, channel manager, etc.
Hotel revenue management software are applications or suites developed to make hotel business management processes easier, accurate, and more efficient. Hotel revenue management software provides organizations real-time visibility on business-impact analyses and identifies gaps in business continuity management programs.
The global hotel revenue management software market is projected to expand at a rapid pace during the forecast period, due to an increase in rate of adoption of software-as-a-service (SaaS)-based hotel revenue management software among organizations across the globe

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Increase in demand to maintain revenue among hotel owners is expected to augment the global hotel revenue management software market in the next few years
Rise in demand for changing or updating the price of hotel rooms in real-time is expected to boost the hotel revenue management software market during the forecast period globally
Rise in adoption of Virtual Reality (VR), Augmented Reality (AR), IoT, cloud computing, Big Data analytics, mobility solutions, artificial intelligence, and robotic process automation by end-users is expected to boost the demand for hotel revenue management software across the globe
Increase in demand for more accurate insights, better analysis, and risk intelligence for intelligent decision-making has fueled the demand for hotel revenue management software
However, incompatibility issues with infrastructure and lack of skilled staff are major factors that are anticipated to hinder the hotel revenue management software market during the forecast period

Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Hotel businesses have been adversely impacted in most countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global hotel revenue management software market in the next few years. Governments of various countries have prohibited social, political, sports, entertainment, academic, cultural, religious functions and other large congregations. This in turn, indirectly hampers the adoption of hotel revenue management software among end-users.

In terms of region, the global hotel revenue management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America dominated the global hotel revenue management software market in 2019, due to the significant adoption of hotel revenue management software in the region. The U.S. is the key market for hotel revenue management software. In the U.S., around 55% of hotels have already invested in hotel revenue management software.
The hotel revenue management software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to an increase in investments by hotel companies on digitalization and technology deployment, which in turn boosts the adoption of hotel revenue management software in the region.

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