Smart Hospitality Market Study 2023-2027: COVID-19 Impact Assessment on Revenues

Smart hospitality enables hotels to enhance their guest experience and increase revenue with digital In-room entertainment systems. Various hospitality brands are able to customize and personalize both their back-end solutions and those that enable a more notable experience for the traveler. Smart Hospitality provides HD free-to-guest channels, Interactive TV, IPTV services and Wi-Fi for hotels. It helps in improving customer experience and satisfaction. Smart hospitality includes smart hotels that uses innovative and new technologies to cater to guests. When it comes to the construction of these next generation hotels however, an important but unseen smart revolution is taking place in the building process itself. For instance, various contractors are teaming up with various tech companies to build smarter, better hotels in lower cost and less time. BIM (Building Information Modeling) Technology is at the heart of the hotel construction revolution, and also one of the most auspicious technological advancement in the architecture, engineering and construction industry.

Smart hospitality market is expected to grow due to increasing adoption of the smart hospitality services and technology by various companies in the hospitality domain. Implementing smart hospitality technology could improve customer impressions and satisfaction.  Many companies are providing variety of smart hospitality solutions and technology, which facilitate different needs of the customers. Some of these technologies are very innovative, such as those that allow easy check-in options for hoteliers. For instance, a company named StayNtouch provides guest-facing PMS overlay. This allows the front desk to check-in and creates keycards away from the desk. Furthermore, a company named Hospitalityplus offers automation for guest room assignments. Assigning hotel rooms based on category, view, and preference is generally a tedious manual process, however this system allows hotels to deliver assign different room automatically to their customers. Unavoidably, rooms will be oversold, and this enables hotels to arrange which guest will get a room and actively manage customer expectations prior to their arrival.

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Smart Hospitality Market to hit at 25.65% CAGR by 2026: Big Market

Lack of technically skilled personnel or IT department could be the restraining factor for the smart hospitality market. As, skilled personnel can help in successful integration and implementation of technologies in the hotel. For instance, in many hotels there is lack of IT skilled personnel that can provide assistance with respect to smart hospitality features to the customers and aid hotel guest in making use of smart applications available in their room.

Increasing usage of Internet of things (IoT) and other innovative technology in the hospitality industry is expected to bring novel opportunities for the smart hospitality market. For instance, different companies such as Starwood and Hilton are offering their guests the ability to unlock their doors with the help of their mobile apps using Bluetooth technology. Using smart hospitality solutions these hotels are increasing their guest satisfaction and lowering down labor costs all by saving time that would otherwise spent at the front desk. Furthermore, knowing that a Facebook user categorizes themselves as married can help Google create more accurate advertising campaigns for that same user on Google’s search engine. This individual data can also be used to provide the tailored service to hotel guests to make them feel satisfy and special. For instance, an IoT platform could memorize a guest’s various comfort preferences and automatically arrange the room for their next stay, which includes lights, temperature, shades and TV channels. The TV could even greet and welcome the guest by name as soon as they walk in the door to make them feel special.

The smart hospitality market can be segmented on the basis of solutions, hotel type and region. On the basis of solutions, the smart hospitality market can be segmented as PMS connectivity, BYOD for customers, staff mobility, virtualization & Hosted Delivery, smart display and others. Furthermore, on the basis of hotel type the smart hospitality market can be segmented into resorts, business hotels, heritage hotels and others.

Geographically smart hospitality market can be segmented into North America, South America, Asia-pacific, Middle East and South Africa and Europe. North America and Europe are expected to lead due to the technological advancement with respect to smart hospitality sector. However, Asia pacific region is expected to grow at a significant rate due to the widespread adoption of new technologies related to the smart hospitality.

Some of the key players in the smart hospitality market are NEC Enterprise Solutions, Samsung, CONTROL4 Corporation, Peach Technologies Ltd, Yelp Inc., Huawei Technologies Co., Ltd, Honeywell International Inc., Cisco Systems, Inc., Oracle Corp. and more.

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The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
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