A Comprehensive Study On Smart Hospitality Market Size And Share
The smart hospitality market is expected to grow with a decent CAGR during the forecast period(2018-2024). Smart hospitality provides smart solutions and automated software which can be used by the people through mobile phones and apps to help them select hotels, room, room types, and other requirements. They enable the hospitality sector to provide excellent customer service to their guests. The growing travel and tourism industry coupled with the rapid growth of IoT in the sector are the key factors driving this market growth.
Growing Travel And Tourism Market
Rising travel and tourism market is providing a major boost to the smart hospitality market. As per the data by UNWTO, in 2017, international tourism generated US$ 1.6 trillion in export earnings. An increase in middle and upper-class spending, coupled with a growing inclination towards exotic travel has caused the demand for travel and tourism to explode. Availability of diverse portfolios of the niche tourism products such as adventure, cruises, adventure, Eco-tourism will further augment the growth of the market as a number of hospitality providers are switching to smart hospitality solutions to provide their customers with excellent services. Smart hospitality has allowed the hotels and hospitality segment to use innovative and new technologies to cater to guests and also provide improved customer experience and satisfaction. The growing tourism, spending, easy check-ins and the ease of selecting the rooms for the tourists have boosted the adoption of smart hospitality by the hospitality providers to increase the customer satisfaction and keep up with the increasing competitiveness in the industry.
Smart Hospitality Market Forecast By Geography
Geographically, the smart hospitality market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America and Europe hold the significant market shares owing to the high adoption of smart technologies in the regions coupled with the ever-growing tourism industry. Middle East and Africa and Asia Pacific regional markets will experience significant CAGRs over the forecast period on account of the rapidly growing international tourism industry in each region coupled with the expanding smart hotel chains and brands in these regions.
The North America smart hospitality market is projected to grow at a CAGR of XX% over the forecast period, reaching a market size of US$XX.XX billion by 2024. The North America regional market is further segmented into U.S., Canada, and Mexico Smart Hospitality markets. The U.S. holds the significant market share owing to the presence of major market players coupled with the early adoption of new technologies and well set up the tourism industry in the country. Mexico will witness a significant CAGR during the projected period owing to the growing travel and tourism industry in the country and expansion of the hotel chains.
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