Smart hospitality management is a digital IT-enabled system that is used for optimizing customer experience and hotel operations. Smart hospitality management solutions include services such as room automation, automated lighting management, and real-time HVAC control among others, which provides great hospitality experience to the guests. Moreover, smart hospitality management also helps to optimize the cost of operations by providing real-time data such as billing and sales report, reservation, and departure of guests among others.
Factors Driving Growth of the Global Smart Hospitality Management Market
Increasing global competition and changing business scenarios are continuously driving hotel and resort operators to focus on improving customer services. As a part of improving customer services, hotel operators started offering advanced solutions such as online room selection, room temperature control, and smart robots for customer service to attract new customers. Moreover, hotels are introducing new automated technologies to lure customers. For instance, in 2018, first fully automated hotel Smart LYZ was opened in China. The hotel provides fully automated services right from check-in to check out. The customer needs to verify his or her mobile number at the entry and the hotel has robots that carry food or any other requests made by hotel guests till their room. Moreover, the operators started implementing smart hospitality management solutions such as building energy optimization, automation for facility & emergency response management, water management, and parking management for improving operational efficiency of hotels. All the aforementioned factors are aiding in growth of the smart hospitality management market.
Factors Restraining Growth of the Global Smart Hospitality Management Market
High investment cost involved in the implementation of smart hospitality management solutions is a major factor that is expected to restrain growth of the market. Moreover, lack of technically-skilled personnel and communication technology infrastructure can hinder growth of the smart hospitality management market.
Regional Analysis of Smart Hospitality Management Market
On the basis of region, the global smart hospitality management market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. In 2018, North America region accounted for the largest share in the smart hospitality management market and is expected to hold a dominant position in the market over the forecast period.
Major hotels in countries such as the U.S. and Canada have already implemented smart hospitality management systems to improve guest engagement. Moreover, increasing adoption of smart technologies such as automation, artificial intelligence, and others by major hotel operators in this region is fuelling growth of the smart hospitality management market in North America. For instance, in 2018, the Marriott International Group started providing amazon’s Alexa for hospitality solutions for their customers in their selected hotels. With the use of amazon’s Alexa, guests in hotel can play music, order food, control in-room temperature or lighting, call, and even check-out with their voice command.
Key Players in the Global Smart Hospitality Management Market
Some of the key players operating in the global smart hospitality management market include Cisco Systems, Schneider Electric, Siemens AG, IBM Corporation, Schneider Electric, Honeywell International, Infor Inc., Siemens AG, Oracle Corporation, Huawei Technologies, Johnson Controls, and NEC Corporation.
Global Smart Hospitality Management Market: Taxonomy
The global smart hospitality management market is segmented on the basis of deployment type, component, hotel type, type, and region.