MarketsandMarkets forecasts the Smart Hospitality Market size to grow from USD 13.6 billion in 2022 to USD 49.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.8% during the forecast period. The increase in adoption of smart hospitality solutions and services is driven by the need to reduce operational costs and look for high revenue growth opportunities. Furthermore, the growing demand for guest-oriented, hyperconnected personalization and real-time optimized experience will drive the smart hospitality market. The presence of various key players in the ecosystem has led to a competitive and diverse market.
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By offering the services segment to have the highest growth rate during the forecast period
The services segment is expected to have a higher growth rate during the forecast period. The smart hospitality market, by service, is segmented into professional services and managed services. The services segment is expected to witness fast growth in the future . The rise in the number of smart hotels is driving software and services used for integration, maintenance, and training will drive the growth of smart hospitality services in the market.
Scope of the Report
Market size available for years
Base year considered
Value (USD Million/Billion)
By Offering, Solutions, Deployment Mode, End User and Region
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
NEC (Japan), Huawei ( China), Schneider Electric (France), Cisco (US), IBM (US), Honeywell (US), Legrand (France), Siemens AG (Germany), Oracle (US), Johnson Controls (Ireland), Samsung (South Korea), Infor (US), Leviton (US), Sabre (US), Springler-Miller Systems (US), Control4 (US), Gloabal Business Solutions (Saudi Arabia), Wisuite (US), Qualsoft Systems (India), Hospitality Network (US), Guestline (UK), Cloudbeds (US), Frontdesk Anywhere (US), Chris Lewis Group (UK), Xie Zhu (China), BuildingIQ (US), Stayntouch (US)
By end-user, the hotels segment to have the highest market share during the forecast period
The hotels segment is expected to have the highest market share during the forecast period. The hotel type is segmented into four categories: commercial, heritage & boutique hotels, resorts & spas, and other hotel types. The need to provide smart guest experience using smart hospitality solutions and services in the hotels will drive the segment during the forecast period.nAlsonthe increasing standard of living, the number of luxury hotels, and a notable enhancement in the guest service will drive the market.
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Various globally established players such as NEC (Japan), Schneider Electric (France), Cisco (US), IBM (US), and Huawei (China) are dominating the smart hospitality market. In this market various strategies such as enhancements; partnerships, expansions, new product launches, collaboration, agreements, and acquisitions; and other growth strategies adopted by the top key players.
IBM has added new AI based features in the Watson Assistant to enhance customer experience by offering new voice agents, live agents. This new intelligent virtual agent helps to resolve customer queries, issue quickly in first contact. The company also partnered with MediaMat to help brands proof their future strategies and support weather-based targeting to increasing customer engagement and occupancy. IBM Watson Advertising Weather Targeting will help the MediaMath to boost their marketing strategies and improve customer conversion with more personalized messages
Cisco launched The Meraki Video Analytics a smart hospitality solution. It helps to capture more data driven insights with the help of MV smart cameras. It detects people and vehicle, monitor guest actions, ensure their safety and privacy. The company also partnered with Openpath to provide remote cloud-based management system, real-time video surveillance and touch-less access control to customers and guest to control their environment as per need.
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