The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising demand for improved smart IoT-based solutions is likely to promote innovation in smart hospitality manufacturing, propelling the market during the forecast period.

The global smart hospitality market is expected to grow from $14.30 billion in 2022 to $18.31 billion in 2023 at a compound annual growth rate (CAGR) of 28.1%. The smart hospitality market is expected to grow to $47.34 billion in 2027 at a CAGR of 26.8%.

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Global Smart Hospitality Market Segments Include:

• By Offering: Solutions and Services
• By Deployment Mode: Cloud, On-premises
• By End User: Hotel, Cruise, Luxury Yachts, Other End-Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global smart hospitality market in 2021.

Major Market Players in the smart hospitality market include Cisco Systems Inc., Honeywell International, IBM Corporation, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric SE, Siemens AG.

Technological advancements are the most prevalent trend in the smart hotel business. To strengthen their market position, major firms in the smart hospitality market focus on providing sophisticated solutions and technologies. LG, a South Korean multinational conglomerate firm, for example, launched the LG CLOi ServeBot in January 2022. This serveBot is the world’s first commercial service robot to be UL 3300 certified for safe operation in a variety of commercial settings such as restaurants, retail stores, and hotels. The semi-autonomous CLOi ServeBot enables enterprises to provide superior hospitality service.

The Smart Hospitality Global Market Report 2023 provides a smart hospitality market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart hospitality market forecast analyzes smart hospitality market size, smart hospitality market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The smart hospitality market encompasses hospitality services that use smart electronic devices driven by the Internet of Things (IoT), automation, and artificial intelligence to regulate various functions and activities. It enables customers to remotely manage and control numerous services. The major goal is to improve employee efficiency while also improving client service facilities and experiences.

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