Insights Into The Hotel And Hospitality Management Software Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2089
The hotel and hospitality management software market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased adoption of SaaS, growth in demand for automation, rise in emphasis on customer experience, globalization of the hospitality industry, and rise in regulatory compliance requirements. The hotel and hospitality management software market size is expected to see strong growth in the next few years. It will grow to $4.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the expansion of IoT and smart technologies, the rise of contactless solutions, increasing demand for data analytics solutions, the growing focus on sustainability, shift towards hybrid work models. Major trends in the forecast period include integration of artificial intelligence (AI) and machine learning, Internet of Things (IoT) integration, adoption of contactless solutions, use of advanced data analytics capabilities, and adoption of cloud-based management software solutions.
Rapid tourism growth is expected to drive the expansion of the hotel and hospitality management software market. Tourism, driven by economic growth, improved transportation, and cultural exchange, fuels demand for innovative hospitality technology solutions. Hotel and hospitality management software enhances guest experiences by streamlining booking processes, offering personalized services, and ensuring efficient communication, thereby optimizing operations and satisfaction. For instance, according to the World Tourism Organization in May 2023, international tourism exceeded $1 trillion in 2022, marking a 50% real-term growth from 2021, with an estimated 235 million international tourists in Q1 2023, double the same period in 2022. This rapid tourism growth underscores the increasing demand for hotel and hospitality management software, driving market expansion and technological advancement.
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What Are The Key Trends That Influence Hotel And Hospitality Management Software Share Analysis?
Companies in the hotel and hospitality management software market are focusing on developing advanced SaaS-based hospitality management platforms to enhance their market position. A SaaS-based hospitality management platform is a cloud-based solution designed to optimize various aspects of hospitality operations. For instance, in December 2023, Revivo Technologies, an India-based deep tech company, launched Hotel X, a SaaS-based platform designed to automate workflows and drive growth for hotels. Hotel X integrates AI for real-time reporting, monitoring, and data-driven feedback, and connects with major online travel agencies (OTAs). It uses AI and ML algorithms for revenue optimization, enhances guest experiences with digitized check-ins and centralized service ordering, and supports future-proofing hotel growth.
Which Market Players Are Driving Growth In The Hotel And Hospitality Management Software Market?
Major companies operating in the hotel and hospitality management software market are Oracle Corporation, Schneider Electric, NEC Corporation, Amadeus Hospitality Inc., Infor Hospitality, Sabre Corp., Choice Hotels International Inc., Travelclick Inc., Guesty Corp., eZee Technosys Pvt. Ltd., SiteMinder Limited (Little Hotelier), Protel Hotel Software GmbH, Hotelogix PTE, Newhotel Software, StayNTouch Inc., Trawex Technologies Pvt Ltd, ResNexus, WebRezPro-World Web Technologies Inc, The ASSD Software Company, Clock Software Solutions Pvt.Ltd, Hoteliga International Sp. z o.o., RoomRaccoon B.V., Winhotel Solution Ltd, MyAllocator, Clarity Hospitality Software Solutions
How Is The Global Hotel And Hospitality Management Software Market Segmented?
1) By Type: Hotel Operation Management System; Integrated Security System; Hotel Building Automation System; Guest Service Management System; Integrated Communication Technology Solutions
2) By Deployment Type: On-premises; SaaS-Based
3) By Services: System and Integration; Professional Services; Managed Services; Other Services
4) By Hotel Type: Business Hotel; Resorts and Spas; Boutique Hotel; Other Hotels
Read The Full Hotel And Hospitality Management Software Market Report Here
The Hotel And Hospitality Management Software Global Market Report 2024 provides an overview of the hotel and hospitality management softwaremarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hotel and hospitality management software market forecast analyzes hotel and hospitality management software market size, hotel and hospitality management software market share, leading competitor and their market positions.
The Table Of Content For The Hotel And Hospitality Management Software Market Include
1. Hotel And Hospitality Management Software Market Executive Summary
2. Hotel And Hospitality Management Software Market Segments
3. Hotel And Hospitality Management Software Market Size And Template Market Growth Rate
4. Key Hotel And Hospitality Management Software Market Trends
5. Major Hotel And Hospitality Management Software Market Drivers
……
25. Key Mergers And Acquisitions In The Hotel And Hospitality Management Software Market
26. Top Hotel And Hospitality Management Software Companies
27. Hotel And Hospitality Management Software Market Opportunities And Strategies
28. Hotel And Hospitality Management Software Market, Conclusions And Recommendations
29. Appendix
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