Understanding the Smart Hospitality Market’s Growth Prospects from 2024 to 2033
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2024-2033 Forecast: What is the Projected Growth Rate for the Smart Hospitality Market?
The scale of the smart hospitality market has increased dramatically over the past few years. This market is projected to expand from $18.25 billion in 2023 to $23.39 billion in 2024, boasting a compound annual growth rate (CAGR) of 28.1%. The historic growth of this market was spurred by factors such as improved customer experiences, operational effectiveness, usage of data analytics, energy sustainability and efficiency, and meeting guest expectations.
Over the coming years, the smart hospitality market size is projected to experience an outstanding growth, expanding to $59.78 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. This growth during the forecast period can be attributed to elements such as the growing usage of data analytics, sustainability and green mechanisms, advanced security and safety protocols, increasing demand for automation, and customised solutions for the industry. Key trends to watch out in the forecast period include integration of Internet of Things (IoT), contactless technology, voice-controlled interfaces, heightened sustainability, and preventive maintenance.
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What Are the Main Drivers Behind the Growth of the smart hospitality Market?
The rise in the need for superior IoT-based smart solutions is predicted to spur the expansion of the smart hospitality market. The Internet of Things (IoT) represents a connected system that has the power to drastically change the functionality of hotels, resorts, cruise vessels, casinos, dining establishments, and other recreational services. The convergence of IoT with user mobility technology and data analytics results in a new era in the hospitality sector where businesses utilize data, engage with customers, and automate routine procedures to enhance guest experiences. By adopting IoT-based solutions, routine processes can be made more efficient through cost reductions, productivity boosts, and the introduction of new services. For instance, a global number of IoT-linked devices is projected to rise to 43 billion by 2023, a near threefold increase from 2018, as per an article by McKinsey & Company, a business consulting firm. Hence, the surge in demand for superior IoT-based smart solutions will fuel the growth of the smart hospitality market.
Which Segments Are Crucial in the Smart Hospitality Market?
The smart hospitality market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By End User: Hotel, Cruise, Luxury Yatches, Other End-users
Which Trends Are Revolutionizing the Smart Hospitality Market?
Emerging technological advancements are becoming a popular trend in the smart hospitality market. The primary strategy of major corporations in this market is to deliver cutting-edge solutions and tools to fortify their market presence. For example, in January 2022, LG, a multinational corporation based in South Korea, introduced the LG CLOi ServeBot to the market. Recognized as the world’s initial commercial service robot granted a UL 3300 certification for secure functioning in diverse commercial settings like restaurants, retail outlets, and hotels, the partially self-governing CLOi ServeBot equips businesses with an efficient method to enhance their hospitality service.
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Which Geographical Regions Are Pioneering Growth in the Smart Hospitality Market?
North America was the largest region in the smart hospitality market share in 2023. The regions covered in the smart hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Smart Hospitality Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart hospitality market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Smart Hospitality Market Include
1. Smart Hospitality Market Executive Summary
2. Smart Hospitality Market Segments
3. Smart Hospitality Market Size And Template Market Growth Rate
4. Key Smart Hospitality Market Trends
5. Major Smart Hospitality Market Drivers
……
25. Key Mergers And Acquisitions In The Smart Hospitality Market
26. Top Smart Hospitality Companies
27. Smart Hospitality Market Opportunities And Strategies
28. Smart Hospitality Market, Conclusions And Recommendations
29. Appendix
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