Key Trends and Insights into the Smart Hospitality Market: Growth Rate and Opportunities to 2034
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What Future CAGR is Anticipated for the Smart Hospitality Market Over the 2025–2034 Period?
In recent years, there has been an astronomical growth in the size of the smart hospitality market. It is projected to expand from $23.2 billion in 2024 to $29.65 billion in 2025, with a compound annual growth rate (CAGR) of 27.8%. Factors such as improvements in customer experiences, operational efficiencies, utilization of data analytics, sustainability and energy efficiency measures, as well as heightened guest expectations are credited for the growth seen in the historic period.
The intelligent hospitality sector is projected to experience a significant surge in growth in the upcoming years. The market size is estimated to reach $74.86 billion by 2029, expanding at a compound annual growth rate (CAGR) of 26.1%. Factors contributing to this surge during the projection period include increased use of insightful data analytics, commitments to sustainability and eco-friendly measures, enhanced security protocols, burgeoning demand for automation, and customized solutions specific to the industry. Key trends projected for this period encompass the integration of Internet of Things (IoT), the adoption of touchless technology, voice-activated interfaces, enhanced sustainability, and predictive maintenance.
How Are the key drivers Contributing to the Expansion of the smart hospitality Market?
The escalating preference for advanced smart-based solutions utilizing IoT is set to accelerate the expansion of the smart hospitality industry. Being a connected network, the Internet of Things (IoT) has the capacity to dramatically modify the operations of hotels, resorts, cruise ships, casinos, eateries, and other leisure facilities. The fusion of IoT with technologies such as user mobility and data analytics ushers in a fresh perspective in hospitality where businesses accrue data, engage with users, and mechanize processes to enhance guest experiences. This integration of IoT-based solutions boosts processes by reducing operation costs, increasing productivity, and introducing new services. For example, as reported by the IoT Analytics GmbH, a German non-governmental organization, in September 2024, there were 16.6 billion connected IoT devices by the end of 2023, indicating a 15% hike from 2022. The organization anticipates a further 13% growth to 18.8 billion by the end of 2024. Additionally, the total number of connected IoT devices is predicted to hit 40 billion by 2030, a considerable surge from the last market update in 2023. Hence, the escalating demand for advanced smart IoT-based solutions will fuel the growth of the smart hospitality industry.
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Who Are the Influential Players Fueling Innovation and Growth in the Smart Hospitality Market?
Major companies operating in the smart hospitality market are:
• Cisco Systems Inc._x000D_
• Honeywell International_x000D_
• IBM Corporation_x000D_
• Johnson Controls_x000D_
• NEC Corporation_x000D_
What Impact Are Industry Trends Having on the Smart Hospitality Market’s Future Prospects?
The primary trend emerging in the smart hospitality market is the advent of technological innovations. Leading firms within this market are emphasising on delivering high-tech solutions and tools to consolidate their market standing. LG, a South Korean multinational conglomerate, launched the LG CLOi ServeBot in January 2022. The ServeBot, certified by UL 3300 as the first commercial service robot globally, is designed to operate safely in diverse commercial settings like restaurants, retail shops, and hotels. This semi-autonomous CLOi ServeBot offers businesses an efficient method to boost their hospitality service.
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What Are the Main Segments of the Smart Hospitality Market, and How Are They Evolving?
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 Yachts, Other End-users
Subsegments:
1) By Solutions: Property Management Systems (PMS), Guest Experience Management, Revenue Management Systems, Energy Management Solutions, Mobile Applications, Internet Of Things (IoT) Solutions, Contactless Technology
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Training Services, Managed Services
What Regions Are Leading the Growth Trajectory of the Smart Hospitality Market?
North America was the largest region in the smart hospitality market share in 2024. The regions covered in the smart hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Key Characteristics That Define the Smart Hospitality Market?
The smart hospitality market refers to hospitality services in which smart electronic devices powered by the Internet of Things (IoT), automation, and artificial intelligence are used to control various functions and activities. It allows users to handle and control multiple services remotely. The primary purpose is to increase employee efficiency and advance guest service facilities and experiences.
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