Smart Hospitality Market is driven by increasing demand for personalized guest experiences, operational efficiency through IoT, AI & automation.

PORTLAND, OREGON, UNITED STATES, November 2, 2023 /EINPresswire.com/ — The smart hospitality market was valued at $18.82 billion in 2021, and is estimated to reach $133.7 billion by 2031, growing at a CAGR of 22% from 2022 to 2031.

A hotel that uses internet-connected gadgets that can converse or interact with one another is referred to as a smart hotel. This phenomenon, also known as the Internet of Things (IoT), allows even commonplace gadgets and appliances to transmit and receive data, therefore turning them into “smart” devices. Moreover, users may be able to manage several devices from a single control device, such as a remote control, smartphone, tablet, or smart speaker, due to these devices’ capacity to interact with one another.

Request Sample PDF Report at: https://www.alliedmarketresearch.com/request-sample/8525

Growth in tourism and an increase in investments in hotel projects and a surge in demand for real-time optimized guest experience management are rising the growth of the market. In addition, the rapid adoption of advanced technologies like IoT and energy management systems globally is propelling the growth of the smart hospitality market size. However, high implementation, maintenance & training cost, and data security and information sharing threats restraints the growth of this market. Conversely, evolving 5G to transform the smart hospitality industry are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Depending on the component, the solution segment dominated the smart hospitality market share in 2021 and is expected to continue this trend during the forecast period, as through digital in-room entertainment systems solution, hotels can improve the guest experience and increase revenue with smart hospitality industry, which helps in expanding the growth of the solution segment. However, the services segment is expected to witness the highest growth in the upcoming years, owing to the growing focus on improving faster digitalization and networking devices, requiring less engineering effort, which drives the segment growth worldwide.

If you have any special requirements, please let us know: https://www.alliedmarketresearch.com/request-for-customization/8525

Region-wise, the smart hospitality market forecast was dominated by North America in 2021 and is expected to retain its position during the forecast period, due to growing technological advancements in field of smart hotels and increasing R&D activities regarding smart solutions in countries like India, Japan, South Korea, and more. However, Asia Pacific is expected to witness significant growth during the forecast period, due to the widespread adoption of smart hotels by hotel organizations to address the capacity and coverage challenges, which is expected to fuel the market growth in this region.

The smart hospitality market was immensely impacted by the outbreak of COVID-19 as numerous people have been forced to embrace a work-from-home lifestyle due to the COVID-19’s adverse economic impact. Due to the COVID-19 pandemic, businesses in the hospitality industry, such as those running hotels, resorts, restaurants, spas, and casinos, were compelled to temporarily halt operations due to government-imposed lockdowns. These unexpected changes created a significant impact on hotel sector, such as travel, and tourist limitations forced the hotel sector to lock its operations temporarily. Due to travel limitations, overseas arrivals also declined significantly, which directly influencing market growth all over the world.

Buy Now & Get Exclusive Discount on this Report (290 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/smart-hospitality-market/purchase-options

The global smart hospitality market is dominated by key players such as Cisco Systems, Inc., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Infor, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric and Siemens AG. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Inquire Here Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/8525

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.

David Correa
Allied Market Research
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn