Increase in adoption of smart hospitality services and technologies by various companies in the hospitality domain is the major factor that drives growth of the smart hospitality market. In addition, surge in demand for real time optimized guest experience management fuels growth of the market.
However, lack of technically skilled personnel or IT department in hotels hamper growth of the market. Furthermore, increase in use of internet of things (IoT) and other innovative technologies in the hospitality industry is expected to provide lucrative opportunities for the market growth.
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With the help of these technologies personalization can be offered to each guest such as TVs can be remotely set up to refer to guests by their own name, while a central control point can be used by guests to set conditions within the room. In addition, smart hotels help to save owner’s money as there is either less of front desk staff. Hence, hotel owners are adopting smart solutions, which boosts the smart hospitality market growth.
Hospitality sectors are also investing in smart technologies to provide better experience to customers and to gain a competitive edge. For Instance, in 2019, InterContinental Hotels Group announced expansion of
its avid hotel brand.
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It would be a 95-room hotel, with rooms having intervention of latest technology for entertainment to provide guest a unique experience. This would offer number of new features to guests and provide them with excellent experience while staying in the hotel.
Key benefits of the report:
- This study presents the analytical depiction of the global smart hospitality market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global smart hospitality market share.
- The current smart hospitality market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed smart hospitality market analysis based on the present and future competitive intensity of the market.
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COVID-19 Scenario Analysis:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the smart hospitality market.
- Governments across the world have sealed international borders, suspended international and domestic flights, which has affected the hospitality sector in an adverse manner.
- The outbreak of COVID-19 has spread a fear among tourists. Hence, people have cancelled their personal as well as business trips, which hampers the hospitalality industry.
- Upliftment of travel restrictions and resumption of flights are, however, expected to rejuvenate the market growth.
- Governments have now started to quarantine suspected people as well as corona warriors such as doctors, paramedical staff in hotels. Hence, the demand for smart solutions is expected to increase, owing to the fact that use of these systems can help to avoid contact among the staff and guest, lowering the chances of virus spread.
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