Published Date: 23-Sep-2022
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Smart Hospitality Market size is expected to reach $58.3 billion by 2028, rising at a market growth of 28.4% CAGR during the forecast period.
The Solution market acquired the maximum share in the Global Smart Hospitality Market by Offering in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $35.9 billion by 2028. The rapidly increasing growth of the segment is primarily owing to the continuously rising popularity of these solutions. In order to combine information and operational technologies into a single, integrated solution, hotels and other facilities nowadays must adopt more scalable and reliable systems.
The On-premises market is showcasing a CAGR of 26.8% during (2022 - 2028). The rise in the growth of the segment is majorly attributed to the fact that on-premise deployment of smart hospitality software offers complete control to the user over services and the entire software. Moreover, cloud-based deployment of the software can be prone to threats sometimes. However, the on-premise deployment of the software enables the facility to offer enhanced privacy to their customers, hence, improving customers' experience.
The Cruise market has high growth rate of 30.4% during (2022 - 2028). Cruise lines are integrating smart technologies to turn these floating hotels into smart cities, such as remote check-in, digital waivers, smart dining bookings, geolocation-based mobile ordering, as well as wearable technology. Smart hospitality solutions are being adopted by cruise lines intending to improve the passenger experience.
The Europe market dominated the Global Smart Hospitality Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $20 billion by 2028. The North America market is expected to witness a CAGR of 27.9% during (2022 - 2028). Additionally, The Asia Pacific market is expected to witness a CAGR of 29% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of NEC Corporation, Huawei Technologies Co., Ltd., Oracle Corporation, Samsung Electronics Co., Ltd., IBM Corporation, Cisco Systems, Inc., Siemens AG, Johnson Controls International PLC, Honeywell International, Inc. and Legrand S.A.
By Deployment Mode
By End User
Unique Offerings from KBV Research