Demand for Real Time Guest Experience to Promote Smart Hospitality Market

San Francisco, California, July 25, 2018 – Technology such as smart hospitality offers a great ‘digital’ user experience to consumers, which has become a key factor in this digital era. The report, titled, “Smart Hospitality Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” reports the various factors boosting the growth of the global smart hospitality market. Additionally, the report delves into the analysis of various market dynamics, such as opportunities, trends, challenges, and drivers.

Smart hospitality empowers hotels to upgrade their visitor experience and increment income with advanced In-room diversion frameworks. Different hospitality brands can tweak and customize both their back-end arrangements and those that empower a more prominent ordeal for the voyager.

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With its developing utilization empowered systems and the innovation driven market, every one of the ventures are changing into innovation driven industry. Hospitality industry is likewise changing into innovation driven industry by adjusting smart hospitality arrangements. The factors that are influencing smart hospitality market are developing utilization of internet, cloud based systems, execution of smart gadgets and growing automation.

The central point driving the Smart Hospitality Management market is the expanding utilization of smart and IOT applications in hospitality division. There has been ascend in the use of associated gadgets and smart advances crosswise over inns, eateries, set out organization to enhance consumer loyalty. The other driving variables are utilization of remote specialized gadgets, electronic remote system, ongoing HVAC control, and other.

Geographically, Europe is expected to benefit from technological advances, growing internet network, and the wide appropriation of new and technology.

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Some of the key players in the global smart hospitality market include Johnson Controls, Oracle Corporation, Winhotel Solutions, Cisco Systems, Inc., and Huawei Technologies.

Smart Hospitality Market to hold a high potential for Growth by 2025

Global Smart Hospitality Market: Overview

The hospitality industry is a broad category under the services industry spanning across multiple businesses and sectors driven by the ultimate focus of customer satisfaction. Hotels and restaurants form just one of the many sectors of this industry and constitute a major segment. Other prominent, overlapping, categories include the food and beverages sector and the travel and tourism industry. The smart hospitality market is shaped by a plethora of trends. While some are ephemeral, others leave a lasting impact for for several decades. The use of technology is understood to be a key enabler in offering personalized and tailor customer services in almost all facets of the industry, with its defining impact increasingly felt on hotels worldwide. In recent years, spending on technology has soared with the objective of transforming customer experiences, maximizing revenue, and increasing bottom-line. The spiraling investment in a host of technologies such as IoT, virtual reality, beacon technologies, interactive displays, smart control apps, robotics, new generation messaging technologies and streaming in-room entertainment have brought smart services into the realm of the hospitality industry.

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The increasing implementation of various technologies has been a game-changing strategy for many industry players and has catapulted customers’ convenience to the next level. Guests enjoy the convenience of unlocking their rooms or getting access to numerous hotel facilities such as spa and gym using smart phone apps. Streaming videos on demand are slowly replacing pay-per-view entertainment in hotels. They can use smart devices to remotely control a wide range of functionalities such as lighting system, electrical appliances, blinds, and temperature in their rooms. On the other hand hotel owners will leverage the advantage of intelligences and analytics technologies to gain a strategic insights into their guests’ preferences. As a result, hotels will be able to estimate occupancy with accuracy, manage optimal pricing for the rooms, and provide tailor made experiences, all with an aim to augment their revenue.

Global Smart Hospitality Market: Snapshot 

The hospitality industry comprises a broad field of services within the service industry such as cruise line, transportation, theme parks, event planning, lodging, and other different fields in the tourism industry. The hospitality industry is known for being a multibillion dollar industry that solely relies on the obtainability of disposable income and leisure time. A hospitality component such as amusement park, hotel, or restaurant includes multiple units such as direct operation, i.e. human resources, marketing, management, bartenders, kitchen workers, porters, housekeepers, and servers and facility maintenance. The most crucial variable for the hospital industry sit he inverse vacancy rate or usage rate.

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Theme parks, hotels, and restaurants strive to maximize their profit by expanding their customer base. This gave rise to services with focus on increasing the use rate provide by the hotel consolidators. Focusing on various other industries, entry barriers for new players and competitive advantages among the existing players is crucial. The hospitality industry seeks benefits in old locations, ongoing and initial investment support and specific themes implemented by the marketing team of the respective organization in question.

The market intelligence publication delves into the possible growth opportunities for the global smart hospitality market and the chronological growth of the market throughout the forecast period. It also uniquely provisions required data related to facers such as dynamics influencing the progress in all possible retrospective manner. Several ubiquitous and non-ubiquitous trends have also been mentioned in the study. An outlook of extensive nature keeping in mind the Porter’s five forces analysis has been provided to make the vendor landscape transparent to the reader. The report further reaches out to point out accomplishments related to R&D, acquisitions, mergers, and crucial partnerships and verifications. The companies in limelight have been analyzed on market shares, products, and key strategies.

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Global Smart Hospitality Market: Trends in Focus 

The global market for smart hospitality is likely to witness tremendous growth during the respective forecast period. The facets driving the growth of the market include rise in the demand for software and services related to smart hospitality and mounting requirement for real-time optimized guest experience management system. The market is also likely to experience profitability from the low operating costs and captivating revenue generation and rising us of Internet of Things and different energy management systems.

The segment of managed services is anticipated to grow a strong CAGR over the forecast period. Managed services provision the application of smart hospitality solutions through hotels and resorts. The guest service management system segment is likely to expand at a strong CAGR owing to the progress in digitization worldwide. Smart solutions help the administrator in controlling the guest room by automating the curtains, lights, temperature, and various other indoor machineries while monitoring the safety and security of the infrastructure and handling the outdoor components such as water management, parking premises, inventory, waste management, and network infrastructure.

Business hotels are expected to witness substantial growth in the next couple of years. Business hotels chiefly attend to business travelers; nevertheless, individual tourists, numerous tour groups, and small conference crowds consider these hotels striking. Business hotels deliver their guests with united communication competences that allow the guests to conduct conferences, meetings, and connect with associates across the globe. Additionally, these hotels position various building automation systems and mobile device-enabled technologies in order to provide an enthralling experience to the visitors.

Global Smart Hospitality Market: Regional Outlook 

Region-wise, Europe is likely to gain from the advancements in technology, growing internet infrastructure, and the wide adoption of new and advanced technologies. However, owing to the 2017 elections of the U.S., the industry might witness fluctuations in the coming years.

Global Smart Hospitality Market: Companies Active in the Market 

A few of the leading participants in the market are Infor, Inc. (New York, U.S.), Johnson Controls (Wisconsin, U.S.), Huawei Technologies (Shenzhen, China), Winhotel Solutions (Balearic Islands, Spain), Oracle Corporation (California, U.S.), Cisco Systems, Inc. (San Jose, U.S.), IBM Corporation (New York, U.S.), and Siemens AG (Munich, Germany).

Customer Satisfaction at Core of Implementation of Smart Hospitality

San Francisco, California, May 10, 2017: Growing implementation of high end technologies is likely to surface as a game changing strategy and catapult the experience of consumers, says TMR Research in a research report. The report is titled, “Smart Hospitality Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.”

The hospitality industry is wide category which comes under the service industry covering multiple sectors and businesses. The hospitality industry’s main focus is customer satisfaction. Restaurants and hotels form an integral part of this industry. Other categories comprise travel and tourism and food and beverages. Myriad trends shape up the smart hospitality market. Some have trends have a short term impact on the market, whereas others have a long lasting impact. Technology is considered to be crucial in providing customized services to customers and enhance customer experience at the same time. It will further soar the objectives of enterprises to increase the bottom line and maximize their revenue.

The application of smart technology has changed the game of the hospitality industry as guests want to enjoy the luxury of unlocking their rooms and get access to several facilities such as gym and spa through the use of smart phone applications. With smart hospitality coming into action, on demand videos are slowly taking over pay per view entertainment in hotels. Smart applications can be employed to handle several functions such as room temperature, blinds, electrical appliances, and lighting systems.

The hospitality industry includes a plethora of services such as transportation, cruise line, theme parks, lodging, event planning, and numerous other different sectors within the tourism industry. The hospitality industry is famous for being a multibillion dollar industry which is completely dependent on leisure time and accessibility of disposable income. Components such as hotel, restaurant, and amusement parks comprise multiple facets such as direct operation, i.e. marketing, human resources, management, kitchen workers, bartenders, porters, facility maintenance, and housekeeping.

The global market for smart hospitality is expected to exhibit tremendous progress during the forecast period. The dynamics responsible for the growth of the market are growing demand for services and software pertaining to smart hospitality and escalating need for real-time augmented guest experience management system. The market is likewise expected to experience productivity from rising use of Internet of Things, appealing revenue generation, and low cost of operations. Europe is likely to emerge as one of the leading regions in terms of adoption smart hospitality. Some of the top drawer companies in the market are Siemens AG, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Winhotel Solutions, Huawei Technologies, Johnson Controls, and Infor Inc.