NEW YORK, Nov. 22, 2023 /PRNewswire/ — The Hotel And Hospitality Management Software Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the hotel and hospitality management software market between 2022 and 2027 is USD 1.17 billion.
The need to minimize overall operational costs drives market growth. There is increasing adoption of newer technologies in small to mid-size hotels to lower operational costs. Customer relationship is an essential part of the hotel management industry and hotel management software is so beneficial that it can monitor the data related to customers which can be further used for personalized marketing campaigns. Hence, such factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Challenge – Complications related to replacing the traditional system can pose a significant challenge to the hotel and hospitality management software market growth. It is essential for every business to adapt to new technologies in order to meet high customer expectations. However, the implementation of new technologies in the hotel and hospitality sector is a complex and tedious, time-consuming process. Some of the key challenges in the implementation include the appointment of a dedicated team integration of processes and software management. Learn about additional key drivers, trends, and challenges available with Technavio. Read a FREE Sample PDF Report Now
The hotel and hospitality management software market is segmented based on Deployment (Cloud-based and On-premise), Application (Business hotels, Heritage and boutique hotels, and Resorts and spas), and Geography (Europe, APAC, North America, Middle East and Africa, and South America).
- The cloud-based segment is significant during the forecast period. One of the main reasons for the increase in demand for cloud-based solutions in the hotel and hospitality management software market is the rising need to digitize the core business processes. There is a significant implementation of cloud-based solutions by hotel and hospitality managers in order to gain real-time information, incorporate it with other essential software, cater to digitization demands, and offer efficient services that meet consumer standards.
- Based on geography, Europe is estimated to account for 34% of the market’s growth during the forecast period. View a Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the hotel and hospitality management software market:
360 Mango Solutions Pvt. Ltd., Amadeus IT Group SA, Ciirus Inc., Cisco Systems Inc., Cloudbeds, Guestline Ltd., Honeywell International Inc., Infor Inc., Johnson Controls International Plc, Microsoft Corp., NEC Corp., Oracle Corp., Sabre Corp., Sage Group Plc, Salesforce.com Inc., Schneider Electric SE, Siemens AG, SkyTouch Solutions LLC, StayNTouch Inc., Workday Inc.
The hospitality robots market is estimated to grow at a CAGR of 12.13% between 2022 and 2027, and the size of the market is forecast to increase by USD 341.91 million.
The hospitality real estate market size is estimated to grow at a CAGR of 10.25% between 2022 and 2027 and the size of the market is forecasted to increase by USD 75.36 billion.
Hotel And Hospitality Management Software Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.59%
Market growth 2023-2027
USD 1.17 billion
YoY growth 2022-2023 (%)
Europe, APAC, North America, Middle East and Africa, and South America
Performing market contribution
Europe at 34%
US, China, France, Spain, and UK
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
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