A new report by Reports and Data forecasts that the global Hospitality Technology Market will reach USD 52.88 Billion by 2027. Automation has been a key focus in the hospitality industry, and automation solutions can improve the in-room experience of hotel guests, increase energy and operational efficiency, and enhance brand loyalty. The automation systems in hotels not only provide a luxurious guest experience, but they also assist in operational activities such as energy savings, centralized management, and asset maintenance. Security is also a major concern in the hotel business, and RFID cards with security codes and alarms can be used to ensure safety in the building.

Remote management of rooms is another significant advantage of Hospitality Technology, and many smart hotels are developing apps that allow guests to control various aspects of their hotel room using their smartphones. This technology is also useful in reducing downtime and maintenance needs. North America holds a prominent market position in the Hospitality Technology market due to the presence of several technology support providers and advanced techniques.

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According to the report, the Hospitality Technology market held a market share of USD 11.21 Billion in 2019 and is expected to witness a CAGR of 21.63% during the forecast period. The Professional Services segment generated the highest revenue of USD 5.05 Billion in 2019, and the Hotel Building Automation System segment generated the highest revenue of USD 2.72 Billion in 2019. The On-Demand segment is expected to witness a faster growth rate of 25.2% during the forecast period, and the Business Hotels segment held the largest market share of 55.0% in 2019. Asia Pacific is forecasted to witness the fastest growth rate of 24.9% during the forecast period.

Driving factors of Hospitality Technology Market

1. Increasing demand for personalized and seamless guest experiences
2. Growing adoption of IoT (Internet of Things) and smart devices in hospitality
3. Need for energy and operational efficiency
4. Growing trend of digitalization and automation in hospitality operations
5. Rising demand for contactless solutions and self-service options
6. Growing awareness of environmental sustainability and green initiatives in hospitality
7. Increasing competition in the hospitality industry leading to a focus on innovation and differentiation
8. Advancements in technology such as artificial intelligence and machine learning leading to improved guest experiences and operational efficiency
9. Growing trend of smart city development leading to the integration of hospitality services and infrastructure
10. Increasing use of mobile devices and mobile applications in the hospitality industry.

Some of the notable innovations in the Hospitality Technology Market

1. Mobile check-in and keyless room entry systems, allowing guests to bypass the front desk and go straight to their rooms using their mobile devices.
2. In-room automation and smart controls, enabling guests to control room temperature, lighting, and entertainment systems using voice commands or mobile apps.
3. Personalized guest experiences through the use of artificial intelligence and machine learning, providing recommendations for dining, entertainment, and other services based on guests’ preferences and behavior.
4. Smart energy management systems, optimizing energy usage and reducing costs through the use of sensors and analytics.
5. Contactless payment systems and mobile payment options, allowing guests to make purchases and transactions without the need for physical cash or credit cards.
6. Virtual and augmented reality experiences, allowing guests to explore and preview hotel rooms, amenities, and attractions before booking.
7. Smart concierge services, providing guests with personalized recommendations and assistance through the use of chatbots, voice assistants, and mobile apps.
8. High-tech meeting and event spaces, featuring advanced audiovisual equipment, digital signage, and real-time translation services.
9. Advanced security and surveillance systems, incorporating facial recognition, biometric authentication, and predictive analytics to enhance safety and prevent fraud.
10. Sustainable and eco-friendly initiatives, such as the use of renewable energy sources, waste reduction and recycling programs, and water conservation measures.

Some of the major companies included in the global market

Huawei Technologies Co., Ltd., IBM Corporation, NEC Corporation, Honeywell International Inc., Oracle, Siemens, Samsung, Cisco Systems, Inc., Johnson Controls, and Infor.

To know more about the report @ https://www.reportsanddata.com/report-detail/smart-hospitality-market 

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