NEW YORK, May 12, 2021 /PRNewswire/ — The global hotel and hospitality management software market by deployment (SaaS-based and on-premises) and geography (Europe, APAC, North America, MEA, and South America) has been added to Technavio’s offering. The global hotel and hospitality management software market is expected to grow by USD 1.14 billion, at a CAGR of about 5% during 2020-2024.
The growth of the global tourism industry is attracting significant investments in infrastructure development. For instance, in 2018, 57 hotels were constructed, with a total number of 9,603 rooms in Nigeria. Similarly, during 2018–2019, the tourism sector in Egypt witnessed a growth of 16.5%, which led to the development of several new hotel projects. Many such developments will foster the growth of the market during the forecast period.
The market is expected to be driven by factors such as a reduction in overall operational costs and a rise in cloud integration.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Hotel and Hospitality Management Software Market: Opportunities
The market has witnessed a rise in the number of luxury hotels and spas over the years. During 2018-2019, the tourist population in UAE increased by 5%. As a result, several new luxury hotels have been constructed in the country. In addition, the introduction of Saudi Arabia’s Tourism Vision 2030 is expected to increase the tourist footfall in the country. Many such factors will present significant growth opportunities for market vendors during the forecast period.
Hotel and Hospitality Management Software Market: Segmentation by Deployment
Based on the segmentation by deployment, the market generated maximum revenue in the SaaS-based segment in 2019. The segment is driven by the increased demand for SaaS-based software from international small- and medium-sized hotel brands. Also, benefits of SaaS-based software such as agility, scalability, and easy integration are fueling the growth of the segment.
Hotel and Hospitality Management Software Market: Segmentation by Geography
APAC held the largest market share in 2019 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the fast adoption rate of technologies across different industries and the increasing need to meet the requirements of the growing consumer base. Also, the increasing expenditure of middle-class families in Asia and the surge in household incomes are expected to contribute to the growth of the market in APAC during the forecast period.
One of the fortune 500 companies had used the detailed research report on the hotel and hospitality management software market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.
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Hotel and Hospitality Management Software Market: Major Vendors
Amadeus IT Group SA
The company offers a wide range of technology solutions for hospitality through smart, cloud-native services for reservations, sales and catering, property management, and operations. Some of the key offerings include Amadeus Central Reservation System, Amadeus Channel Management – RezExchange, Amadeus Cloud Property Management, Amadeus DirectBook, Amadeus Fraud Management, Amadeus GDS Optimization, Amadeus Hotel Billback, and Amadeus Service Optimization – HotSOS.
Cisco Systems Inc.
The company offers Connected Hotels. It is a suite of solutions that are used to address the common industry concerns about employee productivity, complicated and outdated communication systems, energy costs, and lost revenue streams.
Honeywell International Inc.
The company offers INNCOM INNcontrol 5. It is an energy management and guestroom-control platform that allows operators to monitor and manage guestroom controls across an entire hotel property in real-time to identify and resolve issues before they affect guests, track energy usage, and deliver better operational efficiency.
Johnson Controls International Plc
The company offers Guest Room Management System. It is an interactive technology-based hospitality solution that enhances the guest experience, increases efficiency, and reduces costs.
The company offers UNIVERGE 3C. It is a software-based communications solution that provides hotels with the latest innovations and advanced features in a single, integrated, economical solution.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the hotel and hospitality management software market report:
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
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- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Deployment
- Market segments
- Comparison by Deployment
- SaaS-based – Market size and forecast 2019-2024
- On-premises – Market size and forecast 2019-2024
- Market opportunity by Deployment
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Amadeus IT Group SA
- Cisco Systems Inc.
- Honeywell International Inc.
- Johnson Controls International Plc
- NEC Corp.
- Oracle Corp.
- Sabre Corp.
- Salesforce.com Inc.
- Schneider Electric SE
- Siemens AG
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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