Smart hospitality market projected to reach US$133.7B by 2031 with 22% CAGR- Allied Analytics LLP

GLOBAL – The global Smart Hospitality Market, valued at US$18.8 billion in 2021, is expected to grow to US$133.7 billion by 2031, driven by a 22% CAGR from 2022 to 2031, according to leading market analytics firm Allied Analytics LLP.

The growth of the smart hospitality market is driven by several factors, including the rise in tourism, increased investments in hotel projects, and growing demand for real-time optimized guest experience management.

Additionally, the global adoption of advanced technologies such as IoT (Internet of Things) and energy management systems is further boosting market growth.

However, high implementation, maintenance, and training costs, along with concerns over data security and information sharing, pose challenges to the market’s expansion.

On the other hand, the evolving 5G technology is expected to offer numerous opportunities for growth in the smart hospitality industry during the forecast period.

Smart hotels, which utilize internet-connected devices that can communicate and interact with each other, are at the heart of this market.

Known as the Internet of Things (IoT), this technology allows everyday appliances and gadgets to send and receive data, turning them into smart devices.

These devices can be managed through a single control system, such as a remote control, smartphone, tablet, or smart speaker, thanks to their ability to interact with one another.

The Smart Hospitality Market report provides an in-depth analysis of the changing market dynamics, key segments, value chain, competitive landscape, and regional distribution.

It serves as a valuable resource for major industry players, investors, shareholders, and startups, offering strategic insights to achieve sustainable growth and gain a competitive edge.

The research includes a detailed segmentation of the global smart hospitality market, categorized by solution type, component, application, deployment mode, and region.

The report presents these segments and their sub-segments in detail using tables and figures, allowing market players and investors to devise strategies focused on the highest revenue-generating and fastest-growing segments.

The COVID-19 pandemic significantly impacted the smart hospitality market, as many businesses, including hotels, resorts, restaurants, spas, and casinos, were forced to temporarily shut down due to government-imposed lockdowns.

Travel restrictions and a decline in overseas arrivals also hindered market growth during this period.

In 2021, the solution segment held the largest market share, accounting for around two-thirds of the global market, and is expected to maintain its leadership status during the forecast period.

However, the services segment is projected to grow at the highest CAGR of 22.9% during the same period.

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