17 June 2019, The global
hotel and hospitality management software market is expected to display
higher growth rate over the next five years. The market is subject to witness a
substantial growth due to the increasing demand for on-premises and SaaS-based
solutions in hotel and hospitality sector. Robust growth of hotel and
hospitality sector owing to rising travel activities, growing preference
towards international and local tourism, and numerous initiatives and
advertisement by regional government to promote tourism, has led to increasing
demand for hotel and hospitality management software solutions.
Increasing demand for
hotel and hospitality management software solutions is attributed to
modernization & digitalization of various hospitality services and
enriching customer experience. Globally, the market is predicted to generate
massive revenue over next seven years, providing numerous opportunities for
market players to invest for research and development in the hotel and
hospitality management software market.
Numerous hotels and
hospitality services are opting for necessary modification and upgradation in
the services and infrastructure to provide full-filling experience to the
customers, and to sustain themselves in the vast competitive market.
Formulating various methodologies to engage and maintain customer relations by
offering the high degree of hospitality is one of the key factors driving the
market growth.
The hotel and
hospitality management software solution allows organization to truly set
itself apart from rest of the lodging industry sectors by providing excellent
services to the customers in return. The adoption of latest technologies such
as IoT for betterment of opulent facilities and top-line catering services are
some of the modern feature appended. Increasing number of travelers are opting
for luxurious packages that includes required comfort features and finest
quality of services, while cost associated with such packages have become a
secondary consideration.
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| Hotel and Hospitality Management Software Market |
Incorporation of hotel and hospitality management
software solution by smaller and medium-sized hotels in order to generate
additional revenues by regulating company expenditure and streamlining their
operations are expected to stimulate market expansion in the near future. Early
adoption of hotel and hospitality management software solution improves overall
efficiency of the workforce by reducing the dependency on manual record
maintenance. Other benefits include eliminating inadequacies and accelerating
the process efficiencies.
Additionally, rising cloud integration for various
business processes is expected to drive the growth of the market size in the
upcoming years. Use of cloud-based hotel and hospital management software
solutions offer easy accessibility via web-based browsers. Administrator can
access information by logging on to internet-enabled computer or device or via
mobile application that allow easy access and mobility.
The market is broadly categorized into three major
segments based on the application type such as business hotels, heritage and
boutique hotels, and resorts and spas. The business hotels is considered as one
of the fastest growing segment in the hotel and hospitality management software
market with substantial revenue generation in the last few years. Growing
popularity of hotel and hospitality management software solutions in the
business hotels segment is attributed to the rise in the number of
business-class travelers each years and higher market penetration.
The market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
the hospitality sector, increase in the number of research & development
activities in the region, and existence of well-established IT infrastructure.
Asia-Pacific region is expected to hold major market
share in the hotel and hospitality management software market with massive
growth in forecast period. Countries such as Japan, China, Malaysia and
Singapore are leading the Asia-Pacific market with strong economic growth in
the region, robust growth of hotel and hospitality sector, and significant
investment by leading industry players considering potential growth
opportunities in the region. The key players in the hotel and hospitality
management software market are Amadeus IT Group, Inc., Cisco Systems, Inc.,
Oracle Co., Sabre Co., and Salesforce.com, Inc.
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