Smart Hospitality Global Market Report 2024

The global smart hospitality market has grown exponentially in recent years. It will grow from $18.25 billion in 2023 to $23.39 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. In the historical period, the growth in the smart hospitality industry was driven by factors such as a focus on enhancing customer experiences, improving operational efficiency, leveraging data analytics for insights, prioritizing sustainability and energy efficiency, and meeting the evolving expectations of guests.

The global smart hospitality market is expected to see exponential growth in the next few years. It will grow to $59.78 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. In the upcoming forecast period, the expansion of the smart hospitality industry is anticipated due to increased utilization of data analytics, heightened focus on sustainability and green initiatives, implementation of advanced security and safety measures, growing demand for automation, and the adoption of industry-specific tailored solutions. Major trends expected during this time encompass the integration of Internet of Things (IoT), adoption of contactless technology, use of voice-controlled interfaces, emphasis on enhanced sustainability practices, and the implementation of predictive maintenance strategies.

The smart hospitality market is poised for growth, primarily driven by the increasing demand for advanced IoT-based solutions. The Internet of Things (IoT) has the potential to transform the operations of hospitality services, including hotels, resorts, cruise ships, casinos, and restaurants. Combining IoT with user mobility and data analytics creates a new paradigm in the hospitality industry. Businesses can collect data, interact with users, and automate processes, ultimately enhancing guest experiences. This adoption of IoT-based solutions leads to improved operational efficiency, reduced costs, increased productivity, and the introduction of innovative services. For example, McKinsey & Company projects a substantial increase in IoT-connected devices globally, reaching 43 billion by 2023, nearly tripling the 2018 figure. This surge in demand for advanced smart IoT solutions is expected to drive the growth of the smart hospitality market.

The smart hospitality market is anticipated to benefit from the rising number of cruise ships. These large passenger vessels designed for leisure cruises utilize smart technologies to enhance guest services. Features such as smart room controls, personalized digital concierge services, and the integration of IoT devices contribute to improved convenience for passengers. The Cruise Lines International Association reports a significant increase in the number of British and Irish holidaymakers taking cruises, reaching around 1.7 million in April 2023, compared to 479,000 the previous year. This upward trend in the number of cruise ships is expected to be a key driver for the growth of the smart hospitality market.

Technological innovations emerge as a prominent trend in the smart hospitality market. Major companies in this sector are actively engaged in providing advanced solutions and tools to fortify their market positions. In January 2022, LG, a multinational conglomerate corporation based in South Korea, introduced the LG CLOi ServeBot. As the world's first commercial service robot certified by UL 3300 for safe operation in diverse commercial environments, including restaurants, retail stores, and hotels, the semi-autonomous CLOi ServeBot represents a significant advancement in hospitality service. This focus on technological innovation is expected to contribute to the overall growth and development of the smart hospitality market.

Key players in the field of zero-trust security are strategically focusing on IoT cloud platforms to reinforce their positions in the market. In the realm of zero-trust security, a noteworthy development is the integration of IoT cloud platforms into the hospitality industry, specifically in the form of Smart Hotel IoT cloud platforms. These comprehensive solutions harness the power of the Internet of Things (IoT) to elevate guest experiences, streamline operations, and enhance overall efficiency within hotel environments. For instance, Hubsai, an innovative US-based company specializing in IoT and automation software for smart properties, including those in the hospitality sector, launched a new Smart Hotel IoT cloud platform in November 2022. This secure, cloud-based IoT platform is designed for the management, monitoring, and testing of various smart devices within hospitality properties. The platform empowers property owners and managers to offer convenient services to guests, thereby boosting competitiveness in property booking and rentals. Simultaneously, it addresses concerns related to property damage and reduces operational costs, making it a valuable addition to the hospitality landscape.

In a strategic move, Siemens, a prominent Germany-based automation company, acquired digital twin software for buildings from EcoDomus in December 2021. While the financial details of the acquisition remain undisclosed, this move is part of Siemens' efforts to bolster its digital building software portfolio in response to the growing demand from customers. EcoDomus, a US-based information technology firm, employs Building Information Modeling (BIM) technology alongside smart technologies to enhance the design, construction, and management of buildings and related solutions. This acquisition positions Siemens to offer more comprehensive and advanced solutions in the digital building space.

Major companies operating in the smart hospitality market report are Cisco Systems Inc., Honeywell International, IBM Corporation, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric SE, Siemens AG, Infor, Huawei Technologies, Qualsoft Systems Pvt. Ltd., Samsung, BuildingIQ, WiSuite, Cloudbeds, Hotel Internet Services, GuestLogix Inc., NTT Security, Onity Inc., Shiji Group, Caterpillar Inc., Comcast Business, AT&T Inc., Verizon Communications Inc., T-Mobile US Inc., Sprint Corporation, Ubiquity LLC, Zebra Technologies Corp., Altronix Systems Inc., Advanced

North America was the largest region in the smart hospitality market share in 2023. The regions covered in the smart hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart hospitality market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary offerings of smart hospitality solutions and services encompass various solutions, including hospitality consulting, hotel development, event management, spa and fitness development, and hospitality recruitment. These solutions are deployed across different sectors such as hotels, cruise ships, and luxury yachts, both on the cloud and on-premises.

This report provides smart hospitality market statistics, including smart hospitality industry global market size, regional shares, competitors with a smart hospitality market share, detailed smart hospitality market segments, market trends and opportunities, and any further data you may need to thrive in the smart hospitality industry. This smart hospitality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart hospitality market consists of revenues earned by entities by providing property management systems, network management systems, and integrated security management. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart hospitality market also includes sales of solutions such as POS cashier systems and table-top ordering systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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