Smart Hospitality Market has been valued US$ 10.86 billion in the year 2021 and it is estimated to reach US$ 67.18 billion by the year 2027, with a CAGR of 26.1% from 2022 to 2027. Smart Hospitality is a hotel which makes use of internet-connected devices, which are capable of communicating or interacting with one another; these are the main factors that have considerably increased the demand for the Smart Hospitality in the market, thereby driving the huge growth of the Smart Hospitality market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Smart Hospitality in the market is mainly due to the more personalized travel experience, hoteliers can establish a value-driven, long-term connection with every guest who is far more likely to generate a positive review for the brand. Curating a personalized guest experience not only drives revenue, but it enhances guest loyalty and brand reputation. Emerging smart hospitality solutions open the door to data-backed insights and behavior, which help hoteliers generate a 360-degree view of each guest, thus enhancing their experience with better customer service. With the help of integrated, digital platforms such as Property Management System (PMS) and Customer Relation Management (CRM), hoteliers can access a dashboard with organized data from all channels, that not only curates a personalized view of each guest but also help to offset operational load these are the main factors that have considerably increased the demand for the Smart Hospitality in the market, thereby driving the huge growth of the Smart Hospitality market in the upcoming years

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The report is segmented as:

Smart Hospitality Market is segmented on the basis of by:

By Software (Hotel Building Automation System and Hotel Operation Management System),

By Hotel Type (Resort & Spas, Boutique, Heritage, and Business),

By Deployment Model (Off-Cloud Deployment and On-Cloud)

Geographical Segmentation:

Smart Hospitality Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Smart Hospitality is due to the increasing demand for real-time optimized guest experience management and lower operational costs and rising inclination towards IoT. these are the main factors that have considerably increased the demand for the Smart Hospitality in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Smart Hospitality Market

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Impact of COVID-19 on Market

Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact growth of Smart Hospitality during the forecast period. Covid-19 pandemic has impacted huge on the sales revenue of Smart Hospitality market, Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies. Companies have started opening their manufacturing units after taking all the necessary preventive measures. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.

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