PUBLISHER: The Business Research Company | PRODUCT CODE: 1662319
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662319
The smart hospitality market entails utilizing smart electronic devices powered by the Internet of Things (IoT), automation, and artificial intelligence to manage diverse functions and activities in hospitality services. This technology is designed to enhance employee efficiency and elevate guest service experiences by offering remote control and management.
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.
The smart hospitality market research report is one of a series of new reports from The Business Research Company that 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 size has grown exponentially in recent years. It will grow from $23.2 billion in 2024 to $29.65 billion in 2025 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to customer experience enhancement, operational efficiency, data analytics utilization, sustainability and energy efficiency, guest expectations.
The smart hospitality market size is expected to see exponential growth in the next few years. It will grow to $74.86 billion in 2029 at a compound annual growth rate (CAGR) of 26.1%. The growth in the forecast period can be attributed to deepening data analytics usage, sustainability and green initiatives, advanced security and safety measures, rising demand for automation, tailored industry-specific solutions. Major trends in the forecast period include IoT integration, contactless technology, voice-controlled interfaces, enhanced sustainability, predictive maintenance.
The increasing demand for advanced smart IoT-based solutions is anticipated to drive growth in the smart hospitality market. The Internet of Things (IoT) represents a connected network that can significantly transform operations in hotels, resorts, cruise ships, casinos, restaurants, and other leisure services. By integrating IoT with technologies like user mobility and data analytics, a new hospitality paradigm emerges where businesses can collect data, engage with users, and automate processes to enhance guest experiences. This shift towards IoT-based solutions streamlines operations, reduces costs, boosts productivity, and fosters the creation of new services. For example, as reported by IoT Analytics GmbH, a Germany-based non-governmental organization, there were 16.6 billion connected IoT devices by the end of 2023, marking a 15% increase from 2022. IoT Analytics forecasts an additional 13% growth, bringing the total to 18.8 billion by the end of 2024. Furthermore, the number of connected IoT devices is expected to soar to 40 billion by 2030, a significant rise since the last market update in 2023. Thus, the escalating demand for improved smart IoT-based solutions will propel 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 April 2024, Assa Abloy, a building materials company based in Sweden, acquired Axxess Industries Inc. for an undisclosed sum. This acquisition is intended to strengthen Assa Abloy's position in the North American market and broaden its product range in access control and security solutions. Axxess Industries specializes in innovative door hardware and related products, and it is a Canadian company focused on delivering advanced technology solutions.
Major companies operating in the smart hospitality market 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, NTT Security, Onity Inc., Shiji Group, Comcast Business, AT&T Inc., Verizon Communications Inc., T-Mobile US Inc., Ubiquity LLC, Zebra Technologies Corp., Altronix Systems Inc.
North America was the largest region in the smart hospitality market share in 2024. 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 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.
Smart Hospitality Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart hospitality market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart hospitality ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart hospitality market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.