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.
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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.
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.
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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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The market is divided into the following segments based on geography:
Global Hotel and Hospitality Management Software Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• Amadeus IT Group
• Cisco Systems
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