Smart hospitality market projected to reach $110.8Bn by 2030

DUBLIN, IRELAND — The global smart hospitality market is expected to reach US$110.08 billion by 2030, with a compound annual growth rate (CARG) of 29.8%. 

According to market data and statistics provider Research and Markets, smart hospitality solutions will provide hotels access to data-driven insights and customer behavior to enhance the customer experience and improve service to every guest. 

The growing adoption of advanced technologies in the hospitality industry — such as 5G, the internet of things (IoT), and artificial intelligence (AI) — is also anticipated to create revenue-generating opportunities in the sector over the next ten years.

Adopting such cutting-edge innovation is expected to drive growth in the global market, as there will likely be a greater need for smart hospitality solutions.

Moreover, the cloud-based segment of the market is anticipated to grow rapidly as hotels and restaurants implement these technologies to adapt to the market and business dynamics. 

The demand for a better guest experience, enhanced cost-efficiency, and universal access to hoteliers from any remote area will also boost the market. 

Moreover, the Asia Pacific region is projected to dominate the smart hospitality industry due to its ability to handle outsourced solutions and contact centers.