The global Hotel Management Software market size
is expected to reach USD 32.9 Billion by 2026 according to a new study by
Polaris Market Research
The hotel
management software market is projected to witness a significant growth over
the forecast period. Hotel management systems essentially help owners and
managers to handle their workload effectively. This frees up enough time for
these users which can then be utilized to concentrate on more important
parameters such as improving customer experience, chalking out marketing plans,
and creativity. These aforementioned factors are critical success factors in
the tourism industry. Thus, in an era of high industrial rivalry, hotel
management software aid owners to concentrate more on critical success factors.
Some of
the key features of such management software include scalability, data
security, ease of usage, variety of payment platform integration, theft
control, centralized system with end to end seamless integration among others.
Such features enable the user to have complete control over the entire
value chain and also analyses what works for his business and what does not.
The data can also be fed to external activities such as marketing to gain
higher business. All these factors are benefitting the market over the next six
years.
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Customized
services provided by key industry participants is a major market trend. Not all
properties have the same software requirements and hence companies have to
provide them with a solution that best suits the customer needs. Therefore,
industry participants work in collaboration with their clients to correctly
assess needs and design a solution. This factor has resulted in a wide variety
of hotel chains, upscale midscale and economy alike deploying hotel management
software.
Development
of novel software products, plug ins and tools has completely revolutionized
the market. Companies provide a set of built in tools that aid in complex
operations such as marketing, work force management among others. For example,
built in tools for marketing, aid and assist in the segmentation of customer
data based on their historical spending to include them in targeted promotions
aimed at increasing sales. These built in tools also aid in marketing campaigns
by automatically sending push in notifications, SMS alerts, emails, etc. They
also provide services such as post campaign analytics to track metrics and to
optimize future campaigns. Such initiatives taken by industry participants to
provide the best of services and tools is benefitting the overall market
growth.
In order
to increase sales and gain additional market shares, hotel owners such as those
at airports also provide off-premise as well as third party deliveries. Sensing
this opportunity, industry participants have developed systems that aid in the
streamlining of bookings, Routing of orders immediately to save time, and to
providing assistance to delivery team at each step among others. These
functions are carried out by the system without compromising the core functions
at the basic hotel location. Some of the leading players in the market include Honeywell
International, Inc., Winhotel Solution S.L., Buildingiq Inc., Oracle
Corporation, Infor, Inc., NEC Corporation, IBM Corporation, Huawei Technologies
Co. Ltd, Schneider Electric Se, Johnson Controls, Siemens AG and Honeywell
International, Inc.a
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