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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