Omnichannel Hospitality Software Market - Forecast(2024 - 2030)
Omni channel Hospitality Software Market Overview
The market for Omni channel Hospitality Software is analysed to reach $5.6 billion in 2025, and is estimated to grow at a CAGR of 7.56% during the forecast period 2020 to 2025. The increasing deployment of cloud technologies in many industries is set to escalate the Omni channel hospitality software market. The deployment of these software reduces the complexity among the customers, hotel management thereby contributing to the high adoption rate in turn impacting the market growth rate.
Omni channel Hospitality Software Market Report Coverage
The report: “Omni channel Hospitality Software Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Omni channel Hospitality Software market.
By Type: Business, Heritage and boutique, resorts and spas, theme parks, Restaurants and others
By Application: Hotel Operation Management system, Integrated security system, guest service management system, hotel building automation system, transportation management, inventory management, others
By Enterprise size: Small and medium enterprises, Large enterprises
By Deployment: On Premise, Cloud based
By Geography: North America, South America, Europe, APAC, and RoW
Key Takeaways
- APAC is analysed to grow at highest rate during the forecast period owing to the large hospitality sector and adoption of cloud based technologies.
- Cloud based solutions are analysed to grow at highest rate during the forecast period owing to their advantages including high data storage, data management and so on.
- The growing start-ups in the Omni channel hospitality software alongside the growing investments is set to drive the market growth rate.
Omni channel Hospitality Software Market Segment Analysis - By Deployment
By deployment type the market is segmented into on premise and cloud. Cloud based is set to grow at highest rate during the forecast period 2020-2025 owing to the high adoption in many hospitality firms. Rendering the cloud provides virtually infinite computing power and enables the user to create realistic and high resolution images. Cloud based models provide the customers with automatically synced inventory with hundreds of online marketplaces through the channel manager and provides many benefits, hence the adoption rate is high thereby contributing to the market growth rate.
Omni channel Hospitality Software Market Segment Analysis - By Application
Hotel building automation is analysed to grow at highest rate during the forecast period. With the growing adoption of automation across various industries including hospitality is set to boost the market growth rate. Although, the growth rate is sluggish, in the hospitality sector during the forecast period due to global pandemic COVID-19, the significant deployment of these software solutions, for contact less management achieved due to automation is set to contribute to the market growth rate. Transportation management, inventory management and so on are all managed through the omnichannel hospitality software.
Omni channel Hospitality Software Market Segment Analysis - By Geography
North America is analysed to be the dominant region in 2019 owing to the significant adoption of the latest technologies and presence of major solution providers. APAC is analysed to grow at highest rate during the forecast period majorly attributed to the high presence of hotels, tourism sector and so on followed by Europe. Although COVID-19 has halted every sector operations across the world, the gradual relaxations in the lockdowns in many countries and travelling with strict regulations has gradually impacted the hospitality sector. Hospitality software provides various solutions ensuring contact less operations in the time of pandemic that is certainly analysed to boost the growth of the market. As APAC and Europe are major hotspots for tourists owing to historic monuments, amusement parks and so on, they are analysed to grow at significant rate during the forecast period 2020-2025.
Omni channel Hospitality Software Market Drivers
Rising start-ups alongside the investments:
The significant rise in the start-ups for Omni channel hospitality software alongside the significant investments is set to be a key driver for the market. Cloudbeds a start-up founded in 2012, providing cloud-based hospitality software announced that it has secured a funding of $82M in March 2020. It has also announced further investment in its hospitality management technology, thereby contributing to the market growth rate during the forecast period 2020-2025. In July, 2014, Track, was established, that provides TRACK Hospitality Software, a leading omnichannel cloud communication platform for hospitality companies.
Impact of COVID-19:
As the global pandemic COVID-19 has been spread world-wide it has significantly impacted every sector including hospitality. The dire need of contact less management during travel has significantly impacted the adoption of Hospitality software thereby contributing to the market growth rate. In July, 2020, Virgin Hotels has announced that it has updated their mobile app Lucy for contact less features due to COVID-19. These factors are set to boost the Omni channel Hospitality software market growth rate during the forecast period 2020-2025.
Omni channel Hospitality Software Market Challenges
Risk from cyber-attacks
The rising cyber-attacks on the cloud based models is significantly high which is set to hamper the market growth rate. The cyber-attacks in the hospitality sector lead to severe loss to the hotels and could also lead to compromises in the privacy and security thereby significantly hindering the adoption of these software in the firms. This is set to hamper the market growth rate during the forecast period.
Omni channel Hospitality Software Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Omni channel Hospitality Software market. Omni channel Hospitality Software driver market is expected to be dominated by major companies such as ivend Retail, CitiXsys America Inc. TTEC, Cloudbeds, Softech International, CIOReview, Corporate America among others.
Acquisitions/Technology Launches/Partnerships
- In November 2019, CitiXsys, a firm providing integrated retail and hospitality Omni channel solutions has secured $60M funding for the development in the solutions.
- In October 2019, Routier Inc., a leading provider of AI-enabled hotel operations, marketing and guest engagement solutions, has launched MessageHub, a Centralized, Omni-Channel, AI-powered, Guest Messaging and Communications Hub for the hotel applications.