The global hotel and hospitality management software market was esteemed at approximately USD 2,800 Million in the year 2016 and it is anticipated to achieve around USD 4,300 Million by 2022. The global hotel and hospitality management software market is anticipated to show a CAGR of over 6.5% amid 2017 and 2022.
The entrance of new players with advanced technology and competitive strategy, and efficient setup to tap the market demands precisely has motivated the growth of the global hotel and hospitality management software. Growing opportunities in the tourism sector with people focusing more on exploration is majorly driving the growth of the hotel and hospitality management software market. Tourism and hospitality is the major contributor to the service sector this includes hotels, trade, restaurants, and repair services.
The global hotel and hospitality management software is broadly bifurcated on the basis of deployment, region, and software type, and hotel type. In the overall application segments, major is attributed to the business hotels in the global market. Facilities such as unified communication capabilities that offered by business hotels to aid guest visiting for business conferences and meetings is also driving the growth. It is also anticipated that this segment will witness an appreciable growth figure in the coming period.
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Growing demand and adoption for automated and real-time guest service and spur in demographic development are projected to fuel the market growth in coming period. The leading segment was the on-premises segment and it held a large number of share in terms of total revenue in 2016. The trend can be mainly attributed to efforts to enhance the productivity of the business and high adoption rate of the software.
Geographically, Asia Pacific region is anticipated to dominate the global hotel and hospitality management software market. Owing to high investments made for attracting international tourists and for the development is put the region in the leading position.
Some of the leading players contributing to their efforts with advanced development include Jonas Software, Schneider Electric, Oracle Corporation, Johnson Controls, NEC Corporation, Protel hotel-software GmbH, Siemens AG, and many others.