LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hotel and hospitality management software market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global hotel and hospitality management software market will grow at a CAGR of almost 9% during the forecast period. The reduction in overall operational costs is a major factor driving the market’s growth.
The hotels focus on integrating newer technology to lower down their expense on document processing through automation. Mid-to-small size hotels concentrate on increasing their income by controlling company expenditure and streamlining their operations. A hotel usually spends approximately 10% of their total budget on strategies and solutions that help them maintain and retain their frequent customers. Hotel and hospitality management software lowers the dependency on manual record maintenance. This increases the overall efficiency. Hotels and resorts are gradually deploying this software to eradicate inadequacies and accelerate the overall process efficiencies.
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In this report, Technavio highlights the rise in cloud integration as one of the key emerging trends driving the global hotel and hospitality management software market:
Rise in cloud integration
The demand for cloud-based integration of hotel and hospitality management systems is increasing. The cloud-based hotel and hospital management software offer access to the application through web-based browsers, wherein the admin has previously defined the access level and processes across the organization. The user can log in to the hotel and hospitality management software simultaneously from any Internet-enabled computer or device. Cloud-based hotel and hospitality management software provides users with mobile apps for easy access and mobility.
The cloud-based hotel and hospital management software offer high scalability. A cloud-based system is designed to be flexible with the expanding capacity so that a business can scale up based on the current business requirement. Usually, the cost of the hotel and hospitality management software is often based on the number of users and their requirements.
“The cloud-based hotel and hospitality management software are beneficial for small hotels, which lack in-house IT expertise to deploy, manage, and upgrade the on-premises management application. The vendor is responsible for managing the software, providing timely updates across the system, and taking care of technical glitches in case of the cloud-based hotel and hospitality management. Other benefits of cloud-based software include integration with commonly used office applications, social CRM, and automatic cloud data backups,” says a senior analyst at Technavio for research on enterprise application.
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Global hotel and hospitality management software market segmentation
This market research report segments the global hotel and hospitality management software market by deployment (on-premises and SaaS-based) and key regions (the Americas, APAC, and EMEA).
In 2017, EMEA dominated the global hotel and hospitality management software market with a share of more than 48%. It was followed by the Americas and APAC respectively. EMEA is expected to dominate the market throughout the forecast period. However, the markets in emerging economies in the APAC region are expected to grow substantially during the forecast period. The increasing demand for real-time tracking, on-the-go bookings, and cloud-based integration for real-time status will drive the global hotel and hospitality management market during the forecast period.
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