The goal of the hospitality property management software market is to aid hotels and other hospitality businesses in effectively managing their property. Benefits include improved efficiency, increased productivity, simplified financial management, comprehensive reporting, and improved customer service. With its help, they can automatically track reservations, check-ins and check-outs, billing, invoicing, and more.
Additionally, this software is used to control employee performance, enhance staffing, and lower operational costs. By offering a thorough view of the visitor experience, it also aids in boosting customer satisfaction. Simply put, the need for such software is to assist businesses in streamlining their operations and giving clients a better overall experience.
There are numerous benefits of the hospitality property management software market, including allows staff to manage multiple tasks at once and decreases manual processes, increasing operational efficiency. various tasks are automated, improving accuracy and eradicating mistakes, such as reservations, housekeeping, billing, and invoicing. provides effective customer service tools, which helps staff and customers communicate more effectively. enables owners to make more informed decisions about the operations of their businesses by improving visibility into financial performance and providing detailed reporting capabilities. allows for more seamless integration between various systems, including property management software, booking engines, accounting software, and point-of-sale systems. provides a variety of features that are suited to different customer needs and preferences to help hotels remain competitive.
The market size for hospitality property management software is anticipated to reach USD 8.47 billion by 2031, growing at a CAGR of 8.7% over the forecast period of 2021–2031, from an estimated USD 5.10 billion in 2021.
The market's expansion is primarily being fueled by rising demand for integrated solutions, the ease of use and efficiency offered by cloud-based software solutions, the digitization of hotel operations, and the rising demand for enterprise mobility solutions among other end users.
A programme used to oversee hotel and lodging operations is called hospitality property management software market. It automates all aspects of a hotel's or other hospitality property's daily operations, including reservations, rate management, and check-in and check-out procedures. Additionally, the software frequently offers features like payroll systems, point-of-sale functionality, housekeeping management, and revenue tracking.
The market for hospitality property management software is being driven by a number of factors, including the expanding need for effective hotel operations management, rising interest in cloud-based services, and technological advancements. Hotels are seeking methods to set themselves apart and improve their efficiency as the hospitality sector becomes more and more competitive. By automating tasks like reservations, inventory tracking, housekeeping scheduling, and accounting, property management software can help hotels control operational costs. Cloud-based solutions are also becoming more popular because of how scalable they are and how much less expensive they are than conventional software systems. Finally, technological developments have made it possible for programmers to create more user-friendly and intuitive systems that are simpler to use and can be integrated into existing infrastructure.
The market for hospitality property management software is being restrained by a number of factors. Many hotel property management software programmes are expensive to set up and demand significant financial outlays. Due to this, using such solutions is challenging for small businesses. Many current hospitality property management software solutions might be challenging to integrate with current systems, making it challenging for users to fully utilise the system's capabilities. Software for managing hospitality properties stores a lot of sensitive data that, if improperly handled, could be compromised and raise data privacy issues. Because they can be adapted to their unique needs, large organisations frequently favour custom-built solutions. As a result, smaller businesses using commercially available solutions might find it difficult to compete with bigger businesses.
The report profiles a number of key participants, manufacturers, and vendors, including some of the following. Hotelogix Technologies Pvt Ltd, Rezovation Systems, LLC, Maestro PMS Inc, Cloudbeds Software Solutions, Oracle Corporation, Infor, Skyware Systems, Northwinds, Xotels, Agilysys, Inc., and Hotelogix Technologies
On the basis of type, the on-premise and cloud-based segments of the market for hospitality property management software are growing. During the forecast period, it is expected that the Cloud-Based segment will have the highest CAGR, at 6.3%. due to the advantages of cloud-based solutions, including their effectiveness, scalability, flexibility, improved customer service, and high performance. In addition, cloud-based solutions offer improved security, data protection, and industry compliance. In addition, the adoption of cloud solutions for mobile services and the growing BYOD (Bring Your Own Device) trend are two major factors contributing to the expansion of this market.
On the basis of application, the Hospitality Property Management Software Market is divided into two segments: SMEs and Large Enterprise. Due to the need for greater operational efficiency and the segment's easy and affordable installation, SMEs dominate the market. Due to the highest demand for property management software among SMEs to manage reservations for properties, check-ins and check-outs, housekeeping services, etc. The software is also being adopted by SMEs more frequently to save time and money. In addition, SMEs' use of property management software helps with tasks like housekeeping, maintenance, billing, and reporting.
In control is North America.
Based on a regional analysis of the Hospitality Property Management Software Market, major players' concentration in North America is predicted to lead the market. Due to the rising demand for cloud-based solutions in these regions, it is anticipated that the European and APAC markets will also experience significant growth during the forecast period. Due to the growing adoption of hotel automation solutions by hospitality businesses around the world, the segment for hospitality property management software is anticipated to grow significantly over the forecast period. Some of the main factors propelling this segment's revenue growth include the increasing demand for advanced customer experience management software, rising cloud technology use, and expanding demand for effective hospitality management software.
The Hospitality Property Management Software Market: COVID-19 Impact and Market Status
Numerous businesses in the hospitality sector were forced to temporarily close their doors as a result of the COVID-19 outbreak. Because of this, there is less demand for hospitality property management software. The market for hotel property management software is divided into types (on-premise and cloud-based), applications (SMEs and large enterprises), and geographic regions (North America, Europe, Asia Pacific, South America, Middle East & Africa). A large number of hospitality companies are present in the North American region, which is predicted to have the largest market share in 2020. Due to the rising number of tourists visiting the region, the Asia Pacific region is anticipated to have the fastest growing market.
Oracle Corporation, IBM Corporation, SAP SE, Infor Global Solutions Inc., and Newhotel Software International SRL are some of the major players in the market for hospitality property management software. In addition, the future development of this market is anticipated to be driven by the expansion of the hospitality sector and rising demand for greater operational effectiveness. Many companies are finding it difficult to stay afloat as a result of the COVID-19 outbreak, which has had a negative impact on the market for hospitality property management software. The need for hospitality property management software has decreased as a result of the temporary closure of many hotels due to a lack of guests. The demand for hotel management software has decreased as a result of the travel restrictions that governments around the world have put in place. These restrictions have further reduced the number of people visiting hotels and other hospitality-related businesses.
A lot of businesses have also postponed or abandoned their plans to invest in new technologies, such as hotel management software, as a result of tighter budgets and the rising costs of operating a business in these unsettling times. As a result, it is clear that COVID-19 has had a big impact on the market for software used in the hospitality industry.
Recent Market Changes for Hotel Property Management Software
• An increasing number of major players have entered the global Hospitality Property Management Software Market in 2019, which has contributed to the market's growth. Due to increased competition, prices are likely to continue to decline and customer satisfaction to rise.
• In 2019, Oracle Corporation announced the release of its brand-new suite of cloud-based tools for managing hospitality properties, including tools for housekeeping, guest services, inventory management, point-of-sale operations, and more. Customers will have better access to information about their company operations across various locations thanks to the new suite.
Hospitality Property Management Software Market Scope
|Revenue forecast in 2031
|USD 8.47 billion
|CAGR of 8.7 % during 2021-2031
|by Type, By End User, By Application , Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Hotelogix Technologies Pvt Ltd, Rezovation Systems, LLC, Maestro PMS Inc, Cloudbeds Software Solutions, Oracle Corporation, Infor, Skyware Systems, Northwinds, Xotels, Agilysys, Inc., and Hotelogix Technologies
Key Segments of the Hospitality Property Management Software Market
By Type Overview, 2021-2031 (USD Billion)
By Application Overview, 2021-2031 (USD Billion)
• Large Enterprise
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa