The booming tourism and hospitality sector and the reduction of the requirement for manual operations is propelling the global hotel reservations software market.
The value of the Hotel Reservations Software market is projected to grow to US$ 800.84 Mn with an estimated CAGR of 8% by 2032
Covid-19 Impact and Market Status
The pandemic adversely affected many sectors and the tourism and hospitality sector was also one of them. As Covid-19 cases increased globally, there were strict restrictions and lockdowns imposed across nations globally. Travelling was completely restricted in a few regions for non-essential purposes. There were choices made to close hotels, restaurants, and other hospitality establishments. This has a global influence on the tourist sector. As investors were facing many challenges and there was slow market growth, the adoption of the hotel reservation software decreased. As individuals preferred to stay in the safety of their own homes and practice social distancing, the adoption rate and usage of the hotel reservation software were low. As the pandemic gets under control, the hotel reservation software is likely to witness increased adoption as the lockdown restrictions will be lifted and hotels can resume operations.
Pay-as-you-go to drive the market growth
On-premise software has advantages such as freedom to customize, less to no downtime, high integration, and full system control. As the whole system is on-premise, one can modify it as required. This software is very useful for hotels in remote tourist regions.
One of the most prominent market trends is pay-as-you-go, which is a cloud-based strategy. This model is being used by large hotels and other small hotels alike. It is recorded that the number of hotels opting for this model is much higher than the on-premise model. The demand switches from cloud-based to subscription-based as the subscription time lengthens.
The APAC market is expected to develop at the fastest rate
Europe was the largest market in the year 2020 and it is expected to maintain its market share during the forecast period. Hotels in this region are adopting new technologies such as hotel reservation software in order to cater to meet the rising needs of customers wanting organized activities and an easy process during reservations. This software allows hotels to cater to customer needs in a more optimized, customized, and effective way. The software is efficient in terms of saving time and energy, which is why it is becoming more popular.
From 2020 to 2028, the Asia Pacific area is expected to grow at the fastest rate. Hotels in the region have demonstrated remarkable resistance to constraints in the past, thanks to strong assistance from government institutions. Hoteliers, on the other hand, are wary of any looming danger to their operations. Improved aviation and cruise connectivity is also benefiting the regional market as a whole.
The increasing need of installing reservation software that has lower expenditure and operational costs is increasing the adoption global hotel reservation software market.
Owing to benefits such as online hotel reservations, easy method to make payments to and from customers, easy interlinking to hotels, connectivity to websites and social media accounts in order to increase marketing reach and sales, hotel reservations software is experiencing rapid adoption, as opposed traditional reservations methods, thus fostering remarkable progress global hotel reservations software market.
The advantages of the software such as user-friendly, accessibility, in remote locations, advanced design, scalability, ease of use and superlative customization features encourage further adoption of hotel reservation software. All of these reasons have led to hotels' widespread adoption of hotel reservation software, resulting in high penetration and strong growth for the market throughout the projection period. The market value of global hotel reservations software market is estimated to reach close to 150 Million by 2028.
Processing safe online bookings made through a lodging website is one of the functions of a hotel reservation system. The information is then sent to a backend framework, which hotels may use to manage appointments. It may be accompanied by other highlights. Chiefs and proprietors of small inns believe that innovation is critical to growing their business and extending their bookings over time. An inn reservation structure is necessary to limit and communicate with a global population.
It's a system that's been tailored to handle hotel reservations of varying sizes. Hotel reservation software streamlines the booking process, lowers booking errors, broadens the market, and increases occupancy rates. This technology is being used increasingly in the hospitality and hotel sectors as it can lower the requirement of manual documentation and lead to reduced expenses.
Few challenges faced by the global hotel reservation software market are factors like virus attacks, power outages, cyber-attacks, and others that may hamper the efficiency of the software thus limiting the market growth. Furthermore, the hospitality sector has suffered post the pandemic and saw a downward trend as people began social distancing and staying indoors in their homes.
However, major growth opportunities for the global hotel reservation software market include the ever-changing customer behavior and increasing purchasing power of the customers. The growing use of rising investments in advanced technology, e-commerce applications, and simple maintenance will further lead to market growth. The global hotel reservation software market will obtain normalcy once again when the situation is under control again and lockdown restrictions are eased.
The major players in the global hotel reservation software market are ResNexus, Amadeus, SynXis, iHotelier, Eviivo, HotelRunner, eZee, Hotello – PMS, Little Hotelier, and RoomKey among others
Recent Innovations in the Hotel Reservation Software Market: A Snapshot
- Sabre Corporation, the world's largest travel technology company, has announced the debut of its brand new SynXis Property Hub, as well as improvements to its industry-leading SynXis Booking Engine and Voice Agent products. SynXis Property Hub is the industry's first guest-centric, cloud-native property management solution, allowing hoteliers to refocus their processes on the visitor in a whole new way.
- With the introduction of HotelRunner PMS (Property Management System), HotelRunner has made a step toward facilitating access to technology for all sorts of accommodations: an innovation that will drive the digital transformation of global tourism sector.
Hotel Reservations Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 150 Million|
|Segment Covered||Component, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||ResNexus, Amadeus, SynXis, iHotelier, Eviivo, HotelRunner, eZee, Hotello – PMS, Little Hotelier, and RoomKey.|
Key Segments of The Global Hotel Reservation Software Market
Component Overview, 2021-2028 (USD Million)
- Operation and maintenance services
- System Integration
End User Oveview, 2021-2028 (USD Million)
- Medium Size Hotels
- Small Size Hotel
- Large Hotel
- Chain Hotels
- Mega Hotels
Region Overview, 2021-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa