DUBLIN--(BUSINESS WIRE)--Feb 10, 2021--
The "Hospitality Property Management Software (PMS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The hospitality property management (PMS) software market is expected to grow at a CAGR of 7.85% over the forecast period 2021-2026
The PMS software helps the hotel to effectively manage, organize, and schedule their mundane activities including front office workflow, guest check-in & checkout, assigning rooms to guests, delegating housekeeping tasks and billing, etc. In short, PMS automates and streamlines the operations to save working hours and offer a better experience to guests.
- The hospitality industry is witnessing growth from technology disruption due to increasing online travel agencies and hotel aggregators. These companies are rapidly adopting cloud-based solutions like PMS and other SaaS platforms to scale their growths in the industry. The rise in the number of SME hotels especially in the emerging markets like Asia-pacific is driving the deployment of property management software market.
- Additionally, the hotels are increasingly concentrating on optimizing their operations to reduce lead time. As these solutions are inexpensive, the adoption rate has increased in recent years. These companies in the industry are also emphasizing on analytics of their serviceability to gain more insights which enable scope for improvement in their operations.
- However, owing to multiple challenges for integrating PMS into existing infrastructure, the adoption has been limited to an extent in the hospitality industry with large business adopting it for improved productivity and efficiency in managing multiple units.
Key Market Trends
On-Cloud Deployment of PMS to Grow Significantly
- According to the report from NASSCOM, global cloud spending is expected to reach USD 187 billion in 2018, and further grow at a CAGR of 16.5% till 2022. Also, the global public cloud spending accounted for 7.9% of total IT spending in 2018 globally. Hotels are also increasingly adopting cloud-based SaaS to integrate into their operations in order to achieve optimized workflow.
- Cost-effective nature of storage facility compared to the conventional method is one of the reasons for maximum adoption rates, cloud deployment method saves IT infrastructure expenses and provides easy scalability; according to RightScale, In 2018, public cloud adoption reached 92% which was 89% the year before.
- Dalata Hotel Group has mentioned that integrating PMS in their hotel chain helped them to standardize their report and analyze their revenue from customers at various locations at a time. As the company is undergoing expansion across Europe and managing multiple PMS was difficult for them to train staff and reporting methods, they adopted on-cloud solution.
Competitive Landscape
The market for hospitality property management software is moderately consolidated due to the presence of a few companies dominating the market. Also, these companies are extensively investing in offering customized solutions to the customers. Moreover, the startups in the market are attracting fundings from investors. Further new entrants in the market is expected to drive fragmentation.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Adoption from Small & Medium-scale Hotels
4.2.2 Stronger emphasis on business optimization and Customer Retention to Drive Growth in New Markets
4.3 Market Restraints
4.3.1 Integration Challenges with Existing Solutions
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 On-Premise
5.1.2 Cloud
5.2 By Hotel Size
5.2.1 Small & Medium-scale
5.2.2 Large Scale
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Micros Systems. Inc. (Oracle)
6.1.2 Agilsys, Inc.
6.1.3 Infor Inc.
6.1.4 Cenium AS
6.1.5 Realpage, Inc.
6.1.6 FCS Computer Systems
6.1.7 Hoteliga International S.p. z.o.o
6.1.8 Console Group
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ne80m4
View source version on businesswire.com:https://www.businesswire.com/news/home/20210210005679/en/
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KEYWORD:
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY BUILDING SYSTEMS SOFTWARE INTERNET LODGING OTHER CONSTRUCTION & PROPERTY TRAVEL
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 02/10/2021 10:39 AM/DISC: 02/10/2021 10:39 AM
Copyright Business Wire 2021.
