With a compound annual growth rate (CAGR) of 28.1%, the worldwide smart hospitality market is projected to increase from $14.30 billion in 2022 to $18.31 billion in 2023. At a CAGR of 26.8%, the smart hospitality market is anticipated to reach $47.34 billion in 2027.
Cisco Systems Inc., Honeywell International, IBM Corporation, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric SE, Siemens AG, Infor, Huawei Technologies, Qualsoft Systems Pvt. Ltd., Samsung, BuildingIQ, WiSuite, and Cloudbeds are significant market participants in the smart hospitality space.
The term “smart hospitality market” describes hospitality services where numerous tasks and activities are managed by means of intelligent electronic devices that are powered by the Internet of Things (IoT), automation, and artificial intelligence. Users can manage and control numerous