New York City, 20 Jul 2020: The global Hotel Management Software market size is expected to reach USD 32.9 Billion by 2026 according to a new study by Polaris Market Research. The hotel management software market is projected to witness a significant growth over the forecast period. Hotel management systems essentially help owners and managers to handle their workload effectively. This frees up enough time for these users which can then be utilized to concentrate on more important parameters such as improving customer experience, chalking out marketing plans, and creativity. These aforementioned factors are critical success factors in the tourism industry. Thus, in an era of high industrial rivalry, hotel management software aid owners to concentrate more on critical success factors.
Some of the key features of such management software include scalability, data security, ease of usage, variety of payment platform integration, theft control, centralized system with end to end seamless integration among others. Such features enable the user to have complete control over the entire value chain and also analyses what works for his business and what does not. The data can also be fed to external activities such as marketing to gain higher business. All these factors are benefitting the market over the next six years.
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Customized services provided by key industry participants is a major market trend. Not all properties have the same software requirements and hence companies have to provide them with a solution that best suits the customer needs. Therefore, industry participants work in collaboration with their clients to correctly assess needs and design a solution. This factor has resulted in a wide variety of hotel chains, upscale midscale and economy alike deploying hotel management software.
Development of novel software products, plug ins and tools has completely revolutionized the market. Companies provide a set of built in tools that aid in complex operations such as marketing, work force management among others. For example, built in tools for marketing, aid and assist in the segmentation of customer data based on their historical spending to include them in targeted promotions aimed at increasing sales. These built in tools also aid in marketing campaigns by automatically sending push in notifications, SMS alerts, emails, etc. They also provide services such as post campaign analytics to track metrics and to optimize future campaigns. Such initiatives taken by industry participants to provide the best of services and tools is benefitting the overall market growth.
In order to increase sales and gain additional market shares, hotel owners such as those at airports also provide off-premise as well as third party deliveries. Sensing this opportunity, industry participants have developed systems that aid in the streamlining of bookings, Routing of orders immediately to save time, and to providing assistance to delivery team at each step among others. These functions are carried out by the system without compromising the core functions at the basic hotel location. Some of the leading players in the market include Honeywell International, Inc., Winhotel Solution S.L., Buildingiq Inc., Oracle Corporation, Infor, Inc., NEC Corporation, IBM Corporation, Huawei Technologies Co. Ltd, Schneider Electric Se, Johnson Controls, Siemens AG and Honeywell International, Inc.
