Hotel and Hospitality Management Solution Market Growth Driven by Increasing Number of Small and Mid-Size Hotels and Restaurants Across Globe
Hotel and Hospitality Management Solution Market is primarily driven by the growing need among hotel and restaurant enterprises to automate their day to day tasks.
Albany, NY -- (SBWire) -- 02/27/2019 --The global hotel and hospitality industry is witnessing continuous growth. Investment in the hospitality sector has shown an increasing trend over the last few years. With the growth in travel and tourism, demand for hotels and restaurants is increasing. This increasing demand for well managed hotels and restaurants has created requirements for a comprehensive software suite among hotel and restaurant owners that help them to manage the entire operation in an easy manner. Hotel and hospitality management solution is one such comprehensive suite that manages the day-to day operation of a hotel or restaurant.
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A hotel management solution/ system is an end-to-end software platform that completely automates the hotel and restaurant's operation. It helps in managing all the operations from front desk to back office. The solution is capable of managing the entire marketing, sales. operation, HR, accounting, and finance function. Some of the key functions of a typical hotel and hospitality management software are restaurant and menu management, production control and planning, kitchen order management, finance and accounting management, sales management, purchase management, housekeeping management as well as management of table reservation. Hotel and hospitality management solutions improve the overall efficiency of an organization and enhance the smooth operation of the entire process.
The global hotel and hospitality management solution market is largely driven by the growing need among hotel and restaurant enterprises to automate their day to day tasks. From large size hotels and restaurant chains to mid and small size enterprises, hotel and hospitality management solutions are required everywhere. The other major driving factor of the hotel and hospitality management solution market is the growing number of small and mid-size hotels and restaurants across the globe. The growth in the number of restaurants and hotels are largely due to growing tourism activity globally. The hotel and hospitality management solution market is therefore expected to grow significantly in the coming years. One of the major challenge/ restraint in the hotel and hospitality management solution market is the high cost/ pricing of the software solution. However, companies are developing cost effective software specifically for mid-size and small enterprises. The hotel and hospitality management solution market is also expected to display tremendous opportunity in terms of revenue. The key opportunity in the market is largely in terms research & development (R&D). Continuous product innovation and upgrade would help vendors operating in the market to better serve the existing customer base as well as offer an opportunity to address the needs of potential customers.
The global hotel and hospitality management solution market can be segmented on the basis of enterprise size, component, and region. In terms of enterprise size, the hotel and hospitality management solution market can be bifurcated as small & medium enterprise (SMEs) and large enterprise. Based on component, the market can be divided into software and services. The software component can be bifurcated into cloud based/ Software as a Service (SaaS), and on premise. The services component can be further categorized into implementation & integration services, and consulting & training services. On the basis of region, the hotel and hospitality management solution market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
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The hotel and hospitality management solution market comprises a number of large as well as mid-size vendors. These vendors compete in the hotel and hospitality management solution market based on the software features that they offer, services that they provide, and the prices of the software solution. Most of the key vendors operating in the market significantly invest in research and development (R&D) to provide best in class solution to end-users.
Key players operating in the hotel and hospitality management solution market are Cloudbeds, eZee FrontDesk, innRoad, Inc., Mingus Software Inc., DJUBO, Amadeus IT Group SA, Cisco Systems, Oracle, Sabre Technology, and Salesforce.com, Inc.
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