(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Hotel Market Intelligence Software Market by Type (Cloud-Based and On-Premises) and by Application (Luxury and High-End Hotels, Mid-Range & Business Hotels, Resort Hotels, Boutique Hotels, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global hotel market intelligence software marketwas approximately USD 454 million in 2018 and is expected to generate around USD 614 million by 2025, at a CAGR of around 4.6% between 2019 and 2025.
Hotel market intelligence software collects everyday information that is relevant to the hotel industry. This gathered information aids the users (small and big business firms, 5-star hotels, and resorts) of this software to make accurate and confident decisions in determining market opportunities, market growth, market penetration strategies, and market development metrics. The hotel industry is vast and dynamic in nature, where the market fluctuates continuously. Therefore, to remain ahead of the market fluctuations, hoteliers are required to carefully and thoroughly collect information. This is where the hotel market intelligence software plays a significant role. The global hotel market intelligence software market is expected to grow rapidly in the future, owing to the declining hotel expenses by implementing automation for document processing, growing cloud integration, and increasing purchasing power of the consumers. Additionally, the rapid growth of the tourism industry also plays a major role in driving the hotel market intelligence software market globally. Moreover, increasing internet penetration and growing mobile surfing provides a greater opportunity for hotel market intelligence software market development. Furthermore, the increased adoption of the hotel and hospitality management software also provides additional growth opportunity for the market players. However, the lack of required skills and resources, unstable political conditions in some regions, and huge competition among major market players may hamper the global hotel market intelligence software market.
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The global hotel market intelligence software market is fragmented on the basis of type and application. By type, the market is classified into cloud-based and on-premises. The cloud-based segment is expected to hold the largest market share along with registering a rapid growth rate. Based on application, the market includes luxury and high-end hotels, mid-range and business hotels, resort hotels, boutique hotels, and others.
North America dominated the global hotel market intelligence software market in 2018, due to the growing concerns regarding the use of software intelligence and technological advancements. Europe contributed the second largest revenue share in 2018 to the global hotel market intelligence software market, due to the wide adoption of technologically-advanced software and increasing purchasing power of consumers. The Asia Pacific hotel market intelligence software market will register rapid growth over the forecast time period, owing to swift digitalization in the hotel and hospitality management through continuous support from government initiatives, particularly in India and China.
Some key players of the global hotel market intelligence software market are Benchmarking Alliance, RateGain, HotStats, Transparent Intelligence, Octorate, RateMate, Travolutionary, FastBooking, and Ratemetrics.
This report segments the global hotel market intelligence software market into:
Global Hotel Market Intelligence Software Market: By Product
Global Hotel Market Intelligence Software Market: By Application
- Luxury and High-End Hotels
- Mid-Range and Business Hotels
- Resort Hotels
- Boutique Hotels
- Others
Global Hotel Market Intelligence Software Market: By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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