PUBLISHER: The Business Research Company | PRODUCT CODE: 1508014
PUBLISHER: The Business Research Company | PRODUCT CODE: 1508014
Hospitality property management software (HPMS) refers to software solutions designed to facilitate the management of hotel operations and properties. HPMS is a vital tool in the hospitality industry, used by hotels, resorts and other lodging establishments to streamline their day-to-day operations.
The hospitality property management software market consists of sales, by entities (such as organizations, sole traders or partnerships), of hospitality property management software that is primarily utilized by hotel management teams, front desk staff, housekeeping and maintenance crews to manage reservations, guest check-ins and check-outs, room assignments, billing and other administrative tasks. Additionally, HPMS is used by property owners and managers to generate reports and analyze performance metrics to make informed business decisions.
The global hospitality property management software market was valued at $825.49 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Rising Disposable Income
The hospitality property management software market was mainly driven by increasing disposable income during the historic period. Rising disposable income resulted in a greater willingness among consumers to spend on premium services. Consequently, hospitality property management software solutions enabled hotels to implement advanced revenue management strategies. These capabilities allowed hotels to dynamically adjust pricing, thereby maximizing revenue during peak travel periods. For instance, in November 2022, Euromonitor International Ltd., a UK-based strategic market research company offering global business intelligence, market analysis and consumer insights, reported that disposable incomes and household expenditures increased by 2.6% globally in 2022. Additionally, in June 2021, according to Statistics Iceland, an Iceland-based official institute providing statistics on the nation, household gross disposable income climbed by 8.1% in the first quarter of 2021 in comparison to the same quarter in 2020. During the same time period, the purchasing power of per capita household disposable income increased by 2.6%. Therefore, rising disposable income contributed to the growth of the hospitality property management software market.
Increasing Focus On Introducing Integrated Hotel Guest Engagement Solutions To Gain A Competitive Edge
Companies operating in the hospitality property management software market are increasing their focus on introducing integrated hotel guest engagement solutions to gain a competitive edge in the market. Integrated hotel guest engagement solutions refer to a set of strategies and technologies that hotels use to interact with their guests throughout their stay, from pre-booking to post-stay. For instance, in September 2022, Cloudbeds Inc., a US-based hospitality management system provider, launched Whistle for Cloudbeds, a fully integrated hotel guest engagement solution. Whistle for Cloudbeds is an enhanced guest engagement solution that provides hotel organizations the tools to generate additional revenue, boost visitor happiness, optimize internal processes and provide more personalized and meaningful touch with guests across their entire guest journey, from discovery to post-stay. The Cloudbeds Hospitality Platform incorporates Whistle for Cloudbeds for a more convenient user experience. Its seamless union makes greater interoperability possible, which also provides a single inbox, live chat tools with website and booking engine interfaces, digital registration cards, guest notes and more.
The global hospitality property management software market is fairly concentrated, with few large players in the market. The top ten competitors in the market made up to 27.50% of the total market in 2023.
Hospitality Property Management Software Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global hospitality property management software market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for hospitality property management software? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The hospitality property management software market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider hospitality property management software market; and compares it with other markets.