The global tech-savvy hotel chains market is projected to grow from approximately USD 70,898.5 million in 2024 to USD 294,394.8 million by 2034, with a strong CAGR of 15.3% during the forecast period. In 2023, the market’s value was USD 61,597.3 million, and it is expected to experience a year-on-year growth rate of 13.1% in 2024. The market’s share within the broader hotel industry ranges from 12% to 15%.
Key Takeaways:
- The tech-savvy hotel chains market is expected to reach nearly USD 294.4 billion by 2034.
- A CAGR of 15.3% is projected from 2024 to 2034, indicating rapid market expansion.
- In 2024, the market size is estimated to be around USD 70.9 billion, up from USD 61.6 billion in 2023.
- The market is anticipated to grow by 13.1% year-over-year in 2024.
- Tech-savvy hotel chains represent approximately 12% to 15% of the overall hotel market, showcasing the increasing importance of technological advancements in the hospitality sector.
Digitalization and Voice Technology Revolutionizing the Hospitality Sector
The growing demand for digitalization in the hospitality industry has driven widespread adoption of contactless solutions. Features like automated check-in/check-out, digital room service, and online bookings are now standard, reducing physical interaction while cutting costs and improving operational efficiency. Hospitality leaders anticipate a fully touch-free environment as the norm in the near future, spurred by the rise of these technologies.
Voice technology is transforming guest interactions in hotels, with smart assistants like Amazon Alexa and Google Assistant providing a seamless, touchless experience. These devices allow guests to control room features and access services effortlessly, addressing staff shortages and enhancing guest satisfaction. The increasing adoption of voice assistant technology indicates a positive trend toward further integration in hotel chains.
Competitive Landscape
The hotel chains market is highly competitive due to the rapid adoption of technologies like artificial intelligence, the Internet of Things, and mobile applications. Both traditional hotel brands and tech-driven companies are vying for market dominance by integrating innovative solutions to boost guest satisfaction and operational efficiency. Established players are increasingly investing in technological upgrades and forming partnerships with technology providers to stay competitive in this evolving landscape.
For Instance
- In 2023, Marriott International signed a deal with Groups360 to enhance the way meetings and events are booked. It enables the planner to see the best available group rates and inventory on the Internet, thus making the booking easier.
- In 2023, Hyatt introduced “Together by Hyatt” in collaboration with Swapcard, a hybrid and virtual event management platform. The initiative is to merge the on-site and online presence to make the experience for online attendees better through AI.
Key Companies Profiled
- W Singapore
- The Hotel Silken Puerta América
- The Yotel New York City
- Eccleston Square Pimlico
- Pengheng Space Capsules Hotel
- Blow Up Hall 5050
- City Hub,Kameha Grand
- Hotel Zetta
- Henn Na Hotel
Global Tech savvy hotel chains Market by Category
By Tour Type, Global Tech Savvy Hotel Chains Market Is Segmented As:
- Domestic
- International
By Tourist Type, Global Tech Savvy Hotel Chains Market Is Segmented As:
- Independent Traveler
- Tour Group
- Package Traveler
By Consumer Orientation, Global Tech savvy hotel chains Market Is segmented as:
- Men
- Women
- Children
By Age Group, Global Tech Savvy Hotel Chains Market Is Segmented As:
- 26-35 Years
- 36-45 Years
- 46-55 Years
By Region, Global Tech Savvy Hotel Chains Market Is Segmented As:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
Report Preview: https://www.futuremarketinsights.com/reports/tech-savvy-hotel-chains-industry-preview-and-forecast
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