About Digital Spending in Hospitality
The global digital outsourcing opportunity for service providers in the Travel & Hospitality industry will be set at USD 1.6 billion in 2018 and is expected to grow to USD 4 billion at 20% CAGR by 2022. The industry continues to see large investments in connected travel experiences for customers through initiatives such as new-age design and data-driven personalization supported by AI and ML. Large global travel and hotel companies are building multi-faceted partner ecosystems to offer, design, and offer wonderful experiences to their customers. Digital spending in the hospitality industry includes spending by businesses to improve user experience. Digitization is achieved through various channels such as the web, social media, digital marketing, gamification, and mobility. The introduction of various technological solutions helps to improve the digital experience of the user according to expectations and requirements. Digital editions in the hotel industry play a crucial role in retaining old customers and attracting new customers in order to expand the customer base in the hotel industry. Digital spending in the hospitality industry spans different phases of the customer lifecycle, from awareness-raising, engagement, purchase, and relationship to support services. These phases require different solutions, depending on the requirements of this particular phase and specific to the hotel industry.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Digital Spending in Hospitality market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accenture PLC (Ireland), Capgemini (France), IBM Corporation (United States), Tata Consultancy Services Ltd. (India), Zendesk, Inc. (United States), Cognizant (United States) and SAS Institute Inc. (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Digital Spending in Hospitality market by , Application (Small & Medium Enterprises and Large Enterprises) and Region.
On the basis of geography, the market of Digital Spending in Hospitality has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software will boost the Digital Spending in Hospitality market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Nature of Business, the sub-segment i.e. Business to Business (B2B) will boost the Digital Spending in Hospitality market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Social Media will boost the Digital Spending in Hospitality market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Used, the sub-segment i.e. Smartphones will boost the Digital Spending in Hospitality market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Customer Expectations In Terms Of User Experience, The Trend of Using Cloud-Based Software Is Popular and Preferred Mostly and Rapid Response to Queries and Faster Support Facilities Demanded By Customers
Market Growth Drivers:
Growing Need for Consistent Customer Experience, Rising Digital Awareness and High Spending On the Luxury Products and Increasing Participation of People in Social Media Globally
Challenges:
Lack of Network Connectivity
Restraints:
Data Security and Privacy Issues
Opportunities:
A Rise in Implementation of Omni-Channel Approach, Advancements in Technology and Adoption of Various Technological Solutions in Enhancing the User’s Digital Experience
Market Leaders and their expansionary development strategies
In January 2024, Accenture has completed its acquisition of Work & Co, a global digital product company that blends design, technology, and innovation to help companies create breakthrough products and experiences. The acquisition reinforces how continued investment by Accenture Song the world's largest tech-powered creative group creating new ways for its clients to grow while meeting their customers' ever-evolving needs.
In December 2023, Revivo a pioneering deep-tech company announced the launch of its flagship product suite Hotel X, India’s first comprehensive Hospitality Management and Growth platform for forward-moving hotel businesses across the country. Built by the Hoteliers themselves, Hotel X is a comprehensive SaaS-based solution that specializes in seamlessly automating and managing hotel business, and boosting their revenue from anywhere in the world.
Key Target Audience
Providers of Digital Spending in Hospitality, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.