Hotels and Hospitality Management Software Market | Reduction in Overall Operational Costs to Boost the Market Growth
The global hotels and hospitality management software’s market size is poised to grow by USD 1.14 billion during 2020-2024, progressing at a CAGR of about 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005405/en/
Technavio has announced its latest market research report titled Global Hotel & Hospitality Management Software Market 2020-2024. (Graphic: Business Wire)
Hotels are focusing on integrating newer technologies to lower expenses on document processing through automation. This is driving the adoption of hotel and hospitality management software. The software not only helps reduce dependency on manual records but also aids in cost-effective labor scheduling based on the demand as per tourist footfall in each season. The growing business scope for vendors is also attributed to the rising demand for mobility. Hotels are investing in tablets and mobile devices to cater to their customers who prefer digital check-in. These factors are expected to contribute to hotel and hospitality management software market growth over the forecast period.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio’s SUBSCRIPTION platform
The major hotels and hospitality management software market growth came from the SaaS-based deployment segment. Most of the international small- and medium-sized hotel brands are expected to move toward the SaaS-based model during the forecast period for features such as agility, scalability, and easy integration. Moreover, SaaS-based hotel and hospitality management software help end-users in leveraging the growing adoption of
HOUSTON, Oct. 5, 2020 /PRNewswire/ — Ctrl2GO, the global provider of predictive analytics and maintenance services, has helped its clients cut equipment maintenance costs by 20% in 2020. Such figures were attained on average by enterprises in the machine-building, oil and gas, energy and other industries, which have implemented Ctrl2GO PMM software (Predictive Maintenance and Monitoring) in their operational processes.
The solutions developed by Ctrl2GO are designed to efficiently process and analyze big industrial data, assessing the technical condition of the equipment and predicting its potential behavior. Such an approach allows companies to streamline maintenance processes, extend overhaul intervals, and prevent up to 80% of equipment malfunctions.
Over the past year, companies using PMM software packages have reduced downtime by 20%, unplanned repairs by 20%, and cut direct repair costs by 5-8%. Diagnostics lead times have been reduced by 90%, while the technical productivity of staff rose by 15-22%.
A definitive case that illustrates the effectiveness of the PMM solution is the servicing of a metals mining and processing giant that saved $510,000 due to higher reliability of the equipment. The issues faced by the client involved the insufficiency of reliability of the equipment that caused unplanned failures in the operation of boilers and turbines, leading to a loss of revenue due to downtime. The solution developed by Ctrl2GO provided technical condition tracking, which was integrated into a single maintenance and repair process of the enterprise equipment. This resulted in a unified approach to monitoring heterogeneous equipment fleets and a transfer of existing technologies to previously unfamiliar equipment. As a result, the client managed to reduce repair costs by $50,700, and increased revenues while reducing equipment downtime to $455,000.
Another example of successful integration of Ctrl2GO solutions can be found in the oil and gas sector,