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.
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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.
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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
In a security alert published on Thursday, US payments processor Visa revealed that two North American hospitality merchants were hacked and had their system infected with point-of-sale (POS) malware earlier this year.
POS malware is designed to infect Windows systems, seek POS applications, and then search and monitor the computer’s memory for payment card details that are being processed inside the POS payments apps.
“In May and June 2020, respectively, Visa Payment Fraud Disruption (PFD) analyzed malware samples recovered from the independent compromises of two North American merchants,” Visa said.
The US payments processor didn’t name either of the two victims due to non-disclosure agreements involved in investigating the incidents.
Visa published on Thursday a security alert [PDF] with a description of the two security breaches and the malware used in the attacks in order to help other companies in the hospitality sector scan their networks for indicators of compromise.
June hack: Hackers used three different POS malware strains
Of the two incidents, the second one that occurred in June is the most interesting, from an incident response (IR) perspective.
Visa said it found three different strains of POS malware on the victim network — namely RtPOS, MMon (aka Kaptoxa), and PwnPOS.
The reason why the malware gang deployed three malware strains is unknown, but it could be that attackers wanted to make sure they get all the payment data from across different systems.
Visa, which also provides incident response services in financial crime-related breaches, said the intruders breached the hospitality