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