LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global hotel and hospitality management software market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global hotel and hospitality management software market for 2016-2020. The report segments the hotel and hospitality management software by deployment into two segments which are on-premises and cloud, with the on premises segment accounting for approximately 64%-66% of the total market share in 2015.
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Technavio ICT analysts highlight the following three market drivers that are contributing to the growth of the global hotel and hospitality management software market:
- Increased need to reduce expenses and operational costs
- Varied features of hotel management software
- Adherence to compliance payment mandates
Increased need to reduce expenses and operational costs
In this competitive market, hotels are constantly trying to cut down their expenditure on expense processing by automating documentation handoffs. One such solution that they rely on is hotel and hospitality management software. This software helps reduce dependency on manual handling of expenses.
Hotels, resorts, and casinos are increasingly deploying software to eliminate inefficiencies and accelerate the process. It is estimated that the shift from paper-based manual entry to electronic capture can reduce labor cost by around 6%. Also, this enables hotels to maximize their revenue by over 8% to 9% and increase sales (bookings of hotel rooms) by more than 32% to 35%.
Varied features of hotel management software
Some of the hotel and hospitality management software vendors provide solutions with different language options, as customers are from different regions. Some vendors offer hotel and hospitality management software with multiple currency functionalities, making it more convenient for users. Web-based hotel and hospitality management software can integrate and synchronize with existing systems and common office tools like MS Word and Excel.
“Hotel and hospitality management software streamlines day-to-day operations by using a single system for all areas of the business, delivering higher levels of accuracy and efficiency. This, in turn, allows staff to focus more on guests by eliminating manual processes,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Social media plays an important role in influencing the decision of travelers. Travelers rely on the ratings, comments, and suggestion provided through social media by people who have already visited the hotel or resort. With the adoption of hotel and hospitality management software, the hotel staff can manage interactive marketing campaigns, user-generated content, and monitor the feedback generated via social collaboration tools like TripAdvisor, Twitter, and Facebook. This helps improve the hotel’s online reputation and engage the attention of traveler booking or planning a trip.
Adherence to compliance payment mandates
The concerns about data privacy have increased over the years. Therefore, governments of various countries have formulated regulations such as Payment Card Industry-Data Security Standard as countermeasures.
“These regulations provide detailed guidelines related to end-user authentication, which is essential before granting access to confidential data,” says Amrita.
Organizations must comply with the regulations specific to their regions, and any non-compliance can invite stringent penalties. Hotel owners also need to ensure complete compliance with credit card certification Payment Application Data Security Standard (PA-DSS) 2.0 guidelines. For example, Infor Hospitality Management System (HMS) is PCI-DSS-compliant.
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