Market Overview
The hospitality property management (PMS) software market is expected to grow at a CAGR of 7.85% over the forecast period. The PMS software helps the hotel to effectively manage, organize, and schedule their mundane activities including front office workflow, guest check-in & checkout, assigning rooms to guests, delegating housekeeping tasks and billing, etc. In short, PMS automates and streamlines the operations to save working hours and offer a better experience to guests.
– The hospitality industry is witnessing growth from technology disruption due to increasing online travel agencies and hotel aggregators. These companies are rapidly adopting cloud-based solutions like PMS and other SaaS platforms to scale their growths in the industry. The rise in the number of SME hotels especially in the emerging markets like Asia-pacific is driving the deployment of property management software market.
– Additionally, the hotels are increasingly concentrating on optimizing their operations to reduce lead time. As these solutions are inexpensive, the adoption rate has increased in recent years. These companies in the industry are also emphasizing on analytics of their serviceability to gain more insights which enable scope for improvement in their operations.
– However, owing to multiple challenges for integrating PMS into existing infrastructure, the adoption has been limited to an extent in the hospitality industry with large business adopting it for improved productivity and efficiency in managing multiple units.
Scope of the Report
The scope of the study for the hospitality property management (PMS) software market has considered both on-cloud and on-premise deployment both for PMS in the hospitality industry for all sizes of hotels across the world.
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Key Market Trends
On-Cloud Deployment of PMS to Grow Significantly
– According to the report from NASSCOM, global cloud spending is expected to reach USD 187 billion in 2018, and further grow at a CAGR of 16.5% till 2022. Also, the global public cloud spending accounted for 7.9% of total IT spending in 2018 globally. Hotels are also increasingly adopting cloud-based SaaS to integrate into their operations in order to achieve optimized workflow.
– Cost-effective nature of storage facility compared to the conventional method is one of the reasons for maximum adoption rates, cloud deployment method saves IT infrastructure expenses and provides easy scalability; according to RightScale, In 2018, public cloud adoption reached 92% which was 89% the year before.
– Dalata Hotel Group has mentioned that integrating PMS in their hotel chain helped them to standardize their report and analyze their revenue from customers at various locations at a time. As the company is undergoing expansion across Europe and managing multiple PMS was difficult for them to train staff and reporting methods, they adopted on-cloud solution.
European Market is Expected to Witness the Fastest Growth
– UNTWO has stated that international travel is accelerated significantly due to an increase in inbound tourist arrivals. It has reached to USD 1.4 billion in 2018. In the European region, there has been immense rapid growth in the hospitality industry owing to the expansion of branded hotels and the broader landscape of the industry. According to Lodging Econometrics, Total construction pipeline in Europe increased to 1,569 hotels, with an increase 19% increase year-on-year and reached the highest number of hotels ever recorded.
– Luxury hotels in Europe are looking forward to partner with PMS providers to deploy solutions in order to offer improved customer services. For instance, recently, Hastings Hotels from Ireland partnered with Agilysis Inc., to deploy its Visual One PMS solution to achieve accuracy in managing inventory, as well as saving valuable staff time in delivering enhanced guest experience.
– In 2018, approximately 380 new hotels opened throughout Europe. Additionally, the hotel chains are continuously undergoing expansion projects in the region and also building new hospitality infrastructure. For instance, lately in 2018, easyHotels announced the funding of EUR 500 million for its further expansion plan in Europe. Such expansions by hotel chains are expected to continue in the forecast period, which is estimated to drive the demand for hospitality PMS in the region.
Competitive Landscape
The market for hospitality property management software is moderately consolidated due to the presence of a few companies dominating the market. Also, these companies are extensively investing in offering customized solutions to the customers. Moreover, the startups in the market are attracting fundings from investors. Further new entrants in the market are expected to drive fragmentation. Some of the recent developments by the companies are listed below.
– August 2019- Mews Systems a startup developing software for property management solutions for hotels and hostels raised a funding of USD 33 million from Battery Ventures. The value of Mews Systems has reached USD 40 million, with this funding, the company has planned to open a new office in New York City.
– April 2019- Infor announced the acquisition of ReServe Interactive from California, which provides cloud-based sales and catering, restaurant reservations, and floor management software that serves the restaurant, sports and entertainment, event center, golf and country club, and hotel markets in the U.S. and Canada.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Adoption from Small & Medium-scale Hotels
4.2.2 Stronger emphasis on business optimization and Customer Retention to Drive Growth in New Markets
4.3 Market Restraints
4.3.1 Integration Challenges with Existing Solutions
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter’s Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 On-Premise
5.1.2 Cloud
5.2 By Hotel Size
5.2.1 Small & Medium-scale
5.2.2 Large Scale
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Micros Systems. Inc. (Oracle)
6.1.2 Agilsys, Inc.
6.1.3 Infor Inc.
6.1.4 Cenium AS
6.1.5 Realpage, Inc.
6.1.6 FCS Computer Systems
6.1.7 Hoteliga International S.p. z.o.o
6.1.8 Console Group
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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