Hotel Revenue Management Software: Introduction
- Hotel revenue management software uses advanced technologies, such as artificial intelligence, to set and maintain optimal room rates in order to make strategic pricing decisions that drive revenue
- Hotel revenue management software provides the ability to automate the whole process of revenue. For instance, it changes the hotel room price in real-time based on internal & external factors.
- Hotel revenue management software basically consists of some modules such as property management system (PMS), booking engine, reviews & reputation management, commission tracker, direct feedback system, meta-search manager, channel manager, etc.
- Hotel revenue management software are applications or suites developed to make hotel business management processes easier, accurate, and more efficient. Hotel revenue management software provides organizations real-time visibility on business-impact analyses and identifies gaps in business continuity management programs.
- The global hotel revenue management software market is projected to expand at a rapid pace during the forecast period, due to an increase in rate of adoption of software-as-a-service (SaaS)-based hotel revenue management software among organizations across the globe
Click here to read more about growth trend
Global Hotel Revenue Management Software Market: Dynamics
Global Hotel Revenue Management Software Market: Key Drivers and Restraints
- Increase in demand to maintain revenue among hotel owners is expected to augment the global hotel revenue management software market in the next few years
- Rise in demand for changing or updating the price of hotel rooms in real-time is expected to boost the hotel revenue management software market during the forecast period globally
- Rise in adoption of Virtual Reality (VR), Augmented Reality (AR), IoT, cloud computing, Big Data analytics, mobility solutions, artificial intelligence, and robotic process automation by end-users is expected to boost the demand for hotel revenue management software across the globe
- Increase in demand for more accurate insights, better analysis, and risk intelligence for intelligent decision-making has fueled the demand for hotel revenue management software
- However, incompatibility issues with infrastructure and lack of skilled staff are major factors that are anticipated to hinder the hotel revenue management software market during the forecast period
Click here to read more about market dynamics
Impact of COVID-19 on the Global Hotel Revenue Management Software Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Hotel businesses have been adversely impacted in most countries due to partial or full lock down. This, in turn, is projected to indirectly hinder the global hotel revenue management software market in the next few years. Governments of various countries have prohibited social, political, sports, entertainment, academic, cultural, religious functions and other large congregations. This in turn, indirectly hampers the adoption of hotel revenue management software among end-users.
North America to Hold Major Share of Global Hotel Revenue Management Software Market
- In terms of region, the global hotel revenue management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global hotel revenue management software market in 2019, due to the significant adoption of hotel revenue management software in the region. The U.S. is the key market for hotel revenue management software. In the U.S., around 55% of hotels have already invested in hotel revenue management software.
- The hotel revenue management software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to an increase in investments by hotel companies on digitalization and technology deployment, which in turn boosts the adoption of hotel revenue management software in the region.
Click here to read more about market outlook, by region
Global Hotel Revenue Management Software Market: Competition Landscape
Several local, regional, and international players are active in the hotel revenue management software market with a strong presence. Rapid technological advancements have led to opportunities in the global hotel revenue management software market. Hotel revenue management software vendors are focusing on inorganic growth strategies, such as strategic collaborations and merger and acquisition activities with technology partners, to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Hotel Revenue Management Software Market Include:
- RevControl (Care Internet Services BV d.b.a.)
- AxisRooms Travel Distribution Pvt. Ltd.
- IDeaS - A SAS Company
- Infor Inc.
- RevPar Guru Inc.
- Maxim Revenue Management Solutions
- Cloudbeds (Digital Arbitrage, Inc.)
- JDA Software
- RoomPriceGenie AG
- RateBoard GmbH
- Profit Intelligence
- LodgIQ, LLC
- Hotel Scienz Ltd.
- Climber RMS
- Atomize AB
- Hotelpartner YM GmbH
Global Hotel Revenue Management Software Market: Research Scope
Global Hotel Revenue Management Software Market, by Deployment
Global Hotel Revenue Management Software Market, by End-user
- Luxury & High-End Hotels
- Mid-Range Hotels & Business Hotels
- Resorts Hotels
- Boutique Hotels
Global Hotel Revenue Management Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Hotel Business Continuity Management System
- Hotel Business Process Management System
This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.
Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.
Always Evolving with Competition
Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.
We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.
Constantly Innovating Our Research Methodologies and Models
We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.
We Take Pride in No-One-Size-Fits-All Approach
Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.
We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:
- Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
- The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
- They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created
Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:
- Corporate and business strategies underlying new brand positioning strategies
- Mapping for strategic planning for business units
- Various metrics for business portfolio analysis, including BCG matrix
- Value chain analysis
These will help create and sustain competitive advantage for our prospects and current customers.
Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:
- What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
- What are some of the branding opportunities that are emerging at a rapid pace?
- What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
- Why some competitive strategies are popular than others among leaders in a certain market?
- What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
- What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
- Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.