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
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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
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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.
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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 study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.