LONDON, April 27, 2021 (GLOBE NEWSWIRE) -- Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to The Business Research Company’s research report on the hospitality market, the Western Europe hotel and restaurant software market is highly consolidated, with a small number of regional players operating in the market. The top ten competitors in the market made up to 96.3% of the market in 2020.
Major players in the Western Europe hotel and restaurant market include Oracle, Amadeus, Zucchetti, Pegasus Solutions, Infor, Mews, Sabre Corporation, Sage Group, IRiS Software Systems, and Cendyn. The top ten competitors in the Eastern Europe hotel and restaurant software market made up to 71.0%. Recommendations for the players in the restaurant pos software market include providing value add services, investing in automation, brand development, customer services, mobile application, social media marketing and expanding through tech collaborations.
The restaurant and hotel management software market is positively supported by strong economic growth in emerging markets, increase in tourism and globalization, improved earning capacity, business meetings in coffee shops, and increase in demand of online food aggregator services.
The global hospitality market is expected to grow from $3.49 trillion in 2020 to $4.13 trillion in 2021 at a compound annual growth rate (CAGR) of 18.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.29 trillion in 2025 at a CAGR of 6%.
The restaurants market consists of sales of food and beverages, and related services by entities (organizations, sole traders, and partnerships) that provide meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption. The market also includes deliveries and takeaways.
The hotel market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities that provide short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels. The establishments in this industry may offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services.
The Business Research Company’s report titled Hospitality Market – Opportunities And Strategies – Global Forecast To 2022 covers major hospitality companies, hospitality market share by company, hospitality manufacturers, hospitality market size, and hospitality market forecasts. The report also covers the global hospitality market and its segments.
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Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.
Smart hospitality market trend-based strategies for the Europe market includes investing in ghost kitchens for optimum utilization, utilizing IoT technologies, listing restaurants and eateries on online food aggregator platforms, offer organic food options, adopt hyper local sourcing models, invest in contactless check-ins, innovative hotel design, investing in hotel automation, smart room keys, mobile apps for marketing, and cloud-based property management.
Hospitality Market – Opportunities And Strategies – Global Forecast To 2022 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Hotel And Other Travel Accommodation Global Market Report 2021: COVID-19 Impact and Recovery to 2030
Restaurants And Mobile Food Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030
Bars And Cafes Global Market Report 2021: COVID-19 Impact and Recovery to 2030
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