The market for smart hospitality and coworking spaces is anticipated to reach US$ 7.92 million in 2023. With a CAGR of 25.6%, it is anticipated to reach US$ 77.38 million by 2033.
Due to the increasing use of cutting-edge technologies, the market for smart hospitality and coworking spaces is rising at a rapid rate. Other significant aspects, such as the introduction of new products and acquisitions, are anticipated to provide lucrative chances for the market’s leading players throughout the projected period.
Some important elements predicted to boost market expansion include:
- The increasing tourism
- The rising need for hyper-connected personalization
- The real-time enhanced experience
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Hoteliers can provide the greatest customer service thanks to evolving smart hospitality technologies, which will subsequently support market expansion. It is simple for hotel managers to identify the most effective methods of optimizing the visitor experience by utilizing cutting-edge digital platforms and technologies. By providing the essential framework for integrating wireless applications and devices, 5G has the ability to propel digital transformation in the hospitality sector.
The market for coworking spaces is primarily driven by the rising number of startups around the world. The industry is growing as a result of factors like rising literacy rates and growing internet usage. The growing number of start-ups in various industries around the world is another significant element driving demand for coworking spaces in the upcoming years. The creation of maintainable coworking spaces is one of the major trends driving the market for coworking spaces.
Crucial Highlights from the Smart Hospitality and Coworking Spaces Market
- Based on the regional analysis, Asia Pacific is projected to record a high growth rate during the forecast period. Asia Pacific market growth is fueled by increased technological innovations, expanding IoT applications, and increased internet infrastructure.
- Based on solution type, the guest experience management systems segment is estimated to record a high growth rate during the forecast period.
- North America comes at the second position in the coworking spaces market.
Competitive Analysis:
The market has experienced notable growth in recent years, with the presence of emerging key players in the market. The competitive landscape of this market is constantly evolving, with both established players as well as newly entering competing for a share of the market.
Key players in the market focus on opting for different effective strategies such as new product launches, mergers, and acquisitions to strengthen their position and grow in the global market.
Leading Players Working in the Smart Hospitality and Coworking Spaces Market:
The smart hospitality and coworking spaces market has been growing rapidly in recent years, driven by the increasing demand for flexible and collaborative workspaces, as well as the growing trend of smart and connected technologies in the hospitality industry. Some of the key market players in this space include:
- WeWork: WeWork is one of the largest and most well-known coworking space providers in the world, with a presence in over 100 cities globally. They have been expanding their offerings to include smart and connected technologies, such as IoT sensors, smart lighting, and air quality monitors, to improve the experience for their members.
- Marriott International: Marriott has been investing heavily in smart hospitality technologies, such as mobile check-in, smart room keys, and personalized guest experiences through their Bonvoy loyalty program. They have also launched a pilot program for coworking spaces in some of their hotel properties, called Workspace on Demand.
- Regus: Regus is another major player in the coworking space market, with over 3,000 locations worldwide. They have been focusing on expanding their offerings to include more smart and connected technologies, such as virtual meeting rooms and smart building automation systems.
- Airbnb: While primarily known for its vacation rental platform, Airbnb has been expanding into the hospitality industry with Airbnb Plus program. It offers a curated selection of high-quality properties with a focus on smart home technologies and other amenities.
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Smart Hospitality and Coworking Spaces Market Segmentation by Category
By Space Type:
- Smart Hotel Rooms
- Short-term Rentals
- Coworking Spaces
By Business Type:
- Open/ Conventional
- Corporate /Professional
By Product Type:
- Serviced Office
- Flexible Managed Office
By Organizational Size:
- Small Enterprise
- Medium Enterprise
- Large Enterprise
By Industry Vertical:
- IT & Telecom
- BFSI
- Mobile & Entertainment
- Travel & Hospitality
- Healthcare & Life Science
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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