Hotel Booking Engine Market Size, Share, Growth, and Industry Analysis, By Type (Web-based, Cloud-based), By Application (Luxury & High-End Hotels, Mid-Range Hotels & Business Hotels, Resorts Hotels, Boutique Hotels, Others) and Regional Forecast to 2032

Updated On: 06 September 2024

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HOTEL BOOKING ENGINE MARKET REPORT OVERVIEW

The global Hotel Booking Engine Market size expanded rapidly in 2024 and the market is projected to grow substantially by 2032, exhibiting a prodigious CAGR during the forecast period.

A hotel is a well managed establishment that charges guests for short-term overnight accommodations. The specific amenities and services that are provided to visitors can vary greatly throughout hotels, and proprietors of these establishments often attempt to appeal to a specific group of people by using their price structure, advertising, or range of services. The hotel industry is the segment of the service sector that deals with lodging for tourists.

A number of significant factors, such as changes in lifestyle and the global increase in disposable money, are driving the business. People are also spending more money and have an interest in discovering new foods and cultures. Travel to many countries across the world is increasing at a faster pace. The rise in internet usage worldwide has helped the business even more by giving consumers access to more information and empowering them to make better decisions. The consumer benefits from deals provided by different manufacturers and websites. Another factor augmenting market growth are the integration of technology, effective use of space, and adaptable reservation options. Travelers' need for affordable lodging when traveling, along with the expansion of the travel and tourism sector globally, is driving demand for hotel bookings. However, there are obstacles to the expansion of the capsule hotel business because of the rise in disturbance brought on by terrorism and domestic problems in various nations. However, throughout the projected period, possibilities for the expansion of the capsule hotel industry in terms of value sales are anticipated due to the introduction of hotel bookings in the unexplored market.

COVID-19 Impact: During The Pandemic, The Market Faced A Fall In Demand Due To Shifts In Consumer Spending

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had a big effect on the market for capsule hotels since companies were forced to move their operations on digital platforms in order to keep their growth from stopping. Due to the pandemic's effects on prefabricated environmental rooms market have hindered. The negative impacts of the COVID-19 pandemic and mounting environmental concerns are impeding the growth of capsule hotel market. Capsule hotel market has decreased even further as a result of inventory constraints imposed on by restrictions on international travel and transit. Travel limitations brought about by the COVID-19 pandemic have changed international business practices. Capsule hotel market has made it easy and uninterrupted for enterprises worldwide to adopt working practices. The strategy has made it easier for firms and employees to communicate by removing geographical barriers. Additionally, a lot of businesses have started implementing work-from-home policies, and the hotel industry's expansion has been negatively impacted by restrictions on business travel aimed at stopping the spread of the new coronavirus. If remote working patterns are kept up after the pandemic, the capsule hotel market will decline quickly on a global scale. Organizers and educational institutions ran into problems when trying to provide in-person cybersecurity instruction.

LATEST TRENDS

"Smart Features in Cloth Wardrobes to Drive Market Growth"

The market for hotel online booking engines is seeing a boom in new features like seamless mobile connectivity and tailored recommendations that are meant to improve the customer experience. Providers are concentrating on creating user-friendly interfaces and strong backend systems to expedite the reservation process in response to the increasing demand for efficiency and comfort in travel arrangements. Furthermore, there's a noticeable trend toward using machine learning and artificial intelligence algorithms to enhance search results and provide visitors with personalized recommendations. Travel technology makes it possible for customers to obtain travel-related services much more easily and affordably than they could with traditional offline services, which is anticipated to spur industry growth over the projection period. In addition, travel companies are releasing speedy, user-friendly websites that work well on smartphones. Travelers may plan and book their online vacations more easily with the help of these platforms, which include 360-degree video tours, peer reviews, and simple price comparisons. Growth is anticipated to pick up during the projected period as a result. Unpredictable climate change and environmental deterioration, however, are a couple of the potential hazards. The market is likely to see faster growth during the projection period as a result of expanding online platforms and reliable global suppliers of hotels, vacation packages, and other services. Furthermore, more and more tourists are looking for inexpensive lodging for a single night or an hourly stay. Travelers can get this form of accommodation at affordable prices from hotels, which are situated at airports and train stations. All the necessities, like USB ports, outlets, storage spaces, beds, and more, are provided in these hotels. The inclination towards affordable and convenient lodging options consequently fosters the expansion of the travel and tourism sector, thereby augmenting the value sales of the hotel booking market.

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HOTEL BOOKING ENGINE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Web-based, Cloud-based.

Web-based: This segment includes web-based hotel booking engines which are used by consumers to get their bookings online by simply clicking in one go. This segment holds the major market share during projected period.

Cloud-based: This segment includes cloud-based hotel booking engines which are utilized by consumers. There are many apps and websites which does this bookings job for consumers to make this process hustle-free.

By Application

Based on application the global market can be categorized into Luxury & High-End Hotels, Mid-Range Hotels & Business Hotels, Resorts Hotels, Boutique Hotels, Others.

Luxury & High-End Hotels: This segment includes luxury and high-end hotels which are quite high in price as well as facilities which make them first priority of consumers and holds the major market share.

Mid-Range Hotels & Business Hotels: This segment includes mid-range hotels and business hotels are such hotels which can be availed at lower price and used for short stay usually for business purposes meetings.

Resorts Hotels: This segment includes resorts hotels which also good in resort facility and have excellent service.

Boutique Hotels: This segment includes boutique hotels are usually suitable for birthday parties, events, weddings.

Others: This segment includes other type of stay services availed by consumers at a pocket friendly price with adequate services.

DRIVING FACTORS

"Increasing Need For Enhanced Visitor Experience Management Leading Market To Spur"

Customers are interested in a brand's performance and how it compares to others in light of their evolving lives. Online users can achieve their goals with the help of a wide range of technological instruments at their disposal. Receiving feedback regarding client experience is critical for booking software suppliers and hotel managers. Every encounter shapes perceptions about hospitality in a permanent way. As a result, there is an increasing need to prioritize customer service and happiness at every touchpoint and to optimize the customer experience. Increasing visitor demand is putting more emphasis on value creation dynamics and providing quick, easy, and customized experiences.
Large hotel chains, such as Ritz-Carlton, are renowned for providing guests with memorable experiences that go beyond features, goods, and procedures.

"Increasing Booking Via Mobile First And Artificial Intelligence For Customized Experience Expand The Market Growth"

The way that travelers book hotels has changed with the popularity of smartphones. Hotel booking engines need to change as a result of the explosive growth in mobile bookings. For a flawless user experience, this trend requires responsive design, streamlined booking routines, and seamless interaction with mobile wallets. Hotels will have a big advantage in drawing customers if they have mobile booking engines that are safe and easy to use. Booking engines are not an exception to how AI is changing the hotel sector. In this manner this factor ended in hotel booking engine market growth. AI can customize the booking experience by utilizing guest information and preferences. This entails making appropriate hotel recommendations, providing focused promotions, and customizing search results according to user requirements. AI chatbots can also offer round-the-clock customer service, which will improve the visitor experience even more and encourage direct reservations.

RESTRAINING FACTORS

"Security Issues To Impede Market Expansion"

Usually, it gathers and keeps a great deal of private information on visitors, including names, addresses, credit card numbers, and passport details. Hackers may utilize this data as a lucrative target to perpetrate fraud, identity theft, and other crimes. These hoteliers are also providing all the standard extras like free wifi, dinners, private rooms with attached bathrooms, spas, and fitness facilities in order to survive in the competitive sector. Travel to and from overseas has been impacted by political upheaval and terrorism in terms of both quantity and destination. Terror risk frequently shapes travelers' opinions of destinations and travel preferences. A disaster causes a protracted problem in the region's tourism industry. Political turmoil and terrorism have created hurdles for the global tourism industry, particularly with regard to the increased demand for capsule hotels.

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HOTEL BOOKING ENGINE MARKET REGIONAL INSIGHTS

The market is in the foremost segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America's Early Adoption of New Technology to Increase Demand for Online Booking Software"

In terms of market share, the North America region dominated the hotel booking engine market share in 2023. Over the course of the projected period, it is expected that the U.S. hotel booking business would increase significantly. Over the course of the forecast period, North America is anticipated to experience substantial expansion and have the biggest market share in the online hotel booking software market. Due to their early acceptance of new technology, increased R&D spending, and the presence of large SaaS software providers in the area, the U.S. and Canada are expected to drive market expansion. Travel and tourism to North America have surged due to the desire for entertainment and adventure. The occupancy rate of hotel rooms in the area has also gone up as a result of this. Hoteliers are increasingly looking to offer their software and services in a virtual environment using the on-demand deployment paradigm, also known as Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS). Prominent industry participants in the area, such Clicktripz and Cloudbeds, among others, provide a subscription model that permits end users to scale at a minimal cost of ownership. The market for online hotel booking software in North America is being driven by these factors.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The hotel booking engine market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Sabre (U.S.)
• Amadeus (Spain)
• Idiso (Spain)
• SHR (U.S.)
• Pegasus (Turkey)
• D-EDGE (Thailand)
• Oracle (U.S.)
• Shiji (China)
• SiteMinder (Australia)
• Clock Software (U.K.)
• Vertical Booking (Zucchetti Group) (Itlay)
• DJUBO (India)
• Omnibees (U.S.)
• AxisRooms (India)
• IBC Hospitality Technologies (U.S.)
• EZee Technosys (India)
• WebRezPro (Canada)
• Bookwize (U.K.)

INDUSTRIAL DEVELOPMENT

June 2020: For $130 million, Marriott International purchased Elegant Hotels Group.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.