Hotel Channel Management Software Market Size, Share, Growth, and Industry Analysis by Type (Cloud Based & On-Premises), By Application (Mid-Range Hotels & Business Hotels, Luxury & High-End Hotels, Resorts Hotels & Boutique Hotels) & Regional Forecast To 2031

Updated On: 08 April 2024

Hotel Channel Management Software Market Report Overview

• 

• Request a Free Sample to learn more about this report

The global hotel channel management software market size was USD 408 million in 2020. As per our research, the market is expected to reach USD 991.37 million in 2031, exhibiting a CAGR of 8.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the hotel channel management software industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Hotels and lodging establishments utilize hotel channel management software to effectively manage their online distribution through numerous booking channels. From a single platform, hoteliers may instantly adjust room availability, pricing, and inventory across numerous online travel agencies (OTAs), booking websites, and their own websites. This simplifies the reservation procedure, lowers the possibility of overbooking, and guarantees uniform pricing and availability across all channels. For hotels to maximize their internet presence and revenue potential, it is a crucial solution.

Hotels can change room availability and inventory across various booking channels in real-time thanks to the software. By doing this, overbooking is avoided and prospective visitors are provided with appropriate availability information. The demand for such software was sparked by the rise in the number of hotels and lodging establishments looking to boost their online presence and distribution plan.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of services materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for services. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall services industry. This has partially impacted the hotel channel management software market.

LATEST TRENDS

"Property Management Systems to Boost the Market Growth"

Integration with Property Management Systems (PMS) was a significant trend in the Hotel Channel Management Software Industry. This interface provided seamless data synchronization and real-time updates between the channel management software and the hotel's PMS with the goal of improving the efficacy and efficiency of hotel operations. The programmed let hoteliers more efficiently manage room availability, pricing, and inventory across various online distribution channels by interacting with the PMS. The channel management software may automatically update room availability and pricing based on real-time data from the PMS by interfacing with the PMS. This guarantees that when making a reservation through various channels, potential visitors will always see accurate information. Additionally, any bookings made through OTAs or other channels are instantly reflected in the hotel's PMS, enabling staff to manage reservations efficiently and provide better guest experiences. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is integration of property management system. These new developments are mostly to blame for the market's overall growth.

Hotel Channel Management Software Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Types 

Based on type, the market is classified into Cloud Based & On-Premises.

• By Application

Based on the market is categorized into mid-range hotels & business hotels, luxury & high-end hotels, resorts hotels & boutique hotels.

DRIVING FACTORS

"Automated Solutions that Give the Market Extra Boost"

An automated solution is the main driver of market growth. The process of managing room availability and rates across several channels is made more efficient by automation. This frees up hoteliers' time so they may concentrate on other important areas of their business. Real-time updates to room availability and pricing are made possible by automated solutions for all online distribution channels. By reducing the possibility of overbookings or inconsistencies, this improves the entire guest experience. Hotels require effective solutions to manage their presence across numerous channels as online travel agencies (OTAs) and other online booking platforms continue to grow in popularity. Hotels may reach a wider audience by utilizing automated channel management software, which can smoothly interface with a variety of internet platforms. As a result, the growth, and the increasing demand for automated solutions will boost the industry. It will contribute to the expansion of the services industry and it will improve the hotel channel management software market growth.

"Online Travel Booking to Encourage Market Expansion"

The growing key factor of online travel booking has had a significant impact on the Hotel Channel Management Software industry. Consumers increasingly favor making hotel reservations online because of its convenience. Many travelers choose to use online booking systems because of how simple it is to look for lodging options, compare prices, and read reviews. Travelers now have access to a variety of lodging options because to the popularity of online travel firms like Booking.com, Expedia, and Airbnb. To reach a wider audience, hotels must list their rooms on these platforms. The popularity of mobile devices has increased travelers’ ability to make last-minute hotel reservations, which has increased demand for online booking sites. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

The market is being hampered by excessive costs. For smaller hotels or those with tighter budgets, the initial investment and annual subscription fees for channel management software may be a major factor. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Hotel Channel Management Software Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"North America Dominating the Market Across the Globe"

The market for hotel channel management software is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the hotel channel management software market share is the growing demand of products by mid-range hotels & business hotels, luxury & high-end hotels, resorts hotels & boutique hotels is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Oracle (U.S.)
• RateTiger (U.K.)
• SynXis (U.S.)
• Vertical Booking (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost hotel channel management software industry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.