As IoT has shown its footprint in almost every vertical, hospitality didn’t leave unmarked. Many hotels are already using IoT to control the thermostats within the rooms. By using connected thermostats, hotels can adjust room temperatures at check-in and check-out which eliminates the cost of cooling or heating. IoT in hospitality industry has revolutionized the service delivery and has improved the customer experience while reducing the costs.
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When restaurateurs perceive value using the IoT devices and applications, the trend will quickly create a new market!
Since its inception in 1999, IoT has kicked up a storm, creating business opportunities and privacy minefields across the sectors.
Those were the times when magnetic-stripe room key cards were still obligatory in hotels, the first Blackberry device was being introduced to the world, and Alexa was a popular baby girl name.
Here we focus on how hospitality industry (especially hotels and restaurants) embrace the benefits, and how they lead with it!
IoT eventually helps hoteliers and restaurateurs to harness valuable guest data (from sources such as purchase histories, marketing engagement and loyalty programs) and glean actionable insights that help them to provide customized reservations based on stay experiences of visitors in past.
Customer always lure for authenticity in services, customization, socio-emotional connection, convenience (especially if they are travelling with their families or friends), control (value for money) and timely services.
With the rise in internet of things (IoT) and connectivity generating unimaginable amount of data, 4G network and speeds are going to become obsolete and it will be mandatory for large corporations, banks, and financial institutions to upgrade their infrastructure to adapt to the upcoming 5G reign.
As per a market research report published on the official website of market intelligence firm, Research on Global Markets, the global 5G market is expected to reach a value of USD 277 Bn by 2025 expanding at a compound annual growth rate of nearly 111% year on year during the period of 2019 to 2025.
Once the 5G network is up and running, internet speed and network latency are going to be so productive that all anyone will need to connect with the internet is a mobile phone and begin streaming high speed internet connectivity.
The revolution it is going to bring in this semi connected world of today is unimaginable.
It will take less than 1 millisecond for games like PUBG that face a latency of 10 milliseconds.
Its an extraordinary feat for competitive gaming.
The Internet of Things Technology Market constitutes node component, network infrastructure, software solution, platform, and service.
The IoT technology market is expected to grow at a CAGR of 25.1% during the forecast period, to reach USD 639.74 Billion by 2022 from USD 176.00 Billion in 2016.
The base year used for this study is 2016, and the forecast period is from 2017 to 2022.Objectives of the StudyTo define, describe, and forecast the overall IoT technology market on the basis of node component, network infrastructure, software solution, platform, service, end-use application, and geographyTo strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contribution to the total marketTo analyze opportunities in the market for stakeholders and detail the competitive landscape for market playersTo forecast the market size for various segments with respect to four main regions: North America, Europe, Asia Pacific, and Rest of the WorldGet PDF Brochure: https://www.marketsandmarkets.com/requestsampleNew.asp?id=258239167The IoT technology market comprises players such as Intel (US), QUALCOMM (US), Texas Instruments Incorporated (US), Microsoft (US), IBM (US), Cisco Systems (US), and Amazon Web Services (US), among others.Of all the major end-use applications, the industrial end-use application held the largest share of the IoT technology market in 2016.
The growth of the industrial application was primarily driven by the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle.
Furthermore, the government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are also promoting the implementation of the IoT solutions for the industrial end-use application.Of all the regions, North America held the largest market share of the overall IoT technology market in 2016.
An established IT ecosystem and the early adoption of various IoT-enabled products across multiple end-user applications are the most prominent factors behind the growth of the market in this region.