Hotel property management system (PMS) is defined as a platform that enables the group or a particular hotel to manage front-office tasks, such as room assignment, guest check-in/check-out, booking reservations, managing billing, and room rates. In addition to helping the hoteliers run their business more efficiently and effectively, hotel PMS software can also assist hotel employees to gain insights regarding guest preferences and behavior and enhance the quality of the customer experience. They are computerized systems that help the hotel staff with the management of properties, equipment handling, including legalities and maintenance through a single centralized software. They have replaced outdated, extensive paper-based processes that tend to be both inefficient and cumbersome. These systems are usually deployed as client/server configurations.
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The need for SaaS-based hotel property management software is expected to drive the growth prospects of the global hotel management software market during the next few years. One of the other major factors driving the demand for SaaS-based hotel property management software is its cost-effectiveness as the maintenance and installation of these solutions does not entail any extra cost. Moreover, many small sized motels and hotels are increasingly adopting SaaS-based hotel property management software to enhance their customer experience. Various small to mid-sized hotels are focusing on increasing the revenue by monitoring their company expenses. Hoteliers are focusing on implementing solutions and strategies prominently to maintain and enhance operational efficiencies and improve customer engagement. Hotel property management software helps them develop the business processes and ensure consumer retention.
The hotel property management software market has been segmented on the basis of component, end user, and region. The component segment is further bifurcated into software and services. Software segment is segmented into on-premise, cloud based, and hybrid sub – segments. Services segment is further bifurcated into consulting, system integration, and operation & maintenance services. Currently, on-premise segment is estimated to hold the major share of the software segment followed by the cloud based segment. On the basis of end-user, the hotel property management software market is segmented into small size hotels, medium size hotel, large hotels, mega hotels, chain hotels and others. Presently, the market is estimated to be dominated by large and medium sized hotels due to their rising investments and rapid adoption of advanced technology.