Hospitality Property Management Software (PMS) Market Size (2024 - 2029)

Hospitality Property Management Software (PMS) Market Analysis

The hospitality property management software(PMS) market size is expected to grow from USD 1.30 billion in 2023 to USD 1.83 billion by 2028 at a CAGR of 6.00% during the forecast period.

• The growth in the hospitality and tourism sector worldwide is creating an opportunity for hospitality property management software market vendors. By adopting Hospitality Property Management Software, hospitality properties, such as hotels, resorts, homestays, and service apartments, can manage their daily operations effectively to increase their productivity and customer satisfaction.
• The hospitality property management software (PMS) market is defined by the revenues generated from the software and services used in various property types, such as hotels and resorts, motels and lodges, homestay accommodations, and service apartments around the globe.
• Hospitality property management software needs integration of other software of the hospitality ecosystems, such as hotel channel manager, online booking engines, or payment processing, to function with its full capabilities and functionalities, which could be a challenge to adapt the software. Due to the interfaces of old software, hoteliers worldwide rely on hospitality property management software for its complexity of integrations. In addition, the software uses sensitive data, which is vulnerable to hackers, challenging the adoption of the software across the hospitality sectors and restricting the market's growth.
• However, integration challenges with existing solutions significantly restrain the growth of the hospitality property management software market. These challenges require collaboration between PMS vendors, third-party solution providers, and industry stakeholders. Streamlining integrations, establishing industry standards, and simplifying technical complexities accelerate the adoption of PMS platforms and enhance operational efficiency and guest experiences in the hospitality industry.
• The growing commercial real estate, especially in hotels and resorts, is analyzed to significantly contribute to the market growth rate during the forecast period. As indicated in the graph, investment in hotel real estate has grown considerably in recent times, positively impacting the market growth rate.

Hospitality Property Management Software (PMS) Industry Segmentation

Property management software platforms enable hotel owners to take greater control of their operations by interfacing with a wide range of back-bone operations and hotel staff. Hospitality property management software evolved from simple systems used to manage check-ins at the reception to comprehensive solutions that enable efficient management of guests and internal staff. A typical hotel PMS comprises several core modules, including channel management, reservations, reporting and analytics, events, and hardware interfaces. The market estimates are arrived at considering the revenues of vendors generated by sales and licensing of software solutions. This includes any bundled solutions that arrive with this software.

The hospitality property management software (PMS) market is segmented by deployment (on-premises and cloud), property size (small and medium enterprises and large enterprises), property type (hotels and resorts, motels and lodges, homestay accommodations, and service apartments), and geography (North America (United States and Canada), Europe (United Kingdom, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia Pacific), Rest of the World (Latin America and Middle East and Africa)). The market sizes and forecasts are provided in terms of value (USD) for all the given segments.