IDeaS, a SAS company and the world’s leading hotel revenue management software and services provider has released an expert guide to hotel technology trends expected to impact the APAC hotel market. The report, Future Forecast: Six Hotel Technology Predictions for 2024, collates analysis and findings from hotel technology industry experts and centres around six bold hotel technology predictions that will shape the year.
Key predictions include:
The continued breakdown of hospitality data silos: At IDeaS’ Hospitality Revenue Summit, ‘Converge 2023’, Shane O’Flaherty, Microsoft Global Director of Travel, Transportation and Hospitality, highlighted the roadblocks caused by data silos.“This is one of our biggest challenges – how do we move past the ‘spaghetti mess’ of legacy systems that we have today?” he said.
The hotel sector is making significant progress in breaking down some barriers between systems and intensifying integration partnerships among vendors. 2024 IDeaS anticipates further advancements in this direction, leading to a more comprehensive understanding of guests’ total profit potential and highlighting the importance of cross-departmental decision-making.
AI is set to redefine the guest experience: 2023 was the world’s introduction to generative AI, with tools like ChatGPT and DALL-E capturing the public’s imagination. Over the coming year, IDeaS believes the hospitality industry will begin harnessing the transformative power of AI, significantly impacting the evolution of the “typical” guest experience in the future.
Revenue management is leaving the confines of hotel walls: Extending to campsites, “glamp-sites”, various outdoor accommodations, and cruise lines, revenue management technology is set to expand beyond its traditional hotel room base. IDeaS expects that the discipline of revenue management will significantly grow into new environments in 2024, driven by the enhanced flexibility offered by cloud computing technology and mobile applications, allowing revenue managers more versatility in how and where they conduct their business.
Meetings & events to become a focal point: Predictions highlight that the Meetings & Events (M&E) business is expected to recover 135% of pre-pandemic spending in 2024. With up to 60 per cent of some hotels’ revenue originating from the M&E business, forward-thinking hoteliers are becoming increasingly aware that they must focus on maximising revenue from this segment. IDeaS forecasts that M&E will become a focal point for hoteliers in the coming year as properties aim to maximise the revenue-generating potential of every square foot or meter of event space.
“Throughout 2023, IDeaS engaged with some of the greatest minds in our industry through informative webinars, a successful client summit, and our ongoing commitment to supporting innovation and industry events. It’s clear to all of us that 2024 is shaping up to be a year of substantial and exciting change—and the best way for hoteliers to take advantage of that change is to start thinking now about what’s likely to come in the year ahead,” said Mike Chuma, Vice President of Global Marketing, IDeaS.
