IDeaS a vendor of hotel pricing solutions, has unveiled its 'Future Forecast: Six Hotel Technology Predictions for 2024' report. The analysis, which draws on the expertise of industry specialists, focuses on six key technological trends that are set to redefine the hospitality landscape in 2024.
The 'Future Forecast' report has been compiled by IDeaS, a leading provider of hotel revenue management software and services. The report highlights that in the coming year, the hotel sector is expected to make substantial progress in breaking down hospitality data silos.
According to Shane O’Flaherty, Microsoft Global Director of Travel, Transportation and Hospitality, at IDeaS' Hospitality Revenue Summit, 'Converge 2023', data silos present one of the biggest challenges. He stated, "how do we move past the 'spaghetti mess' of legacy systems that we have today?”
The report suggests that by breaking down these data barriers and intensifying integration partnerships, the industry will achieve a more complete understanding of guests' total profit potential in 2024. This would also underscore the necessity of cross-departmental decision-making.
AI is also predicted to transform the guest experience, as the report suggests the hospitality industry will increasingly harness the power of generative AI, as showcased by tools like ChatGPT and DALL-E over the past year. The use of such technology is expected to reshape the 'typical' guest experience.
Furthermore, the report underlines the expanding boundaries of revenue management, which is no longer limited to hotels solely. IDeaS believes that in 2024, revenue management technology will be utilised more broadly, encompassing campsites, "glamp-sites", various outdoor accommodations, and cruise lines. This expansion is expected due to the flexibility provided by cloud computing technology and mobile applications.
The hotel industry is also expected to refocus on its Meetings & Events (M&E) segment, with predictions that M&E business will recover 135% of pre-pandemic spending levels in 2024. The report suggests that hoteliers should proactively address this potential and maximise every square foot or meter of event space.
Mike Chuma, Vice President of Global Marketing at IDeaS, emphasised the importance of early predictions, stating, "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."