.png)
The state of Hospitality Tech in LatAm as of 2024 reflects a dynamic and evolving landscape, influenced by various factors and trends.
One of the key developments in the region is the increasing digitalization of the hospitality sector, especially in the post-pandemic environment. Latin American countries have been focusing on enhancing their technological infrastructure in the hotel sector, albeit at a slower rate compared to global standards. This includes the adoption of digital solutions for essential functions like check-in and check-out processes, enhancing guest safety, and aiding in the sector's recovery. However, challenges remain in the development of Information and Communications Technology (ICT), as indicated by their positions on various indices like the Network Readiness Index (NRI) and the Travel and Tourism Competitiveness Index (TTCI).
Another notable aspect is the expected growth in the number of hotel openings across Latin America. In 2024, it's anticipated that 107 new hotels will be opened, providing 16,273 rooms. This expansion indicates a significant investment in the hospitality infrastructure of the region.
The adoption of cloud technology is on the rise in the hospitality sector, driven by benefits such as cost savings, ease of use, and improved data accessibility. Artificial Intelligence (AI) is also gaining attention, with hotels leveraging AI for guest engagement through chatbots, itinerary recommendations, marketing enhancement, and review management.
Sustainability is emerging as a central theme, with hotels increasingly focusing on green initiatives to meet the growing guest demand for environmentally friendly practices. This includes sourcing sustainable ingredients and implementing energy-efficient measures.
Data is playing a major role in personalizing guest experiences. Hotels are using technology to access data on guest preferences, behaviors, spending patterns, and feedback. This enables them to create customized guest profiles and offer personalized services, which is crucial for winning guest loyalty.
Latin America is also seeing a surge in mobile device usage, with more than 155.9 million individuals connected via mobile devices. This trend necessitates the hospitality industry to keep pace with mobile technology advancements. Hotels are beginning to embrace hotel technology as a competitive tool in the global market, utilizing guestroom technology and mobile apps to engage and satisfy guests.
The Hospitality Tech landscape in Latin America in 2024 is marked by growth, digitalization, and a focus on sustainability, data-driven personalization, and mobile technology adoption. Despite some challenges in ICT development, the region is progressively embracing technological advancements to enhance the hospitality experience and compete on a global scale.
Especially, as travel keeps growing to LatAm. Revenue in the Travel & Tourism market is projected to reach US$37.78bn in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.55%, resulting in a projected market volume of US$43.44bn by 2028.
.png)
