Vacation Rental Software Market – Current Trends, Competitive Landscape & Technological Breakthroughs Analysis
Vacation rental is a house, apartment or a resort rented on temporary basis to tourists as an alternative to a hotel. The term vacation rental is used mainly in North America, whereas in Europe it is known as villa holiday or villa rental. They are also referred as holiday lettings, bed & breakfast, homestay and gites. The vacation rental software enables the house/property managers to manage leads, cash flows, distribution channels and partners or distribution channels. It also offers an efficient point of sale system, efficient documentation system to property managers and increases automation in vendor payables system. Lead management functionality generates the price quote automatically according to the requirements of the customer.
Further, it also assists sales managers to create personalized quotes in less time and thus eliminates the hassle of manual price calculation. The vacation rental software contains reporting suite which enables the renting entity to evaluate the financial performance of the rented property. Renting entity refers to the property owner organization, property manager or the property owner.
As the Internet penetration is increasing tremendously, the renting entities are moving to online platform. The vacation rental software enables the renting entity in building adaptive/responsive websites which provides optimized viewing experience independent of the type of devices (smartphone, personal computers or tablets) being accessed with. This supports the growth of the vacation rental software market. With the support of rental software, the organizations could enhance automation in their regular processes such as vendor payment, partner management and bulk mail system, driving the growth of vacation rental software market.
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The rising awareness about vacation rental homes through travel websites such as tripadvisor.com and airbnb.com has also generated a demand of vacation rental software to manage the customers and their details such as check-in time, check-out time and their invoice. The vacation rental software could be easily integrated with the travel websites, thus reduces hassle of deploying different software for different websites. The rising complexities in vacation rental business such as payment processes, check-in & check-out processes and customer management is expected to create ample opportunities for vacation rental software market. However, absence of pricing regulations for vacation rentals and fierce competition by hotels is expected to provide hurdles in the adoption of vacation rentals by the tourists. This is further anticipated to curb the growth rate of vacation rental software market.
Vacation rental software market is broadly segmented on the basis of deployment type, end-users and geography. On the basis of deployment type, global vacation rental software market is segmented into on premise and cloud deployment. On the basis of end-users, the global vacation rental software market is further segmented into vacation rental owners, property managers, innkeepers, bed & breakfast (B&B) and vacation rental property agency. Moreover, in terms of geographies, the global vacation rental software market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Latin America region. Europe and North America lead in deployment of vacation rental software due to presence of world famous tourist destinations in the region such as California (the U.S.), Miami (the U.S.), Paris (Europe) and Switzerland (Europe). Asia Pacific is anticipated to be the fastest growing region owing to a large number of vacation rentals present in the tourist destinations such as Maldives, Bangkok and Indonesia.