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.
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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. 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.
The major participants in the vacation rental software
market include companies such as BookingSync, Ciirus Inc., Kigo Inc., VRM
Solutions Inc., LiveRez Inc., OwnerRez Inc., 365Villas.com Ltd, Convoyant LLC,
Rental Network Software Corp. and Trekadoo LLC.
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