The Hotel And Other Travel Accommodation by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hotel And Other Travel Accommodation, The hotel and other travel accommodation market size has grown rapidly in recent years. It will grow from $871.24 billion in 2023 to $998.81 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to rise in disposable income, growth in mobile applications for hotel, restaurants and travel, improved earning capacity, emerging markets growth, growth in the travel and tourism industries and rising aging population and early retirement. factors that negatively affected growth in the historic period were the coronavirus pandemic, talent crunch in emerging asia, online travel agencies (otas) increasing power, low customer retention and availability of alternatives..
The hotel and other travel accommodation market size is expected to see steady growth in the next few years. It will grow to $1187.71 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to economic growth in developed nations, growing millennial travelers, rising participation in outdoor activities, rising spend on leisure, technological developments and a shift in travel trends. Major trends in the forecast period include include focus on acquiring companies to enhance product offerings and increase revenues, focus on bringing more innovative hotel design, introduce automation in their processes to enhance customer experience and improve efficiency, investing in 3d printing technology for personalized options, and cheaper and more efficient designs, adopt smart room keys to improve customers’ convenience and overall experience, consider adopting the use of artificial intelligence for better analysis and insights to improve customer experiences, focus on offering attractive packages to solo travelers to maximize profits, companies should focus on customer acquisition by launching direct booking platforms, and focus on improving their rank on search engines to attract customers.
The increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs, and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world. For instance, in October 2022, according to a report published by Kepios Pte. Ltd., a Singapore-based online reference-based library, over the last year, social media users increased by 227 million, reaching 4.70 billion by the beginning of July 2022. Over the last year, the global social media user base has grown by more than 5%, with the most recent global total now equaling 59 percent of the world's total population. Every day, the world spends more than 10 billion hours on social media platforms, which is nearly 1.2 million years of human existence. Therefore, the increasing use of social media and access to mass media is growing demand for hotel and other travel accommodation market.
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The hotel and other travel accommodation market covered in this report is segmented –
1) By Type: Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveler Accommodation
2) By Mode: Online Bookings, Direct Bookings, Others
3) By Price Point: Economy, Mid-Range, Luxury
4) By Ownership: Chained, Standalone
5) By Application: Tourist Accommodation (Leisure), Official Business (Professional)
6) By Property Type: Hotels, Serviced Residences, Apartment Hotels, Co-Living, Other Property Types
Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings for the hotel and other travel accommodation markets. The most significant trends in the accommodation industry are the use of near-field-communication (NFC) technology, infrared technology, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant and secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.
The hotel and other travel accommodation market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Marriott International
- MGM Resorts International
- Intercontinental
- Downer EDI Limited
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