Hotel And Other Travel Accommodation Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Hotel And Other Travel Accommodation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1187.71 billion In 2028 At A CAGR Of 4.4% :

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.

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Hotel And Other Travel Accommodation Market Major Segments
The hotel and other travel accommodation market covered in this report is segmented -

1) By Type: Hotel And Motel, 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

Key Driver - Social Media's Influence On Tourism And Hotel Industries

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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Prominent Trend - Technology's Influence On The Hotel And Travel Accommodation Sector

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.

Hotel And Other Travel Accommodation Market Players
Major companies operating in the hotel and other travel accommodation market report are Marriott International, MGM Resorts International, Intercontinental, Downer EDI Limited, Ctrip.Com International Ltd, Hilton Worldwide Holdings, Accor Hotels, Shanghai Jin Jiang International Hotels (Group) Company Limited, The Ascott Limited, Rewe Group, Btg-Jianguo Hotels & Resorts Co., Ltd, Guangdong (International) Hotel Management Holdings ltd, Jining Hotel Corporation, Ltd, Yum! Restaurants, Hyatt Hotels Corporation, Radisson Blue Hotels, Shangri La Hotels & Resorts, Taj Hotels Resorts & Places, The Lalit Hotels, The Leela Palace, The Oberoi Group, Relais Bourgondisch Cruyce (Belgium), Nh Collection Brussels Grand Sablon (Belgium), Hotel Academie (Belgium), Thon Hotel Bristol Stephanie (Belgium), Pillows Grand Boutique Hotel Reylof(Belgium), Boutique Hotel Am Stephansplatz (Austria), Hotel Sans Souci Wien (Austria), Hotel Kaiserhof Wien (Austria), Cap Estel (France), Aman Le Melezin (France), Shangri-La Hotel Paris (France), Hotel Residence Agnes (Czech Republic), Hotel Pod Vezi (Czech Republic), Grandium Hotel Prague (Czech Republic), Metropolitan Boutique Hotel (Poland), Puro Krakow Kazimierz (Poland), Puro Warszawa Centrum (Poland), Am Resorts, Moon Palace Golf & Spa, The Venetian Resort Las Vegas, The Signature, Citycenter, Wynn Las Vegas, Encore Las Vegas, Luxor Las Vegas, Resorts World Las Vegas, Host Hotels & Resorts Inc, Huazhu Group Ltd, Wyndham Hotels & Resorts Inc, Park Hotels & Resorts Inc., Louvre Hotéis, Choice Hotels International, Nh Hotel Group, Saleh Bin Lahej Group, Emaar Hospitality Group, Jumeirah Group, Al Khozama Management Company, Rotana, Tsogo Sun, City Lodge Hotel Group, Louvre Hotels Group, Radisson Hotel Group

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the hotel and other travel accommodation in 2023. North America was the second largest region accounting in the global hotel and other travel accommodation market. The regions covered in the hotel and other travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hotel And Other Travel Accommodation Market Report Structure
3. Hotel And Other Travel Accommodation Market Trends And Strategies
4. Hotel And Other Travel Accommodation Market - Macro Economic Scenario
5. Hotel And Other Travel Accommodation Market Size And Growth
…..
27. Hotel And Other Travel Accommodation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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