Hospitality Market To Grow At A Higher Rate
The Business Research Company’s global hospitality market covers the year-on-year growth of the global hospitality historic and forecast growth. It also includes chapters on the hospitality trends, geographical analysis, and competitive landscape.
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The global hospitality market is forecast to grow at a CAGR (compound annual growth rate) of around 8 % to 2022.
In the hotel industry, guests look for more ‘inside the hotel’ experiences. This demand is driving hotel managers to ensure that all parts of their hotels are as welcoming as the lobby. This has brought in more innovations to design and aesthetics involving more comfortable and accommodating spaces. Vibrant colored interiors and access to the internet at every location is common.
Growth in international tourism contributed significantly to hospitality industry growth. According to the Office of Travel and Tourism Industries within the US Department of Commerce about 70 million international visitors travelled to the USA in 2014. London, another popular destination for travelers, received more than 16 million visitors in 2013.
The global hospitality is primarily driven by increase in global hospitality mergers and acquisitions and economic growth
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The global hospitality market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With emergence of new technology in hospitality industry and growing tourism the global hospitality is expected to increase in potential and scope. TBRC’s report also covers the global hospitality market report drivers and restraints in the market.
The global hospitality market segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global hospitality report are McDonald’s, Compass Group Plc, Starbucks, Subway, Marriott International.