Global Hospitality Market Growth Analysis And Indications – Includes Hospitality Market Share
The Business Research Company’s report goes into great detail on the hospitality market size and growth, hospitality market regional analysis, hospitality market competitive landscape, and other critical information needed to excel in the hospitality industry.
Major players in the hospitality market include Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald’s, Darden Restaurants, McDonald’s, Darden Restaurants, Yum China Holdings Inc., Chipotle and Berkshire Hathaway Inc
TBRC’s comprehensive market report based on extensive research will assist you in seamlessly devising your approaches in order to match key market player strategies.
The global hospitality market size is expected to grow from $3,952.87 billion in 2021 to $4,548.42 billion in 2022 at a compound annual growth rate (CAGR) of 15.1%. The growth in the hospitality market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hospitality market is expected to reach $6,715.27 billion in 2026 at a CAGR of 10.2%.
Asia Pacific was the largest region in the hospitality market in 2021.
The hospitality market consists of sales of accommodation and food services and related goods by entities (organizations, sole traders or partnerships) that provide customers with lodging and/or prepare meals, snacks, and beverages for immediate consumption. The market covers both accommodation and food services because the two activities are often combined at the same establishment.
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries.
Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, 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 many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests
TBRC’s Global Hospitality Market Report Is Segmented:
By Type: Non-Residential Accommodation Services, Food And Beverage Services
By Ownership: Chained, Standalone
Subsegments Covered: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-Residential Accommodation, Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors
By Geography: North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The Hospitality Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides an overview of the hospitality market globally and regionally, analyzes and forecasts market size, share, hospitality market players, hospitality market segments, leading competitor revenues, profiles and market shares.
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