Best Prospects in the Global Hotel And Other Travel Accommodation Market and Strategies for Growth – Includes Hotel And Other Travel Accommodation Market Analysis
The Business Research Company’s report goes into great detail on the hotel and other travel accommodation market size and growth, hotel and other travel accommodation market regional analysis, hotel and other travel accommodation market competitive landscape, and other critical information needed to excel in the hotel and other travel accommodation industry.
Major players in the hotel and other travel accommodation market include Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd, Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group, Shanghai Jin Jiang International Hotels (Group) Company Limited.
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 hotel and other travel accommodation market size is expected to grow from $645.44 billion in 2021 to $784.33 billion in 2022 at a compound annual growth rate (CAGR) of 21.5%. The growth in the hotel and other travel accommodation 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 hotel and other travel accommodation market is expected to reach $1,349.43 billion in 2026 at a CAGR of 14.5%.
Asia Pacific was the largest region in the hotel and other travel accommodation in 2021.
The hotel and other travel accommodation market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities (organizations, sole traders or partnerships) that provide short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels. The establishments in this industry offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services.
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. This rising awareness is resulting in large number of people travelling abroad and is expected to drive growth in the hotel and other travel accommodation industry during the forecast period.
Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings to the hotel and other travel accommodation market. The most significant trend in the accommodation industry is 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 other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.
TBRC’s Global Hotel And Other Travel Accommodation Market Report Is Segmented:
By Type: Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveller Accommodation
By Mode of Booking: Online Bookings, Direct Bookings, Others
By Application: Tourist Accommodation (Leisure), Official Business (Professional)
By Price Point: Economy, Mid-Range, Luxury
By Ownership: Chained, Standalone
By Geography: North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The Hotel And Other Travel Accommodation Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides an overview of the hotel and other travel accommodation market globally and regionally, analyzes and forecasts market size, share, hotel and other travel accommodation market players, hotel and other travel accommodation market segments, leading competitor revenues, profiles and market shares.
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