Insights Into The Hospitality Market’s Growth Opportunities Through 2023-2032 – Includes Hospitality Market Share
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The forecasted stable economic growth in many developed and developing countries will drive innovation in hospitality manufacturing, driving the market during the forecast period.
The global hospitality market is expected to grow from $4,390.59 billion in 2022 to $4,699.57 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The hospitality market is expected to grow to $5,816.66 billion in 2027 at a CAGR of 5.5%.
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Global hospitality Market Segments Include:
- 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: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global hospitality market in 2021.
Major Market Players in the hospitality market include Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald’s, Darden Restaurants, McDonald’s, Darden Restaurants.
Hotels are using technologies that are transforming the customer experience. Certain technologies are resulting in significant improvements and cost savings in the hospitality industry. The use of near field communication (NFC) technology, infrared technologies, and robots are the most significant trends in this market. NFC allows users to exchange data between devices, making mobile payments a quick and secure process. In hotels, infrared sensors are used to address customer complaints about housekeeping interruptions. Hotels also use robots to deliver amenities to guest rooms and for a variety of other functions. Hotel owners and operators are investing in systems and technologies that can automate processes and personalise the guest experience.
The Hospitality Global Market Report 2023 provides a hospitality market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hospitality market forecast analyzes hospitality market size, hospitality market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The activity or business of providing services to customers in hotels, restaurants, and bars is referred to as hospitality. Any business where the primary source of income is the sale of food and drink or the provision of lodging is considered part of the hospitality industry. Hotels, restaurants, bars, event planning, theme parks, transportation, cruise lines, and other tourism-related fields are all part of this industry.
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