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 increasing use of social media and access to mass media are expected to drive innovation in the manufacturing of hotels and other travel accommodations, driving the market during the forecast period.

The global hotel or other travel accommodation market is expected to grow from $747.32 billion in 2022 to $846.64 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The hotel and other travel accommodation market is expected to grow to $1049.6 billion in 2027 at a CAGR of 5.5%.

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Global hotel or other travel accommodation Market Segments Include:

• By Type: Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveler Accommodation
• By Mode of Booking: Online Bookings, Direct Bookings, Other Mode Of Booking
• By Application: Tourist Accomodation (Leisure), Official Business (Professional)
• By Price Point: Economy, Mid-Range, Luxury
• By Ownership: Chained, Standalone
• 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 hotel or other travel accommodation market in 2021.

Major Market Players in the hotel or other travel accommodation market include Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd., Intercontinental, Hilton Worldwide Holdings.

Hotels are implementing technologies that are revolutionising the customer experience. Certain technologies are resulting in significant improvements and cost savings for the hotel and other travel accommodation markets. The use of near-field communication (NFC) technology, infrared technology, and robots are the most significant trends in the lodging industry. 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. Robots are also used in hotels to deliver amenities to guest rooms and for other purposes. Hoteliers are investing in systems and technologies that can automate processes, reduce costs, and personalise the guest experience.

The Hotel And Other Travel Accommodation Global Market Report 2023  provides a hotel or other travel accommodation market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hotel or other travel accommodation market forecast analyzes hotel or other travel accommodation market size, hotel or other travel accommodation 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.

A hotel or other type of travel accommodation is a place where legitimate travellers can get food or shelter if they have the money and are in good enough health to be accepted. Accommodation is a collection of rooms or a building in which someone may live or stay and is necessary for any tourists who want to travel to another destination or on a trip because you will always need a place to stay such as hotels, caravan parks, camp sites, and so on.

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