How Is the Non-Residential Accommodation Services Market Expected To Grow Through 2023-2032?
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The global non-residential accommodation services market has witnessed remarkable growth, escalating from $830.65 billion in 2022 to an impressive $936.43 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 12.7%. The market is poised for continued expansion, with projections indicating a market size of $1165.63 billion in 2027, sustaining a steady CAGR of 5.6%. Let’s delve into the factors steering this significant growth and the trends shaping the landscape of non-residential accommodation.
Impact of Social Media on Tourism and Accommodation
The increasing use of social media and widespread access to mass media play a pivotal role in influencing the tourism and non-residential accommodation industries. With tourists actively sharing their travel experiences, photographs, and videos on social media platforms, a global audience gains insights into diverse tourist destinations and recreational experiences. According to a report by Kepios Pte. Ltd., a Singapore-based online reference-based library, the global social media user base has seen a substantial increase, reaching 4.70 billion by July 2022. The world now spends over 10 billion hours on social media platforms daily, emphasizing the significant impact of social media in shaping travel preferences and boosting awareness of non-residential accommodation options.
Tech-Driven Trends in Accommodation Services
Major companies in the non-residential accommodation services market, including Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd., Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited, are leveraging technology to enhance customer experiences and streamline operations. Several noteworthy trends underscore the tech-driven transformation in the accommodation sector:
- Near-Field Communication (NFC) Technology: Enabling instant and secure mobile payments, NFC technology facilitates seamless data exchange between devices, enhancing the convenience of financial transactions for guests.
- Infrared Technologies: Hotels are integrating infrared sensors to address customer complaints related to housekeeping interruptions, providing a more efficient and guest-friendly experience.
- Robotic Assistance: The use of robots is on the rise in hotels, with applications ranging from delivering amenities to guest rooms to handling various functional tasks. This not only improves efficiency but also contributes to a futuristic and tech-savvy guest experience.
- Automation and Personalization: Hotel operators are investing in systems and technologies that automate processes, reducing operational costs, and simultaneously offering personalized experiences for guests. This trend aligns with the industry’s commitment to meeting individual preferences and expectations.
Market Segmentation: Tailoring Accommodation Solutions
The non-residential accommodation services market is strategically segmented to cater to diverse needs:
- By Type:
- Hotel and Other Travel Accommodation
- Camping and Caravanning
- Students and Workers Non-Residential Accommodation
- By Price Point:
- By Channel:
- Direct Sales
- By Mode of Booking:
- Online Bookings
- Direct Bookings
- Other Mode of Booking
Asia-Pacific Leading the Way
In 2021, Asia-Pacific emerged as the largest region in the non-residential accommodation services market. The region’s prominence can be attributed to factors such as rapid technological adoption, a burgeoning tourism industry, and a proactive approach to meeting diverse accommodation needs.
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The Non-Residential Accommodation Services Global Market Report 2023 provides comprehensive insights on the non-residential accommodation services market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the non-residential accommodation services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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