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

As per The Business Research Company’s Non-Residential Accommodation Services Global Market Report 2023, the non-residential accommodation services market is expected to show significant growth in the forecast period.

The non-residential accommodation services market has experienced rapid growth in recent years, with the market size projected to surge from $957.72 billion in 2023 to an estimated $1,090.61 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 13.9%. This surge is attributed to various factors such as economic cycles, globalization, industry regulations, demographic shifts, and the increasing prevalence of remote and gig workers. Looking ahead, the market is set for steady growth, reaching $1,309.06 billion in 2028, with a CAGR of 4.7%. The forecasted growth is driven by trends like hybrid work arrangements, sustainable practices, health and safety concerns, the integration of AI-driven services, and regulatory changes.

International Travel as a Catalyst

1. Driving Force: Increasing International Travel
   • The growth of the non-residential accommodation services market is propelled by the increasing trend of international travel.
   • International travel involves individuals or groups crossing national borders to visit foreign countries, relying on non-residential accommodation services for comfortable lodging and support.
2. Statistical Insights
   • According to the International Trade Administration, the total volume of international visitation to the United States reached 62.8 million in 2023, marking a substantial increase from 51.8 million in 2022.
   • Forecasted international visitation is expected to reach 91 million by 2027, emphasizing the continued growth in global travel.

Industry Giants and Market Leaders

1. Key Players in the Market
   • Major companies dominating the non-residential accommodation services market include Marriott International, MGM Resorts International, Ctrip.Com International Ltd., Hilton Worldwide Holdings, and many more.
   • These companies play a pivotal role in shaping the industry landscape and driving market dynamics.

View More On The Non-Residential Accommodation Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/non-residential-accommodation-services-global-market-report

AI Tools Reshaping Accommodation Services

1. Emergence of AI in the Hospitality Sector
   • Leading companies in the non-residential accommodation market are leveraging artificial intelligence (AI) tools to gain a competitive edge.
   • AI-powered tools utilize technologies like machine learning, natural language processing, and computer vision to enhance specific tasks.
2. Innovation Spotlight: StudentAccommodationGPT.ai
   • In June 2023, University Living, an India-based student housing marketplace, introduced StudentAccommodationGPT.ai.
   • The platform utilizes AI to provide students with access to thousands of accommodation options, featuring a personalized search bar for an enhanced user experience.
3. Benefits of AI Integration
   • Simplifies the search for student accommodation.
   • Offers verified properties, 24×7 assistance, and a price match guarantee, contributing to a streamlined and efficient process.

Market Segmentation for Comprehensive Analysis

The non-residential accommodation services market is intricately segmented based on key parameters:

1. By Type:
   • Hotel and Other Travel Accommodation
   • Camping and Caravanning
   • Students and Workers Non-Residential Accommodation
2. By Price Point:
   • Economy
   • Mid-Range
   • Luxury
3. By Channel:
   • Direct Sales
   • Distributor
4. By Mode of Booking:
   • Online Bookings
   • Direct Bookings
   • Other Modes of Booking

Asia-Pacific: A Hub of Market Dominance

In 2023, Asia-Pacific emerged as the largest region in the non-residential accommodation services market. This regional dominance reflects the economic strength, cultural diversity, and robust hospitality sector present in Asia-Pacific. As the market progresses, the region is expected to continue playing a pivotal role in influencing global trends and industry dynamics.

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The Non-Residential Accommodation Services Global Market Report 2023  provides an in-depth analysis on the non-residential accommodation services market size, trends and drivers, opportunities, strategies, and companies 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.

View More Related Reports –

Hotel And Other Travel Accommodation Global Market Report 2023

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Nonresidential Building Construction Global Market Report 2023

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