The state of the hospitality global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
State Of The Hospitality Market, 2024The state of the hospitality global market
report 2024
Market Size - The state of the hospitality market size has grown rapidly in
recent years. It will grow from $3448.47 billion in 2023 to $3981.51 billion in
2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the
historic period can be attributed to development of infrastructure and
transportation, increasing popularity of experiential travel, expansion of
international hotel chains, rising middle class in emerging markets, high
demand for unique and differentiated experiences.
The state of the hospitality market size is expected to see rapid growth in the
next few years. It will grow to $7108.41 billion in 2028 at a compound annual
growth rate (CAGR) of 15.6%. The growth in the forecast period can be
attributed to increase in disposable income and spending power, expansion of
digital booking platforms, growth of the millennial and gen z traveler
segments, recovery from global economic downturns and pandemics, growing
importance of health and wellness amenities. Major trends in the forecast
period include focus on sustainability and eco-friendly practices, demand for
personalization and customization of guest experiences, integration of smart
technology and automation, expansion of hotel brands into new and emerging
markets, enhanced focus on safety and hygiene standards.
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Scope Of State Of The Hospitality MarketThe Business Research Company's reports
encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
State Of The Hospitality Market Overview
Market Drivers -The expansion of travel and tourism is anticipated to
significantly drive the growth of the hospitality market in the future. Travel
and tourism encompass activities where individuals travel to and stay in
locations outside their usual environments for leisure, business, or other
purposes. The demand for tourism stems from people's desires for leisure,
cultural experiences, adventure, relaxation, as well as business and
educational opportunities. This sector fuels the growth and development of the
hospitality market by increasing the demand for accommodation, dining, and
related services. The influx of tourists not only stimulates economic activity
but also generates revenue and creates jobs for local businesses and
governments. For instance, in May 2023, UN Tourism, a specialized agency of the
United Nations based in Spain, reported substantial growth in the travel and
tourism sector, with international arrivals in Q1 2023 reaching 80% of
pre-pandemic levels, which was more than double the number from 2022. Moreover,
tourism receipts in 2022 amounted to USD 1 trillion, marking a 50% increase
from 2021. The Middle East led this recovery, exceeding 2019 arrival levels,
while Europe and Africa closely followed, recovering 90% and 88% of pre-pandemic
levels, respectively. Therefore, the ongoing expansion of travel and tourism is
a key driver for the growth of the hospitality market.
Market Trends - Major companies operating in the state of the hospitality
market are developing technologically advanced solutions, such as dynamic
pricing and revenue management software, to enhance operational efficiency,
optimize revenue, and provide personalized guest experiences. Dynamic pricing
and revenue management software uses algorithms and data analysis to adjust
prices in real-time based on market conditions, demand, and competition. For
instance, in February 2023, PriceLabs, a US-based company that integrates with
Airbnb, Vrbo, and 100+ property management systems (PMSs) and provides
data-driven pricing recommendations, launched a Spanish-language version of its
dynamic pricing and revenue management software, tailored to enhance usability
for Spanish-speaking users. This localized version helps hoteliers by providing
an intuitive interface and improved understanding of the software, leading to
better revenue management and optimized listing performance. It integrates
real-time market data and automated rate adjustments, allowing users to make
informed pricing decisions. The new version aims to boost productivity for
property managers and hosts across Spanish-speaking countries, supporting their
efforts to maximize profitability.
The state of the hospitality market covered in this report is segmented –
1) By Services: Accommodation, Food And Beverage, Entertainment And Leisure,
Travel And Transportation, Luxury And Boutique, Meeting And Event, Other
Services
2) By Type of Customers: Solo Travelers, Family
3) By Sales Channel: Online Channels , Conventional Channels
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Regional Insights - North America was the largest region in the state of the
hospitality market in 2023. Asia-Pacific is expected to be the fastest-growing
region in the forecast period. The regions covered in the state of the
hospitality market report are Asia-Pacific, Western Europe, Eastern Europe,
North America, South America, Middle East, Africa.
Key Companies - Major companies in the market are Rosewood Hotel Group Ltd.,
Marriott International Inc., Four Seasons Hotels Limited, Hilton Worldwide Holdings
Inc., Jumeirah International LLC, Hyatt Hotels Corporation, Radisson
Hospitality Inc., Accor SA, InterContinental Hotels Group plc (IHG), Kerzner
International Holdings Limited, Choice Hotels International Inc., Wyndham
Hotels & Resorts Inc., Shangri-La Asia Limited, The Hongkong and Shanghai
Hotels Limited, The Ritz-Carlton Hotel Company L.L.C., ONYX Hospitality Group,
Belmond Ltd., Mandarin Oriental Hotel Group International Limited, Banyan Tree
Holdings Limited, Oberoi Hotels & Resorts, The Indian Hotels Company
Limited (Taj Hotels), Langham Hospitality Group Limited, Minor International
PCL , Dusit Thani Public Company Limited, Aman Group Sarl
Table of Contents
1. Executive Summary
2. State Of The Hospitality Market Report Structure
3. State Of The Hospitality Market Trends And Strategies
4. State Of The Hospitality Market – Macro Economic Scenario
5. State Of The Hospitality Market Size And Growth
…..
27. State Of The Hospitality Market Competitor Landscape And
Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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