How has the hospitality market evolved, and where is it heading next?
The hospitality market size has grown strongly in recent years. It will grow from $5384.78 billion in 2024 to $5717.43 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growth in travel and tourism, cultural and social shifts, global events and pandemics, investment in infrastructure.
The hospitality market size is expected to see strong growth in the next few years. It will grow to $7239.02 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to sustainability initiatives, wellness tourism, flexible booking options, collaboration with local communities, health and safety standards. Major trends in the forecast period include personalization and AI, contactless technologies, technological advancements, personalized guest experiences, digital marketing and social media influence.
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Which major factors have contributed to the expansion of the hospitality market?
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, in September 2023, according to the Bureau of Economic Analysis, a US-based government agency, the real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Thus, stable economic growth is expected to drive the market during the forecast period.
How is the hospitality market segmented?
The hospitality market covered in this report is segmented –
1) By Type: Non-Residential Accommodation Services, Food And Beverage Services
2) By Ownership: Chained, Standalone
Subsegments:
1) By Non-Residential Accommodation Services: Hotels And Motels, Hostels, Vacation Rentals, Bed And Breakfasts, Resorts, Serviced Apartments
2) By Food And Beverage Services: Full-Service Restaurants, Fast Food Restaurants, Cafés And Coffee Shops, Catering Services, Bars And Pubs, Food Trucks And Stands
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Who are the top competitors in the hospitality market?
Major companies operating in the hospitality market include Compass Group Holdings plc, Starbucks Corporation, Sodexo SA, Marriott International Inc., Aramark Corporation, Four Seasons Hotels and Resorts Limited, Darden Restaurants Inc., Yum China Holdings Inc., Hilton Worldwide Holdings Inc., Chipotle Mexican Grill Inc., InterContinental Hotel Group plc, IDeaS Revenue Solutions Inc., The Ritz-Carlton Hotel Company LLC, Mandarin Oriental Hotel Group Ltd., Radisson Hotel Group AB, Extended Stay America Inc., AIR Communities LLC, Rosewood Hotel Group LLC, La Quinta Inns & Suites Holdings Inc., Apple Leisure Group LLC, Evolve Vacation Rental Network Inc., Shangri-La Hotels and Resorts Ltd., American Cruise Lines Inc., Ennismore Lifestyle Group Limited, Hotel Engine Inc., OTA Insight Limited, Red Lion Hotels Corporation, Mint House Holdings Inc.
Which key trends are expected to influence the hospitality market in the coming years?
Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.
Which regional trends are influencing the hospitality market, and which area dominates the industry?
The countries covered in the hospitality market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Does The Hospitality Market Report 2025 Offer?
The hospitality market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Hospitality refers to the activity or business that provides services to customers in hotels, restaurants and bars. The hospitality industry includes any business where the primary source of income is the sale of food and drink or the provision of lodging. This industry includes a wide range of service-related fields such as hotels, restaurants, bars, event planning, theme parks, transportation, cruise lines, and other tourism-related fields.
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