The travel accommodation 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.
Travel Accommodation Market, 2024The travel accommodation global market report 2024
Market Size – The travel accommodation market size has grown strongly in recent years. It will grow from $655.75 billion in 2023 to $713.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to emerging trend of traveling for experiences, expanding reach of online booking platforms, increasing disposable income, improved earning capacity, and growth in the hotel industries.
The travel accommodation market size is expected to see strong growth in the next few years. It will grow to $1,010.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growth in international business tourism, growing high demand for vacation hotels, increasing tourism and social engagement, rising aging population and early retirement, and rising participation in outdoor activities. Major trends in the forecast period include adoption of smart hotel technologies, development of eco-friendly accommodations, rising of the experience economy, tech-enabled transformation, and rising of vacation rentals.
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Scope Of Travel Accommodation 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.
Travel Accommodation Market Overview
Market Drivers -The growth of international business tourism is anticipated to enhance the travel accommodation market significantly in the near future. International business tourism entails cross-border travel for purposes such as meetings, corporate events, and conferences. The increase in this sector is driven by factors like globalization, economic growth, trade agreements, corporate expansion, and the rise of remote work and hybrid business models. Travel accommodations are crucial for international business tourism, providing convenient and comfortable lodging options that allow business travelers to focus on their professional commitments. For instance, in May 2024, the Office for National Statistics Census, a UK-based government agency, reported that UK residents made 6.3 million international business trips in 2023, an increase from 4.9 million in 2022. This upward trend indicates the growing significance of business travel in the current global economy. Therefore, the expansion of international business tourism is driving growth in the travel accommodation market, with further developments expected through 2024 and into 2028.
Market Trends – Major companies operating in the travel accommodation market are focusing on technological advancements such as AI-driven booking platforms to gain an advantage in developing such products. AI-driven booking platforms are online systems or applications that utilize artificial intelligence (AI) technologies to enhance and streamline booking travel accommodations and related services. These platforms leverage AI to provide more efficient, personalized, and user-friendly experiences. For instance, in March 2024, Bag2Bag, an India-based hospitality company, launched India’s first generative AI online hotel booking platform. This platform offers unique features such as instant room allocation based on user preferences and real-time pricing adjustments based on demand. Additionally, it provides personalized recommendations and seamless booking experiences, significantly reducing the time required for users to find and book accommodations. These innovations improve customer satisfaction and optimize hotel resource management, leading to higher occupancy rates and better revenue management.
The travel accommodation market covered in this report is segmented –
1) By Type: Hotels, Hostels, Resorts, Vacation Rentals, Other Types
2) By Price Point: Economy, Mid-Range, Luxury
3) By Mode Of Booking: Direct Booking, Online Travel Agency, Other Modes Of Booking
4) By Application: Leisure, Professional, Other Applications
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Regional Insights – North America was the largest region in the travel accommodation market in 2023. The regions covered in the travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Alibaba Group Holding Limited, American Airlines Inc., Marriott International Inc., MGM Resorts International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu Corporation
Table of Contents
- Executive Summary
- Travel Accommodation Market Report Structure
- Travel Accommodation Market Trends And Strategies
- Travel Accommodation Market – Macro Economic Scenario
- Travel Accommodation Market Size And Growth
…..
- Travel Accommodation Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. AppendixContact Us:
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