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
- Executive Summary
- State Of The Hospitality Market Report Structure
- State Of The Hospitality Market Trends And Strategies
- State Of The Hospitality Market – Macro Economic Scenario
- State Of The Hospitality Market Size And Growth
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- State Of The Hospitality Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. AppendixContact Us:
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