Press release
Hospitality Market Size, Share, Growth, Future Outlook, Trends And Insights Till 2022
The hospitality market covers sales of lodging and dining services. The hospitality industry comprises businesses that provide customers with lodging, prepared meals, snacks and beverages for immediate consumption. It includes both accommodation and food service establishments as these two activities are often combined at the same establishment.
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The hotel industry guests are looking for more 'inside the hotel' experiences. This demand is driving hotel managers to ensure that all parts of their hotels are as welcoming as the lobby. Increased Automation In Hotels - Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market.
The market is expected to benefit from steady economic growth forecast for many developed and developing countries. This continued economic growth is expected to be a driver of the Hospitality market as increasing disposable incomes and greater affluence will allow consumers to increase their spending on recreational activities such as Hospitality.
Hospitality Market Segmentation: -
1. Food And Beverage Services
2. Non-Residential Accommodation Services
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By Geography - The hospitality market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Asia-Pacific is the largest market for hospitality market, accounting for around 42% of the global market. It was followed by North America, Western Europe and then the other regions. Going forward, Middle East, and Africa will be the fastest growing regions in this market. This is followed by Eastern Europe, and South America.
Some of the major key players involved in the hospitality market are Compass Group PLC, Marriott International, Starbucks Coffee, Subway, Sodexo, Aramark Corporation, McDonald's, Hilton Worldwide, Chick-fil-A, Elior Group.
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