Press release
Hospitality Global Market Worth $5,816.66 Billion at a CAGR of 5.5% By 2027 | Key Players: Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation
Hospitality Market
The Business Research Company's Hospitality Global Market Report 2023 identifies the hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP growth reached 3.3% in 2020 and 3.4% in 2021.
The global hospitality market grew from $4,390.59 billion in 2022 to $4,699.57 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market is expected to grow to $5,816.66 billion in 2027 at a CAGR of 5.5%.
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Major companies in the hospitality market include Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald's, Darden Restaurants, McDonald's, Darden Restaurants, Yum China Holdings Inc., Chipotle and Berkshire Hathaway Inc.
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.
Read More On The Global Hospitality Market Report Here:
https://www.thebusinessresearchcompany.com/report/hospitality-global-market-report
The Hospitality Market Is Segmented -
• By Type: Non-Residential Accommodation Services, Food And Beverage Services
• By Ownership: Chained, Standalone
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Hospitality market.
The Business Research Company's "Global Hospitality Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Hospitality Market Include:
1. Executive Summary
2. Hospitality Market Characteristics
3. Hospitality Market Trends And Strategies
4. Hospitality Market - Macro Economic Scenario
5. Hospitality Market Size And Growth
.....
26. Africa Hospitality Market
27. Hospitality Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hospitality Market
29. Hospitality Market Future Outlook and Potential Analysis
30. Appendix
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