Hotels Market: Hospitality Evolution in the Global Landscape (2023-2029)

Hotels Market Set for Remarkable Growth, Projected to Reach USD 1663.82 Billion by 2029

In a recent report, the global Hotels Market, valued at USD 898.56 Billion in 2022, is anticipated to soar to USD 1663.82 Billion by 2029, showcasing a robust CAGR of 9.2% during the forecast period. The industry's evolution is marked by a dynamic interplay of factors, including technological innovations, the exponential growth of travel and tourism, and the emergence of the metaverse in the hospitality sector.

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Technological Innovations Transforming Hotel Landscape

Traditionally, hotels operated under the banner of "business as usual," providing generic services. However, the landscape is rapidly evolving, with guests now seeking more personalized options to meet their specific needs. Hotel companies are increasingly focusing on technological innovations to gain a competitive advantage and enhance customer experiences. The report identifies eleven future hotel technology trends, including smart hotel technology, VR&AR, drone tech, AI, and digital guest experiences, among others.

Hotels Market Scope:

Competitive analysis of the Hotels Market which gives insides to new players about sharks present in the market with their financial health, revenue, technological advancements, mergers and acquisitions, recent developments, marketing tactics, alliances, and joint ventures.

The Hotels Market report consists of microanalysis with accurate illustrations, graphs and simple-to-grasp language which helps users to understand the key points and overall aspects of the industry, this report is carved using history, consumer habits, & market volatility.

The Hotels Market report consists of the analysis of restraints, opportunities, challenges, and risks with the help of SWOT analysis and Porter's Five Forces analysis, which are standard & prominent full-proof methods to provide analysis of the market.

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Hotels Market Segmentation:

by Hotel Type

Business/ Commercial Hotels
Boutique Hotels
Resort Hotels
Transit Hotels
Bed & Breakfast Hotels
Others

The market is divided into business/commercial hotels, boutique hotels, resort hotels, transit hotels, bed and breakfast hotels, and others depending on the type of hotel. Over the projected period, the business/commercial hotel segment is anticipated to grow at a CAGR. The primary driver of the growth of the Business/Commercial Hotels segment in the global market during the forecast period is the growing consumer demand for these types of hotels due to their numerous benefits.

by Price Level

Luxury
Upscale
Midscale
Economy

The market is divided into four segments: Luxury, Upscale, Midscale, and Economy, based on Price Level. The luxury market is anticipated to expand at a CAGR throughout the forecast period. Growing tourism, rising disposable income, rising living standards, and a growing propensity for leisure travel are the factors propelling the growth of the luxury market. Throughout the forecast period, these are the main drivers of the global market's growth.

by Room Capacity

Small
Medium
Large
Mega

The market is divided into four segments based on room capacity: small, medium, large, and mega. By 2029, the small room capacity segment is anticipated to command the highest market shares. Little hotels are becoming more and more popular in the world's major cities; they stand out for having small rooms, cleverly designed spaces, and less expensive prices than average. North America is a favourable place for investors in the hotel industry because small hotels are the trend that are most prevalent there. The number of millennial travellers is rising, and they have higher expectations for short-term hotel stays with luxurious furnishings and lots of amenities. Small hotels can meet these needs.

by Business Model

Individual
Chain

The market is divided into two segments based on the business model: individual and chain. In the forecast period, the chain business model segment is anticipated to grow at a CAGR. By the end of the forecast year 2029, chain hotel revenue is predicted to increase from US$ 74 billion in 2021 to US$ 178.6 billion. This change indicates that players in the hotel industry are shifting their investments from independent hotels to chains.

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Hotels Key Players are:

1. Accor SA
2. Marriott International
3. Hyatt Hotels Corporation
4. Hilton Worldwide Holdings Inc.
5. InterContinental Hotels Group PLC.
6. Best Western International, Inc.
7. Choice Hotels Internationals, Inc.
8. Wyndham Destinations, Inc.
9. Radisson Hospitality A.B.
10.Indian Hotels Company Limited
11.Oravel Stays Private Limited
12.TC Limited
13.EIH Limited
14.Bharat Hotels Limited
15.Lemon Tree Hotels
16.The Leela Palaces

Regional Analysis:

The report assists in planning and implementing new strategies which are suitable and appropriately applicable according to specific countries and regions in the market.

The detailed regional analysis provided in the report aids stakeholders, new entrants, investors, entrepreneurs, researchers, market followers and players in an easy illustration of various elements of the market, presenting a future outlook with expected risks and trends in the Market.

A competitive regional analysis of the Hotels Market was conducted listing competitors in the market along with new entrants. A comprehensive analysis is effective to gain a comprehensive understanding of the market structure and growth strategies of various players.

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Key Questions answered in the Hotels Market Report are:

• What is Hotels Market?
• What is the forecast period of the Hotels Market?
• What is the competitive scenario of the Hotels Market?
• Which region held the largest market share in the Hotels Market?
• What are the opportunities for the Hotels Market?
• What factors are affecting the Hotels Market growth?
• Who are the key players of the Hotels Market?
• Which company held the largest share in the Hotels Market?
• What will be the CAGR of the Hotels Market during the forecast period?
• What key trends are likely to emerge in the Hotels Market in the coming years?

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