Press release
Hospitality Market Size 2024-2033: Exploring Restraints, Drivers, Trends, and Comprehensive Analysis
Hospitality Market
The Business Research Company presents an extensive market research report on the Hospitality Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The hospitality market size has grown strongly in recent years. It will grow from $4673.63 billion in 2023 to $4993.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growth in travel and tourism, cultural and social shifts, global events and pandemics, investment in infrastructure.
The hospitality market size is expected to see strong growth in the next few years. It will grow to $6189.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to sustainability initiatives, wellness tourism, flexible booking options, collaboration with local communities, health and safety standards. Major trends in the forecast period include personalization and ai, contactless technologies, technological advancements, personalized guest experiences, digital marketing and social media influence.
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Key Market Players:
Major companies operating in the hospitality market report are Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, LG Electronics Inc., Toshiba Corporation, Akai Electric Co. Ltd., Sharp Corporation, Koninklijke Philips N.V., Pioneer Corporation, Harman International Industries Inc., Yamaha Corporation, Bose Corporation, Bang & Olufsen A/S, JVC Kenwood Corporation, Sonos Inc., VOXX International Corporation, Sound United LLC, Denon & Marantz Holdings Inc., Bowers & Wilkins Ltd., Creative Technology Ltd., Onkyo Corporation, Klipsch Group Inc., Emotiva Audio Corporation, Paradigm Electronics Inc., Monitor Audio Ltd., Meridian Audio Ltd., MartinLogan Ltd., Definitive Technology, GoldenEar Technology, Atlantic Technology Inc., Audyssey Laboratories Inc., Crystal Semiconductor Corp., Super League Gaming, Control4 Corporation, Avegant Corp.
Market Drivers:
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, in September 2023, according to the Bureau of Economic Analysis, a US-based government agency, the real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Thus, stable economic growth is expected to drive the market during the forecast period.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/hospitality-buildings-global-market-report
The hospitality market covered in this report is segmented -
1) By Type: Non-Residential Accommodation Services, Food And Beverage Services
2) By Ownership: Chained, Standalone
Subsegments Covered: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation, Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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