Global Hospitality Market Overview 2033 : Forecasted Market Size And Growth Rate | Compass group Holdings plc, Starbucks Corporation, Sodexo SA, Marriott International Inc., Aramark corporation, McDonald's Corporation

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Hospitality Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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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Market Segmentation:
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

Major Driver - Economic Growth Fuels Expansion In The Hospitality Market
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.

Competitive Landscape:
Major companies operating in the hospitality market report are Compass group Holdings plc, Starbucks Corporation, Sodexo SA, Marriott International Inc., Aramark corporation, McDonald's Corporation, Four Seasons Hotels and Resorts Limited, Darden Restaurants Inc., Yum China Holdings Inc., Hilton Worldwide Holdings Inc., Chipotle Mexican Grill Inc., InterContinental Hotel Group plc, IDeaS Revenue Solutions Inc., The Ritz-Carlton Hotel Company LLC, Mandarin Oriental Hotel Group Ltd., Radisson Hotel Group AB, Extended Stay America Inc., AIR Communities LLC, Rosewood Hotel Group LLC, La Quinta Inns & Suites Holdings Inc., Apple Leisure Group LLC, Evolve Vacation Rental Network Inc., Shangri-La Hotels and Resorts Ltd., American Cruise Lines Inc., Ennismore Lifestyle Group Limited, Hotel Engine Inc., OTA Insight Limited, Red Lion Hotels Corporation, Mint House Holdings Inc., Wonders Legal Inc., BentoBox Media Inc., Berkshire Hathaway Inc.

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Top Trend - The Impact Of Technology In The Hotel Industry
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. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.

The Table Of Content For The Market Report 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
…..
27. Hospitality Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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