Hotel and Other Travel Accommodation Market: A Deep Dive into Market Share, Trends, and Competitive Insights Fueling Global Tourism Boom

The new report published by The Business Research Company, titled Hotel And Other Travel Accommodation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the hotel and other travel accommodation market size has grown rapidly in recent years. It will grow from $871.24 billion in 2023 to $998.81 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The hotel and other travel accommodation market size is expected to see steady growth in the next few years. It will grow to $1187.71 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.

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Social Media's Influence On Tourism And Hotel Industries
The increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs, and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world. For instance, in October 2022, according to a report published by Kepios Pte. Ltd., a Singapore-based online reference-based library, over the last year, social media users increased by 227 million, reaching 4.70 billion by the beginning of July 2022. Over the last year, the global social media user base has grown by more than 5%, with the most recent global total now equaling 59 percent of the world's total population. Every day, the world spends more than 10 billion hours on social media platforms, which is nearly 1.2 million years of human existence. Therefore, the increasing use of social media and access to mass media is growing demand for hotel and other travel accommodation market.

Technology's Influence On The Hotel And Travel Accommodation Sector
Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings for the hotel and other travel accommodation markets. The most significant trends in the accommodation industry are the use of near-field-communication (NFC) technology, infrared technology, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant and 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 other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.

The hotel and other travel accommodation market covered in this report is segmented -

1) By Type: Hotel And Motel, Bed And Breakfast Accommodation, All Other Traveler Accommodation
2) By Mode: Online Bookings, Direct Bookings, Others
3) By Price Point: Economy, Mid-Range, Luxury
4) By Ownership: Chained, Standalone
5) By Application: Tourist Accommodation (Leisure), Official Business (Professional)
6) By Property Type: Hotels, Serviced Residences, Apartment Hotels, Co-Living, Other Property Types

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Major companies operating in the hotel and other travel accommodation market report are Marriott International, MGM Resorts International, Intercontinental, Downer EDI Limited, Ctrip.Com International Ltd, Hilton Worldwide Holdings, Accor Hotels, Shanghai Jin Jiang International Hotels (Group) Company Limited, The Ascott Limited, Rewe Group, Btg-Jianguo Hotels & Resorts Co., Ltd, Guangdong (International) Hotel Management Holdings ltd, Jining Hotel Corporation, Ltd, Yum! Restaurants, Hyatt Hotels Corporation, Radisson Blue Hotels, Shangri La Hotels & Resorts, Taj Hotels Resorts & Places, The Lalit Hotels, The Leela Palace, The Oberoi Group, Relais Bourgondisch Cruyce (Belgium), Nh Collection Brussels Grand Sablon (Belgium), Hotel Academie (Belgium), Thon Hotel Bristol Stephanie (Belgium), Pillows Grand Boutique Hotel Reylof(Belgium), Boutique Hotel Am Stephansplatz (Austria), Hotel Sans Souci Wien (Austria), Hotel Kaiserhof Wien (Austria), Cap Estel (France), Aman Le Melezin (France), Shangri-La Hotel Paris (France), Hotel Residence Agnes (Czech Republic), Hotel Pod Vezi (Czech Republic), Grandium Hotel Prague (Czech Republic), Metropolitan Boutique Hotel (Poland), Puro Krakow Kazimierz (Poland), Puro Warszawa Centrum (Poland), Am Resorts, Moon Palace Golf & Spa, The Venetian Resort Las Vegas, The Signature, Citycenter, Wynn Las Vegas, Encore Las Vegas, Luxor Las Vegas, Resorts World Las Vegas, Host Hotels & Resorts Inc, Huazhu Group Ltd, Wyndham Hotels & Resorts Inc, Park Hotels & Resorts Inc., Louvre Hotéis, Choice Hotels International, Nh Hotel Group, Saleh Bin Lahej Group, Emaar Hospitality Group, Jumeirah Group, Al Khozama Management Company, Rotana, Tsogo Sun, City Lodge Hotel Group, Louvre Hotels Group, Radisson Hotel Group

Contents of the report:
1. Executive Summary
2. Hotel And Other Travel Accommodation Market Report Structure
3. Hotel And Other Travel Accommodation Market Trends And Strategies
4. Hotel And Other Travel Accommodation Market - Macro Economic Scenario
5. Hotel And Other Travel Accommodation Market Size And Growth
…..
27. Hotel And Other Travel Accommodation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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