Press release
State of the Hospitality Market Report, Size, Share, Growth, Trends, Industry Forecast to 2033
State of the Hospitality Market
The new report published by The Business Research Company, titled State Of The Hospitality 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 state of the hospitality market size has grown rapidly in recent years. It will grow from $3448.47 billion in 2023 to $3981.51 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The state of the hospitality market size is expected to see rapid growth in the next few years. It will grow to $7108.41 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
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What Is Driving The Growth Of The Global State Of The Hospitality Market?
Travel And Tourism Surge Driving Growth And Resilience In The Hospitality Market
The expansion of travel and tourism is expected to propel the growth of the state of the hospitality market going forward. Travel and tourism refer to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes. The demand for tourism arises from people's desire for leisure, cultural experiences, adventure, and relaxation, as well as business and educational opportunities. Travel and tourism drive the growth and development of the hospitality market by increasing demand for accommodation, dining, and related services. This influx of tourists stimulates economic activity by creating jobs and generating revenue for local businesses and governments. For instance, in May 2023, UN Tourism, a Spain-based specialized agency of the United Nations that promotes responsible, sustainable, and universally accessible tourism, reported that the travel and tourism sector experienced substantial growth, with international arrivals in Q1 2023 reaching 80% of pre-pandemic levels, more than double from 2022. Tourism receipts in 2022 hit USD 1 trillion, a 50% increase from 2021. The Middle East led this recovery, exceeding 2019 arrival levels, while Europe and Africa followed closely, recovering 90% and 88% of pre-pandemic levels. Therefore, the expansion of travel and tourism is driving the growth of the state of the hospitality market.
What Is The Key Trend In The Global State Of The Hospitality Market?
Technological Advancements In The Hospitality Market
Major companies operating in the state of the hospitality market are developing technologically advanced solutions, such as dynamic pricing and revenue management software, to enhance operational efficiency, optimize revenue, and provide personalized guest experiences. Dynamic pricing and revenue management software uses algorithms and data analysis to adjust prices in real-time based on market conditions, demand, and competition. For instance, in February 2023, PriceLabs, a US-based company that integrates with Airbnb, Vrbo, and 100+ property management systems (PMSs) and provides data-driven pricing recommendations, launched a Spanish-language version of its dynamic pricing and revenue management software, tailored to enhance usability for Spanish-speaking users. This localized version helps hoteliers by providing an intuitive interface and improved understanding of the software, leading to better revenue management and optimized listing performance. It integrates real-time market data and automated rate adjustments, allowing users to make informed pricing decisions. The new version aims to boost productivity for property managers and hosts across Spanish-speaking countries, supporting their efforts to maximize profitability.
How Is The Global State Of The Hospitality Market Segmented?
The state of the hospitality market covered in this report is segmented -
1) By Services: Accommodation, Food And Beverage, Entertainment And Leisure, Travel And Transportation, Luxury And Boutique, Meeting And Event, Other Services
2) By Type of Customers: Solo Travelers, Family
3) By Sales Channel: Online Channels , Conventional Channels
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How Is The Competitive Landscape Of The Global State Of The Hospitality Market?
Major companies operating in the state of the hospitality market are Rosewood Hotel Group Ltd., Marriott International Inc., Four Seasons Hotels Limited, Hilton Worldwide Holdings Inc., Jumeirah International LLC, Hyatt Hotels Corporation, Radisson Hospitality Inc., Accor SA, InterContinental Hotels Group plc (IHG), Kerzner International Holdings Limited, Choice Hotels International Inc., Wyndham Hotels & Resorts Inc., Shangri-La Asia Limited, The Hongkong and Shanghai Hotels Limited, The Ritz-Carlton Hotel Company L.L.C., ONYX Hospitality Group, Belmond Ltd., Mandarin Oriental Hotel Group International Limited, Banyan Tree Holdings Limited, Oberoi Hotels & Resorts, The Indian Hotels Company Limited (Taj Hotels), Langham Hospitality Group Limited, Minor International PCL , Dusit Thani Public Company Limited, Aman Group Sarl
Contents Of The Global State Of The Hospitality Market
1. Executive Summary
2. State Of The Hospitality Market Report Structure
3. State Of The Hospitality Market Trends And Strategies
4. State Of The Hospitality Market - Macro Economic Scenario
5. State Of The Hospitality Market Size And Growth
…..
27. State Of The Hospitality Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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