Press release
Travel Accommodation Market Report, Size, Share, Growth, Trends, Industry Analysis, Forecast to 2033
Travel Accommodation Market
The new report published by The Business Research Company, titled 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 travel accommodation market size has grown strongly in recent years. It will grow from $655.75 billion in 2023 to $713.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The travel accommodation market size is expected to see strong growth in the next few years. It will grow to $1,010.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
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What Is Driving The Growth Of The Global Travel Accommodation Market?
International Business Tourism Growth Fuels Expansion In The Travel Accommodation Market
The increase in international business tourism is expected to propel the growth of the travel accommodation market going forward. International business tourism involves travel across borders for business purposes, including meetings, conferences, and corporate events. The increase in international business tourism is due to globalization, economic growth, trade agreements, corporate expansion, the proliferation of conferences and exhibitions, market competition, infrastructure development, cultural exchange, and the rise of remote work and hybrid models. Travel accommodations play a crucial role in international business tourism by providing convenient and comfortable lodging options that allow business travelers to focus on their professional engagements and meetings. For instance, in May 2024, according to the Office for National Statistics Census, a UK-based government agency, UK residents made 6.3 million international business trips in 2023, an increase from 4.9 million in 2022. Therefore, the growth in international business tourism is driving the travel accommodation market.
What Is The Key Trend In The Global Travel Accommodation Market?
Travel Accommodation Market Embraces AI Innovations
Major companies operating in the travel accommodation market are focusing on technological advancements such as AI-driven booking platforms to gain an advantage in developing such products. AI-driven booking platforms are online systems or applications that utilize artificial intelligence (AI) technologies to enhance and streamline booking travel accommodations and related services. These platforms leverage AI to provide more efficient, personalized, and user-friendly experiences. For instance, in March 2024, Bag2Bag, an India-based hospitality company, launched India's first generative AI online hotel booking platform. This platform offers unique features such as instant room allocation based on user preferences and real-time pricing adjustments based on demand. Additionally, it provides personalized recommendations and seamless booking experiences, significantly reducing the time required for users to find and book accommodations. These innovations improve customer satisfaction and optimize hotel resource management, leading to higher occupancy rates and better revenue management.
How Is The Global Travel Accommodation Market Segmented?
The travel accommodation market covered in this report is segmented -
1) By Type: Hotels, Hostels, Resorts, Vacation Rentals, Other Types
2) By Price Point: Economy, Mid-Range, Luxury
3) By Mode Of Booking: Direct Booking, Online Travel Agency, Other Modes Of Booking
4) By Application: Leisure, Professional, Other Applications
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How Is The Competitive Landscape Of The Global Travel Accommodation Market?
Major companies operating in the travel accommodation market are Alibaba Group Holding Limited, American Airlines Inc., Marriott International Inc., MGM Resorts International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu Corporation
Contents Of The Global Travel Accommodation Market
1. Executive Summary
2. Travel Accommodation Market Report Structure
3. Travel Accommodation Market Trends And Strategies
4. Travel Accommodation Market - Macro Economic Scenario
5. Travel Accommodation Market Size And Growth
…..
27. 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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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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