Non-Residential Accommodation Services Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Non-Residential Accommodation Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The non-residential accommodation services market size has grown rapidly in recent years. It will grow from $957.72 billion in 2023 to $1090.61 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to economic cycles, globalization, industry regulations, demographic shifts, the rise of remote and gig workers.

The non-residential accommodation services market size is expected to see steady growth in the next few years. It will grow to $1309.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to hybrid work arrangements, sustainable practices, health and safety concerns, integration of more ai-driven services, regulatory changes. Major trends in the forecast period include sharing economy platforms, workcation and bleisure, personalization and experience, contactless services, wellness and well-being.

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Market Drivers and Trends:

The increasing use of social media and access to mass media is positively impacting the tourism and non-residential accommodation 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 is driving the growth of the tourism and non-residential accommodation.

Hotels are using technologies to improve the customer experience and reduce operational costs. The most significant trends include 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 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 and can personalize the experience for guests.

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Major Key Players of the Market:

Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd, Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group, Shanghai Jin Jiang International Hotels (Group) Company Limited, Starwood Hotels, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, Wyndham Hotels and Resorts, Choice Hotels International, Best Western International, Carlson Rezidor Hotel Group, Mandarin Oriental International Limited, Shangri-La Asia Limited, The Indian Hotels Company Limited, Jumeirah International LLC, Extended Stay America, Red Roof Inn, Motel 6, La Quinta Inns & Suites, Candlewood Suites, Staybridge Suites, Homewood Suites by Hilton, Residence Inn by Marriott, TownePlace Suites by Marriott, SpringHill Suites by Marriott.

Non-Residential Accommodation Services Market 2024 Key Insights:

• The non-residential accommodation services market size is expected to see steady growth in the next few years. It will grow to $1309.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Social Media's Influence On Market Growth
• Enhancing Customer Experiences And Cost Efficiency Through Technology In Hotels
• Asia-Pacific was the largest region in the non-residential accommodation services market in 2023

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