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Students And Workers Non-residential Accommodation Market 2024 - By End-User Analysis, Competitive Landscape And Industry Overview 2033
Students And Workers Non-residential Accommodation Market
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According to The Business Research Company's, The students and workers non-residential accommodation market size has grown rapidly in recent years. It will grow from $17.18 billion in 2023 to $18.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to educational enrollment, economic conditions, urbanization, government policies, demographic shifts.
The students and workers non-residential accommodation market size is expected to see rapid growth in the next few years. It will grow to $29.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the adoption of online and hybrid education methods, remote work trends, international mobility, sustainability and esg, health and safety regulations. Major trends in the forecast period include flexible accommodation models, technology integration, sustainability practices, wellness and comfort, customization and personalization.
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Market Drivers and Trends:
Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion, and multi-national companies setting up facilities in high-growth regions, thereby allowing restaurant operators to offer their cuisines to customers around the world. Globalization is also making it easier for restaurants to procure exotic ingredients and hence provide a more sophisticated and wider variety of dishes to their customers, thereby giving restaurants an opportunity to compete globally. Furthermore, globalization has increased the number of potential vendors for restaurants, lowering the bargaining power of suppliers and thus helping the bottom line. For example, McDonald's is produced in many countries and has franchises around the world. It invests and supports initiatives to adapt its products and services to different locales to ensure its global brand. This rise in globalization is likely to boost investments and consequently drive the market going forward.
Restaurants are using menu engineering and restaurant reporting strategies to improve customers' experiences and profits. Separate menus for appetizers, entrées/main dishes, desserts, and beverages give servers an additional touch point to ask customers to add something to their order. Also, restaurant operators are analyzing customer preferences through data-driven approaches that enable restaurants to offer relevant choices to customers at each point in the meal.
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Major Key Players of the Market:
American Campus Communities, Unite Group PLC, Campus Apartments Inc., Asset Plus Companies, Centurion Corporation, The Preiss Company, Buckingham Companies, Education Realty Trust Inc., Greystar Real Estate Partners, GSA Group, Campus Living Villages, Scape Student Living, Campus Advantage, Campus Crest Communities, Campus Suites, CampusWorks Development, Capstone On-Campus Management, Colliers International, Corvias Group LLC, Harrison Street Real Estate Capital, Inland American Communities Group, Landmark Properties, Lincoln Property Company, Peak Campus, Pierce Education Properties, Servitas LLC, The Scion Group, Trinitas Ventures, University Student Living.
Students And Workers Non-residential Accommodation Market 2024 Key Insights:
• The students and workers non-residential accommodation market size is expected to see rapid growth in the next few years. It will grow to $29.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Globalization's Impact On The Restaurant Industry
• Enhancing The Restaurant Experience By Utilizing Menu Engineering And Data-Driven Tactics
• Western Europe was the largest region in the students and workers non-residential accommodation market in 2023
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