Hospitality Market Poised for 6.1 % Growth, Set to Hit $44.42 Billion by 2029

What combination of drivers is leading to accelerated growth in the hospitality market?
The expansion of the hospitality market is supported by the projected stable economic growth in several advanced and emerging nations. The Bureau of Economic Analysis, a government body based in the United States, for example, reported that the real gross domestic product (GDP) grew at an annual pace of 2.1% in the second quarter of 2023. The recovery of commodity prices after a major drop in the historic period is also anticipated to contribute to market expansion. Growth is also expected to remain stable in developed economies throughout the projected period. In addition, emerging markets are predicted to experience slightly faster growth than developed markets over the forecast period. As a result, the hospitality industry is likely to be propelled by stable economic growth throughout the predicted period.

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What is the projected compound annual growth rate (CAGR) of the hospitality market from 2025 to 2034, and what factors influence it?
The hospitality industry has witnessed substantial growth in the recent past. The industry, which was valued at $5384.78 billion in 2024, is expected to expand to $5717.43 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.2%. The historic growth of the sector is driven by factors such as rising travel and tourism, socio-cultural changes, global events, pandemics, and significant investments in infrastructure.

Over the coming years, the hospitality market size is projected to experience robust growth, topping at $7239.02 billion by 2029 with a compound annual growth rate (CAGR) of 6.1%. This growth during the forecast period can be credited to various factors such as sustainability initiatives, wellness tourism, flexible booking procedures, cooperation with local residents, and the maintenance of health and safety standards. Key trends to watch during the forecast period will be personalization and AI, contactless technologies, advanced technology, customized guest services, digital marketing, and the impact of social media.

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How are the latest trends influencing the growth of the hospitality market?
The hospitality industry is adopting cutting-edge technologies, redefining the guest experience. Several technologies are bringing about substantial enhancements and savings in the hospitality sector. Key trends in this market encompass the application of near field communication (NFC) technology, infrared technologies, and machines. NFC facilitates data exchange between devices, thereby simplifying mobile payments and making them highly secure. Infrared sensors come into play in hotels to tackle customer grievances linked to interruptions by housekeeping staff. Robots are being employed by hotels not only to deliver amenities to guest rooms but also for a wide range of practical functions. Hotel managers are channeling their funds towards systems and technologies that help in process automation and customizing guest experiences.

What are the major segments of the hospitality market and their role in driving growth?
The hospitality market covered in this report is segmented -

1) By Type: Non-Residential Accommodation Services, Food And Beverage Services
2) By Ownership: Chained, Standalone

Subsegments:
1) By Non-Residential Accommodation Services: Hotels And Motels, Hostels, Vacation Rentals, Bed And Breakfasts, Resorts, Serviced Apartments
2) By Food And Beverage Services: Full-Service Restaurants, Fast Food Restaurants, Cafés And Coffee Shops, Catering Services, Bars And Pubs, Food Trucks And Stands

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Which regions are key players in the growth of the hospitality market?
Asia-Pacific was the largest region in the hospitality market in 2024. North America was the second largest region in the hospitality market. The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the hospitality market?
Major companies operating in the hospitality market include Compass Group Holdings plc, Starbucks Corporation, Sodexo SA, Marriott International Inc., Aramark Corporation, Four Seasons Hotels and Resorts Limited, Darden Restaurants Inc., Yum China Holdings Inc., Hilton Worldwide Holdings Inc., Chipotle Mexican Grill Inc., InterContinental Hotel Group plc, IDeaS Revenue Solutions Inc., The Ritz-Carlton Hotel Company LLC, Mandarin Oriental Hotel Group Ltd., Radisson Hotel Group AB, Extended Stay America Inc., AIR Communities LLC, Rosewood Hotel Group LLC, La Quinta Inns & Suites Holdings Inc., Apple Leisure Group LLC, Evolve Vacation Rental Network Inc., Shangri-La Hotels and Resorts Ltd., American Cruise Lines Inc., Ennismore Lifestyle Group Limited, Hotel Engine Inc., OTA Insight Limited, Red Lion Hotels Corporation, Mint House Holdings Inc.

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What Is Covered In The Hospitality Global Market Report?

•Market Size Forecast: Examine the hospitality market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hospitality market for a structured understanding.
•Key Players Overview: Analyze major players in the hospitality market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hospitality market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hospitality market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hospitality market.
•Industry Challenges: Identify potential risks and obstacles affecting the hospitality market.
•Competitive Landscape: Review strategic developments in the hospitality market, including expansions, agreements, and new product launches.

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