Press release
Global Hospitality Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Hospitality
What Is the Expected Hospitality Market Size During the Forecast Period?
The size of the hospitality market has witnessed significant growth over the past few years. Projected to rise from $5384.78 billion in 2024 to $5717.43 billion in 2025, it implies a compound annual growth rate (CAGR) of 6.2%. The expansion during the historic period can be linked to the surge in travel and tourism, societal and cultural shifts, worldwide events and pandemics, as well as investment in infrastructure.
The sector size of hospitality is anticipated to witness robust expansion in the years to come, reaching a value of $7239.02 billion by 2029, backed by a CAGR of 6.1%. The boom projected for the forecast period can be ascribed to factors such as sustainable practices, wellness tourism, flexible reservation systems, partnerships with local communities, and adherence to health and safety protocols. Key trends predicted to shape the market during the forecast period are artificial intelligence and personalization, touch-free technologies, technological progression, bespoke guest experiences, and the impact of digital marketing and social media.
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What Are the High-Growth Segments in the Hospitality Market?
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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What Key Drivers Are Expected to Influence Future Hospitality Market Growth?
The expansion of the hospitality market is supported by the anticipated steady economic growth in numerous developed and emerging nations. As an illustration, the Bureau of Economic Analysis, a governmental agency of the U.S, reported in September 2023 that the real GDP escalated at an annual figure of 2.1% during 2023's second quarter. Additionally, the rebound of commodity prices following a significant downtrend in the historical timeframe is anticipated to contribute to the market's expansion. Throughout the prediction period, developed economies are projected to exhibit steady growth. Concurrently, it is expected that emerging markets will persist in expanding marginally quicker than their developed counterparts during the predicted timeframe. Therefore, a robust economic growth is likely to fuel the market in the forecast period.
Which Companies Hold the Largest Share Across Different Hospitality Market Segments?
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.
What Trends Are Driving Growth in The Hospitality Market?
Accommodation establishments are leveraging technologies which are remodelling the guest experience. Certain technologies are ushering in substantial enhancements and cost savings in the hospitality industry. The utilization of near field communication (NFC) technology, infrared tools, and robots are considered the most noteworthy developments in this sector. NFC facilitates users with the capacity to transfer data across devices, thus transforming mobile transactions into immediate, secure procedures. Hotels employ infrared sensors to tackle guest grievances related to disruptions by housekeeping. They are even deploying robots for the delivery of amenities to hotel rooms and executing numerous other tasks. Hotel operators are investing heavily in systems and tech-based solutions which can mechanize operations and tailor the guest journey.
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What Are the Emerging Geographies for The Hospitality Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hospitality Market?
2. What is the CAGR expected in the Hospitality Market?
3. What Are the Key Innovations Transforming the Hospitality Industry?
4. Which Region Is Leading the Hospitality Market?
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