Press release
Evolving Market Trends In The State Of The Hospitality Industry: Technological Advancements In The Hospitality Market
State Of The Hospitality
What Is the Expected State Of The Hospitality Market Size During the Forecast Period?
The hospitality market is expected to grow from $3981.51 billion in 2024 to $4612.94 billion in 2025 at a CAGR of 15.9%. The growth in recent years is attributed to infrastructure and transportation development, rising popularity of experiential travel, international hotel chain expansion, the growing middle class in emerging markets, and increased demand for unique travel experiences.
The state of the hospitality market is projected to grow rapidly, reaching $8206.69 billion by 2029 with a CAGR of 15.5%. This expansion is fueled by rising disposable income, growth in digital booking platforms, increasing travel by millennials and Gen Z, recovery from economic downturns and pandemics, and a heightened focus on wellness amenities. Key trends include an emphasis on sustainability, personalized guest experiences, smart technology integration, brand expansion into new regions, and stricter hygiene and safety standards.
Purchase the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=18743
What Are the High-Growth Segments in the State Of The Hospitality Market?
The state of the hospitality market covered in this report is segmented -
1) By Services: Accommodation, Food And Beverage, Entertainment And Leisure, Travel And Transportation, Luxury And Boutique, Meeting And Event, Other Services
2) By Type Of Customers: Solo Travelers, Family
3) By Sales Channel: Online Channels, Conventional Channels
Subsegments:
1) By Accommodation: Hotels, Resorts, Motels, Hostels, Bed And Breakfast (B&B), Vacation Rentals (Airbnb), Serviced Apartments, Timeshares, Extended Stay Facilities
2) By Food And Beverage: Quick Service Restaurants (QSR), Full-Service Restaurants, Cafes And Coffee Shops, Catering Services, Bars And Pubs, Fast Casual Dining, Fine Dining, Food Trucks, In-Room Dining, Banquet Services
3) By Entertainment And Leisure: Theme Parks And Amusement Parks, Casinos And Gaming, Movie Theaters, Concert Venues, Sports And Recreation (Golf Courses, Skiing, Hiking), Spas And Wellness Centers, Nightclubs And Lounges, Cultural Events (Theater, Festivals, Concerts), Adventure Tourism And Activities (Diving, Safaris)
4) By Travel And Transportation: Airlines, Cruise Lines, Car Rentals, Rail Transport, Bus And Coach Services, Travel Agencies And Tour Operators, Private Jets And Helicopter Services, Ride-Sharing Services (Uber, Lyft), Shuttle Services, Taxis
5) By Luxury And Boutique: Luxury Hotels, Boutique Hotels, Luxury Resorts, Exclusive Travel Experiences (Private Islands, Luxury Cruises), Designer Spas And Wellness Centers, Personalized Concierge Services, High-End Restaurants, VIP Travel Services
6) By Meeting And Event: Corporate Events, Conferences And Conventions, Exhibitions And Trade Shows, Weddings And Social Events, Banquet Facilities, Event Planning Services, Audio-Visual Services for Events, Conference Rooms And Business Facilities, Incentive Travel Programs
7) By Other Services: Laundry And Dry-Cleaning Services, Tour Guides And Sightseeing, Valet Parking, Concierge Services, Room Service, Shuttle And Transportation Services, Event And Party Planning, Security Services, Personal Assistance Services
Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=18743&type=smp
What Key Drivers Are Expected to Influence Future State Of The Hospitality Market Growth?
The growth of travel and tourism is expected to drive the state of the hospitality market. Tourism is fueled by people's desire for leisure, cultural experiences, and business opportunities, which drives the demand for accommodations and related services. The UN Tourism's May 2023 report showed significant recovery in the tourism sector, with international arrivals reaching 80% of pre-pandemic levels in Q1 2023. This growth supports the expansion of the hospitality market.
Which Companies Hold the Largest Share Across Different State Of The Hospitality Market Segments?
Major companies operating in the state of the hospitality market are Rosewood Hotel Group Ltd., Marriott International Inc., Four Seasons Hotels Limited, Hilton Worldwide Holdings Inc., Jumeirah International LLC, Hyatt Hotels Corporation, Radisson Hospitality Inc., Accor SA, InterContinental Hotels Group plc (IHG), Kerzner International Holdings Limited, Choice Hotels International Inc., Wyndham Hotels & Resorts Inc., Shangri-La Asia Limited, The Hongkong and Shanghai Hotels Limited, The Ritz-Carlton Hotel Company L.L.C., ONYX Hospitality Group, Belmond Ltd., Mandarin Oriental Hotel Group International Limited, Banyan Tree Holdings Limited, Oberoi Hotels & Resorts, The Indian Hotels Company Limited (Taj Hotels), Langham Hospitality Group Limited, Minor International PCL, Dusit Thani Public Company Limited, Aman Group Sarl
What Trends Are Expected to Dominate the State Of The Hospitality Market in the Next 5 Years?
Companies in the hospitality market are adopting technology like dynamic pricing and revenue management software to optimize operations and enhance guest experiences. PriceLabs, a US-based company, launched a Spanish-language version of its dynamic pricing software in February 2023. This version is tailored for Spanish-speaking users and provides improved functionalities like real-time market data and automated price adjustments, helping property managers boost profitability.
Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/state-of-the-hospitality-global-market-report
What Are the Emerging Geographies for The State Of The Hospitality Market Growth?
North America was the largest region in the state of the hospitality market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the state of 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 State Of The Hospitality Market?
2. What is the CAGR expected in the State Of The Hospitality Market?
3. What Are the Key Innovations Transforming the State Of The Hospitality Industry?
4. Which Region Is Leading the State Of The Hospitality Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Evolving Market Trends In The State Of The Hospitality Industry: Technological Advancements In The Hospitality Market here
News-ID: 4043846 • Views: …
More Releases from The Business Research Company
Segment Evaluation and Major Growth Areas in the Personalized Testing and Supple …
The personalized testing and supplements sector is gaining remarkable traction, driven by advancements in technology and a rising consumer focus on tailored health solutions. As more individuals seek customized wellness options, this market is set to experience substantial expansion in the coming years. Here's an in-depth look at its current valuation, key players, significant trends, and the main market segments shaping its future.
Market Valuation and Expansion Forecast for Personalized Testing…
Top Players and Market Competition in the Skin Microbiome Industry
The skin microbiome market is emerging as a significant area of interest due to growing awareness about the critical role of skin health and innovative skincare technologies. As research advances and consumer preferences shift towards more natural and science-backed products, this market is set to undergo substantial growth. Let's explore the current market size, key players, driving factors, and upcoming trends shaping the skin microbiome industry.
Projected Expansion in the Skin…
Key Strategic Developments and Emerging Changes Shaping the Upadacitinib Market …
The upadacitinib market is poised for significant expansion over the coming years, driven by advances in treatment options and increasing awareness of autoimmune diseases. This report delves into the market's current size, key drivers, major players, and the emerging trends shaping its future trajectory.
Steady Growth Expected in Upadacitinib Market Size Through 2029
The market for upadacitinib is projected to reach $2.54 billion by 2029, growing at a robust compound annual…
Analysis of Key Market Segments Driving the Alzheimer's Disease Diagnostic Marke …
The Alzheimer's disease diagnostic sector is rapidly evolving as advancements in technology and healthcare infrastructure open new possibilities for early detection and personalized treatment. With rising awareness and innovative approaches, this market is poised for significant growth in the coming years. Let's explore the current market size, key drivers, leading companies, and emerging trends that are shaping this critical healthcare field.
Projected Market Size and Growth Trends in Alzheimer's Disease Diagnostics…
More Releases for Hospitality
Sara Hospitality : Leading USA Hospitality Furniture Manufacturer
With decades of experience and an unyielding commitment to quality combined with client oriented services make Sara Hospitality the leader in hotel furnishing needs throughout the country.
In the complex and fast-moving world of the hospitality sector in the USA, one company continues to rise to the top when it comes to outstanding Hospitality Furniture: Sara Hospitality USA. Through their excellent attention to detail, creativity, and focus on clients,…
Sara Hospitality USA Sets New Standards in Luxury Hospitality Furniture
Image: https://www.abnewswire.com/upload/2025/01/3bdb9c9b5de7a5e35ad5b112a681e838.jpg
Sara Hospitality USA stands out as a premier provider of hospitality furniture [https://sarahospitalityusa.com/]. Established in 2007, the company has built a strong reputation for delivering high-quality, custom-designed furniture tailored to the unique needs of the hospitality industry. Sara Hospitality specializes in creating durable and stylish furniture using solid wood and plywood to ensure longevity and elegance in hotel spaces. With over 550 successful projects across the United States, they…
Discovery Hospitality Celebrated as 2024 Philippines' Leading Hospitality Brand
Discovery Hospitality, the Philippines' beloved home-grown hotel management group, has once again demonstrated its industry leadership by being named "Leading Hospitality Brand in the Philippines" for the second consecutive year at the prestigious World Business Outlook Awards 2024 held this November 2 at the Bangkok Marriott Marquis Queen's Park. The group also took home awards for "Best Hospitality Services Provider" and "Best Luxury Business Hotel" for Discovery Primea, further solidifying…
Discovery Hospitality Corporation, Crowned as the Leading Hospitality Brand in t …
Discovery Hospitality Corporation (DHC) proudly added three more awards to its collection after receiving three recognitions at the World Business Outlook Awards held at the Marriott Marquis in Bangkok, Thailand.
The World Business Outlook Awards is a prestigious event led by Singapore-based global media publication, World Business Outlook, featuring industry business updates and providing a global voice and perspective to open conversations that are game-changers. To continue its mission of delivering…
Collective Hospitality Acquires trading assets of Selina Hospitality PLC (in adm …
Image: https://www.getnews.info/uploads/a78ba01b37fec25d24ff2e52287ba270.png
Collective Hospitality Pte Ltd [https://collectivehospitality.com], ("Collective") a leading hospitality owner and operator based in Singapore, today announced the successful acquisition of the majority of the business of Selina Hospitality PLC [https://selina.com] (in administration) ("Selina PLC" or the "Company"), a globally recognized lifestyle and experiential hospitality group. This acquisition represents a significant milestone in Collective's strategic expansion of its lifestyle and experiential travel businesses. This travel segment includes younger nomad…
Caprixaa - Hospitality Management
Caprixaa provides expert guidance through all stages of the hospitality property cycle, from planning and development through recapitalization or disposition. Caprixaa Hospitality Management also has a proven record of developing bespoke hotel brands and utilizes industry-leading proprietary revenue management tools that identify and predict evolving market dynamics to drive outperformance and maximize asset value.
The mission of Caprixaa is to enhance and assist hotels in meeting their objectives for long-term…
