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Emerging Trends Influencing The Growth Of The Non-Residential Accommodation Services Market: Enhancing Customer Experiences And Cost Efficiency Through Technology In Hotels
Non-Residential Accommodation Services Market
How Big Is the Non-Residential Accommodation Services Market Size Expected to Be by 2034?
The non-residential accommodation services market has experienced strong growth in recent years. It will grow from $1397.27 billion in 2024 to $1493.41 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. Growth in this market has been driven by economic cycles, globalization, regulatory changes, demographic shifts, and the rise of remote and gig economy workers.
The non-residential accommodation services market is anticipated to show strong growth, reaching $1939.72 billion by 2029 at a CAGR of 6.8%. Key growth areas include hybrid working, focus on sustainability, improved health protocols, AI integration, and regulatory developments. Emerging trends are shared economy models, workcation experiences, personalized stays, contactless services, and wellness-centric offerings.
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What Are the Emerging Segments Within the Non-Residential Accommodation Services Market?
The non-residential accommodation services market covered in this report is segmented -
1) By Type: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation
2) By Price Point: Economy, Mid-Range, Luxury
3) By Channel: Direct Sales, Distributor
4) By Mode of Booking: Online Bookings, Direct Bookings, Other Mode Of Booking
Subsegments:
1) By Hotel And Other Travel Accommodation: Luxury Hotels, Midscale Hotels, Economy Hotels, Boutique Hotels, Other Travel Accommodations
2) By Camping And Caravanning: Recreational Vehicle Parks, Campgrounds, Trailer Parks
3) By Students And Workers Non-Residential Accommodation: Student Hostels, Worker Dormitories, Temporary Housing Solutions
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What Long-Term Drivers Are Shaping Non-Residential Accommodation Services Market Trends?
The expanding influence of social media and access to mass communication is positively impacting the tourism and non-residential accommodation markets. Tourists frequently post about their travel experiences online, which raises awareness of global travel destinations. For example, a report from Kepios Pte. Ltd. in October 2022 noted that social media users increased by 227 million over the previous year, reaching 4.7 billion people globally. With 59% of the global population using social platforms and spending 10 billion hours daily, tourism visibility is increasing, which boosts these markets.
Who Are the Top Competitors in Key Non-Residential Accommodation Services Market Segments?
Major companies operating in the non-residential accommodation services market include 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.
What Are the Major Trends Shaping the Non-Residential Accommodation Services Market?
Hotels are incorporating new technologies to improve guest satisfaction and lower costs. These include NFC for secure mobile payments, infrared sensors to reduce housekeeping disturbances, and robots for room service and other functions. Investments are being made in automation and personalization systems to elevate the overall customer experience.
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Which Regions Are Becoming Hubs for Non-Residential Accommodation Services Market Innovation?
Asia-Pacific was the largest region in the non-residential accommodation services market in 2023. North America was the second largest region in the non-residential accommodation services market. The regions covered in the non-residential accommodation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Non-Residential Accommodation Services Market?
2. What is the CAGR expected in the Non-Residential Accommodation Services Market?
3. What Are the Key Innovations Transforming the Non-Residential Accommodation Services Industry?
4. Which Region Is Leading the Non-Residential Accommodation Services Market?
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