Press release
2025 Hospitality Market Outlook: Key Indicators Shaping Growth Through 2034
Hospitality
Hospitality Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the hospitality market has seen significant expansion in recent periods. The projection is that it will surge from $5384.78 billion in 2024 to $5717.43 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. This growth during the historic interval can be linked to advancements in travel and tourism, societal and cultural transformations, worldwide events and pandemics, along with investments in infrastructure.
Hospitality Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the hospitality market size is projected to witness robust growth, reaching $7239.02 billion in 2029 with a compound annual growth rate (CAGR) of 6.1%. This growth during the forecast period can be credited to several factors including sustainability initiatives, wellness tourism, flexible booking options, partnerships with local communities, and adherence to health and safety standards. Key trends anticipated during this period are AI and personalization, touchless technologies, technological innovations, bespoke guest experiences, and the impact of digital marketing and social media.
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What Are the Drivers Transforming the Hospitality Market?
The growth of the hospitality industry is being bolstered by a consistent economic expansion in many developed and developing nations. For example, the U.S. Bureau of Economic Analysis reported in September 2023, that there was an annual increase of 2.1% in real gross domestic product (GDP) during the second quarter of that year. With commodity prices rebounding after a significant downturn in the historical period, this trend is anticipated to further support market growth. In the forecast period, advanced economies are presumed to show sustained progress. Meanwhile, it's predicted that emerging markets will persist in growing marginally faster than their developed counterparts. Consequently, it's predicted that steady economic growth will serve as a driving force for the market throughout the forecast period.
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What Long-Term Trends Will Define the Future of the Hospitality Market?
Technological advancements are increasingly being employed by hotels to revolutionize the guest experience. Certain technologies have led to substantial enhancements and cost reductions in the hospitality sector. The most notable trends in this sector include the implementation of Near Field Communication (NFC) technology, infrared technology, and robotics. NFC allows device-to-device data exchange, greatly streamlining mobile payments and making them more secure. Infrared sensors are being installed in hotels to prevent housekeeping disruptions, a common point of dissatisfaction for guests. Moreover, robots are being employed by hotels for tasks such as delivering necessities to guest rooms, among other functions. Hotel managers are investing in systems and technologies aimed at automating processes and customizing the guest experience.
Which Segments in the Hospitality Market Offer the Most Profit Potential?
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 Firms Dominate the Hospitality Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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