The Global Hotel and Other Travel Accommodation Market is expected to grow from US$ 860.09 billion in 2023 to reach a valuation of US$ 1102.17 billion by 2029 from US$ 896.39 billion in 2024, at a compound annual growth rate (CAGR) of 4.22% between 2024 and 2029.
The hotel and other travel accommodation markets consist of the sale of short-term lodging services by entities (organizations, sole proprietorships, or partnerships). The hotel and other travel accommodation markets are segmented into hotels and motels, hotels with a casino, guest rooms, and all other accommodations for travelers.
Part of the reason is that budget hotels are better able to take advantage of demand segments that remain relatively strong despite travel restrictions, including truck drivers and extended-stay guests. At all hotels, revenue is based on an average daily rate, number of rooms, and occupancy, as well as food and drink where applicable. For homeowners considering going out of business, variable and semi-fixed costs are factors, as fixed costs don't change no matter what. Better demand and lower operating costs suggest that budget hotels will recover faster. It would be consistent with what we have seen in past crises. But there are likely to be pockets of resilience and recovery in the market. Hotels that rely on revenue from meetings, incentives, conferences, and events (MICE) could face large deficits. Owners will need to carefully monitor reserves to distinguish between single peaks of growth and sustained recovery.
Hotels use technologies that transform the guest experience. Some technologies lead to big improvements and savings for hotels and other lodging markets. The most significant trend in the lodging industry is the use of near-field communication technology (NFC), infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant and secure process. Infrared sensors are used in hotels to address guest complaints about service interruptions. Hotels also use robots to provide room amenities and for other functional purposes. Hoteliers invest in systems and technologies capable of automating processes, reducing costs, and personalizing the guest experience.
Businesses offer personalized offers and promotions by collecting vital information about consumer likes, dislikes, and preferences through the use of social media and technologies such as mobile software applications that track customer behavior. Hotels now provide personalized menus, lighting, and other services on the basis of customer information present from past visits or information collected on social media. The Four Seasons Hotel has spent $ 18 million to revamp its website, which will offer personalized dynamic web pages to potential guests.
The coronavirus pandemic acted as a massive strain on the market for hotels and other travel accommodations in 2023, with governments globally imposing restrictions on domestic and international travel that limit the need for the services offered by these establishments. Measures taken by national governments to contain transmission have led to a decrease in economic activity, with countries in a state of lockdown and the outbreak is expected to continue to affect companies during 2024 and into 2029 negatively.
The increasing use of social media and access to the media is having a positive impact on the tourism and hospitality industries. With tourists sharing their travel information, photos, and videos on social media platforms, people are becoming more and more aware of the tourist destinations and leisure experiences that the different countries of the world offer. According to a WeSwap survey, 37% of millennials were inspired by social media content, and 61% of travelers want to share their experiences online. In addition, social media plays an important role in helping countries promote tourism by making people aware of their culture. This growing awareness is reflected in large numbers of people traveling abroad and is foreseen to drive growth in the hospitality and other tourist accommodation sectors during the outlook period.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
4.22% |
Segments Covered |
By Type, Mode Of Booking, Application, Price Point, OwnerShip, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Marriott International, Hilton Worldwide, Wyndham Corporation, Hyatt Hotels Corporation, Four Seasons Hotels & Resorts, and Others. |
Asia-Pacific was the biggest region in the worldwide industry for hotels and other travel accommodations, accounting for 36% of the industry in 2021. North America was the second-largest region with 27% of the global market. Africa was the smallest region in the world that is estimated to offer promising opportunities in the coming years.
Companies playing a prominent role in the global hotel and other travel accommodation market include Marriott International, Hilton Worldwide, Wyndham Corporation, Hyatt Hotels Corporation, Four Seasons Hotels & Resorts, and Others.
By Type
By Mode of Booking
By Application
By Price Point
By Ownership
By Region
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region