Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Hotel And Other Travel Accommodation Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global hotel and other travel accommodation market grew from $747.32 billion in 2022 to $846.64 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The hotel and other travel accommodation market is expected to grow to $1049.6 billion in 2027 at a CAGR of 5.5%.
Major companies in the hotel and other travel accommodation 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.
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A hotel or other travel accommodation refers to a location where legitimate travelers may get food or shelter as long as they have the means to pay for it and are in good enough health to be accepted. Accommodation is a group of rooms or a building in which someone may live or stay and is essential for any tourists who want to travel to another destination or on a trip because you will always need a place to stay such as hotels, caravan parks, camp sites, and so on.
Hotels and motels are the most common types of hotel and other travel accommodation, followed by casino hotels, bed and breakfast lodging, and all other types of traveler lodging. A bed & breakfast accommodation is a form of lodging that includes an overnight stay as well as the first meal of the day in the fee. The different modes of booking involve online bookings, direct bookings, and others, and they include various ownerships such as chained, standalone. The price point of the services includes economy, mid-range, and luxury and they are used for tourist accommodation (leisure), official business (professional).
Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings for the hotel and other travel accommodation markets. The most significant trends in the accommodation industry are the use of near-field-communication (NFC) technology, infrared technology, 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 customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.
Asia-Pacific was the largest region in the hotel and other travel accommodation in 2021. North America was the second largest region accounting in the global hotel and other travel accommodation market. The regions covered in the hotel and other travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the hotel and land other travel accommodation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs, and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world.
For instance, in October 2022, according to a report published by Kepios Pte. Ltd., a Singapore-based online reference-based library, over the last year, social media users increased by 227 million, reaching 4.70 billion by the beginning of July 2022. Over the last year, the global social media user base has grown by more than 5%, with the most recent global total now equaling 59 percent of the world's total population. Every day, the world spends more than 10 billion hours on social media platforms, which is nearly 1.2 million years of human existence. Therefore, the increasing use of social media and access to mass media is growing demand for hotel and other travel accommodation market.
The hotel and other travel accommodation market includes revenues earned by entities by providing short-term lodging services such as hotels, motor hotels, resort hotels, and motels. The establishments in this industry may offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services. This market includes revenues from sales by restaurants to a delivery service but not the revenues of the delivery service itself. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $846.64 billion |
| Forecasted Market Value (USD) by 2027 | $1049.6 billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Hotel And Other Travel Accommodation Market Characteristics
3.1. Market Definition
3.2. Key Segmentation
4. Hotel And Other Travel Accommodation Market Product Analysis
4.1. Leading Products/Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Hotel And Other Travel Accommodation Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Hotel And Other Travel Accommodation Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Hotel And Other Travel Accommodation Market Trends And Strategies
8. Hotel And Other Travel Accommodation Market - Macro Economic Scenario
8.1 COVID-19 Impact On Hotel And Other Travel Accommodation Market
8.2 Ukraine-Russia War Impact On Hotel And Other Travel Accommodation Market
8.3 Impact Of High Inflation On Hotel And Other Travel Accommodation Market
9. Hotel And Other Travel Accommodation Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Hotel And Other Travel Accommodation Market Regional Analysis
10.1. Global Hotel And Other Travel Accommodation Market, 2022, By Region, Value ($ Billion)
10.2. Global Hotel And Other Travel Accommodation Market, 2017-2022, 2022-2027F, 2032F, Historic And Forecast, By Region
10.3. Global Hotel And Other Travel Accommodation Market, Growth And Market Share Comparison, By Region
11. Hotel And Other Travel Accommodation Market Segmentation
11.1. Global Hotel And Other Travel Accommodation Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hotel And Motel
- Casino Hotels
- Bed And Breakfast Accommodation
- All Other Traveler Accommodation
11.2. Global Hotel And Other Travel Accommodation Market, Segmentation By Mode of Booking, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Bookings
- Direct Bookings
- Other Mode Of Booking
11.3. Global Hotel And Other Travel Accommodation Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Tourist Accomodation (Leisure)
- Official Business (Professional)
11.4. Global Hotel And Other Travel Accommodation Market, Segmentation By Price Point, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Economy
- Mid-Range
- Luxury
11.5. Global Hotel And Other Travel Accommodation Market, Segmentation By Ownership, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Chained
- Standalone
12. Hotel And Other Travel Accommodation Market Metrics
12.1. Hotel And Other Travel Accommodation Market Size, Percentage Of GDP, 2017-2027, Global
12.2. Per Capita Average Hotel And Other Travel Accommodation Market Expenditure, 2017-2027, Global
For more information about this report visit https://www.researchandmarkets.com/r/gyhfc9
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