The Business Research Company’s Hotel And Other Travel Accommodation global market report, covers the year-on-year growth of the global Hotel And Other Travel Accommodation market historic and forecast growth. It also includes chapters on the Hotel And Other Travel Accommodation market trends, geographical analysis, and competitive landscape.
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The global hotel and other travel accommodation market size is expected to reach $1.1 trillion by 2022, significantly growing at a CAGR of around 8% during the forecast period.
Hotel And Other Travel Accommodation Market Trends
The hotel and other travel accommodation market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities (organizations, sole traders or partnerships) that provide short-term lodging services and related goods in facilities known 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.
Technological advances are enabling firms to deliver personalized services by obtaining customer intelligence. Companies are providing customized promotions and offers by collecting vital information about consumers’ likes, dislikes and preferences by using social media and technologies such as mobile software applications that track customer behavior. Hotels are now offering personalized menus, lighting, and other services based on customer information available from previous visits or intelligence gathered from social media. The Four Seasons Hotel spent $18 million to revise their website which will deliver personalized dynamic web pages to potential customers.
The global Hotel And Other Travel Accommodation market is primarily driven by rise in government initiatives, social and mass media and millennial travelers.
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The global Hotel And Other Travel Accommodation market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With increase in emerging markets growth, ease of international travel, development of medical tourism and increase in disposable income, the global Hotel And Other Travel Accommodation market is expected to increase in potential and scope. TBRC’s report also covers the Hotel And Other Travel Accommodation drivers and restraints in the market.
The global Hotel And Other Travel Accommodation market’s segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global Hotel And Other Travel Accommodation market report are Marriott International, Hilton Worldwide, Wyndham Corporation, Hyatt Hotels Corporation, Four Seasons Hotels & Resorts.
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