Hotel And Other Travel Accommodation Market Insights
Hotel And Other Travel Accommodation Market Size was valued at USD 800 Billion in 2023 and is expected to reach USD 1.7 Trillion by the end of 2030 with a CAGR of 12.5% During the Forecast Period 2023-2030.
Within the larger hospitality business, the market for hotels and other travel accommodations is a vibrant and diverse sector that includes a broad range of enterprises that offer lodging and other services to tourists. Individuals, families, and business clients looking for short-term housing away from their home residences have a variety of demands that are met by this sector.
The market, which is characterized by a wide range of accommodations such as bed & breakfasts, hostels, resorts, motels, and vacation rentals, is propelled by the basic human desire for comfort and shelter when traveling. These places' main goal is to provide guests a home-away-from-home experience by providing a variety of lodging choices to suit a range of tastes, spending limits, and vacation needs.
Furthermore, the digital environment is vital, since technology-driven solutions and online booking platforms influence how customers find, reserve, and enjoy lodging. Sustaining success in the hotel and other travel accommodation market requires the sector to embrace innovations like contactless check-ins, customized services, and eco-friendly practices while it adjusts to shifting customer habits and tastes. This industry is essentially the result of the convergence of consumer preferences, travel, and hospitality, providing a dynamic ecosystem that meets the many demands of a mobile and global populace.
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Hotel And Other Travel Accommodation Market Trends
Emerging trends that are redefining the way hospitality services are provided are driving major changes in the hotel and other travel accommodation market. The business is changing to suit the dynamic expectations of modern visitors, from the incorporation of cutting-edge technology for tailored guest experiences to a heightened focus on sustainability and eco-friendly practices. The current environment of this dynamic and competitive market is also being shaped by the emergence of alternative lodging options and the growing significance of health and safety issues
Rise of the Experience Economy
More and more tourists are choosing genuine, one-of-a-kind experiences over conventional sightseeing. This is increasing demand for hotels that provide adventurous activities, health retreats, and deeply cultural experiences. This trend is advantageous for glamping locations, eco-lodges, and boutique hotels.
Tech-Enabled Transformation
Traveling is being swiftly transformed by technology, from contactless check-in and in-room automation to chatbots driven by AI for booking and guest services. In order to better serve tech-savvy travelers, increase operational efficiency, and customize the guest experience, hotels are investing in smart technology.
Sustainability Takes Center Stage
Travelers' decisions on where to stay are being influenced by their growing awareness of how their actions affect the environment. Hotels are implementing sustainable practices, such cutting back on energy use, utilizing eco-friendly products, and giving back to the community. There is increasing demand in hotels that are eco-certified and have robust sustainability activities.
Hotel And Other Travel Accommodation Market Scope Of the Report
This report offers past, present as well as future analysis and estimates for the Hotel And Other Travel Accommodation Market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, such as – primary research, secondary research, and subject-related expert advice. The market estimates are calculated based on the influence of the current market dynamics along with various economic, social, and political factors on the Hotel And Other Travel Accommodation Market. Also, various regulations, government spending, and research and development growth define the market data. Both positive, as well as negative changes to the market, are taken into consideration for the market estimates.
Hotel And Other Travel Accommodation Market Competitive Landscape
The market report lists the major players involved in the Hotel And Other Travel Accommodation Market under the competitive landscape and company profile chapters. The major players in the market are evaluated based on their product and/or service offerings, financial statements, key developments, strategic approach to the market, position in the market, geographical penetration, and other key features. The chapter also highlights the strengths, weaknesses, opportunities, and threats (SWOT analysis), winning imperatives, current focus and strategies, and threats from competition for the top three to five players in the market. Furthermore, the list of companies included in the market study can also be customized as per the client’s requirements. The competitive landscape section of the report covers details in terms of the top five company’s ranking, key developments such as recent developments, partnerships, mergers and acquisitions, new product launches, etc., the company’s regional footprint, and company industry footprint as per the market and Ace matrix.
Company Regional Footprint
This section provides geographical or regional level reach or their sales network presence for each of company’s considered for profiling.
Company Industry Footprint
This section provides the cross-analysis of industry verticals and market players that gives a clear picture of the company landscape with respect to the industries they are serving their products and services.
Ace Matrix
This section provides company benchmarking into Active, Cutting Edge, Innovator, and Emerging based on their product and business strategy. In Which, product strategy includes parameters such as Breadth & Depth of Product, Focus on Product Innovation, Product features & functions, Scalability whereas business strategy includes parameters such as geographical reach, Industry Coverage, Inorganic Growth, and Roadmap.
Top Hotel And Other Travel Accommodation Market Companies
The Hotel And Other Travel Accommodation Market Report delivers an in-depth analysis of leading and emerging players in the market. The Report provides comprehensive lists of key companies which have been enlisted on the basis of type of products they are offering & other factors in Market. Among company profiling market analysis, the analysts who worked on the report gave the year of market entry for each mentioned player can be considered for the research analysis.
The “Global Hotel And Other Travel Accommodation Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Marriott International, Hilton Worldwide, AccorHotels.
Hotel And Other Travel Accommodation Market Segmentation
By Type
- Hotel
- Motel
- Casino Hotel
- Other
By Application
- Tourist Accommodation
- Official Business
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Hotel And Other Travel Accommodation Market Report Coverage
Research Methodology
The qualitative and quantitative data of the Hotel And Other Travel Accommodation Market is prepared through various research considerations such as subject matter expert advice, primary and secondary research. Primary research leverages valuable information from face-to-face and/or telephonic interviews and surveys, questionnaires, industry expert opinion, KOLs, customers, and others. Primary interviews are conducted regularly with industry experts to create in-depth expert information on the market and to substantiate the existing analysis of the data.
Secondary research done by Verified Market Reports research team through various sources such as
- Company websites, annual reports, financial reports, investor presentations and SEC filings
- Internal and external proprietary databases, relevant patent, and regulatory databases
- National government documents, statistical databases, and market reports
- News articles, press releases and web-casts specific to the companies operating in the market
- Paid database
Verified Market Reports contacted various key opinion leaders from the same industry, who are top and mid-level executives from top companies as well as executives (marketing heads, regional heads) from End users to collect information/data such as the dominance of particular brand in each country as well as overall region, pricing of services and products.
The data for total sales was determined through primary research in each of the countries by interviewing key opinion leaders which included insights from
- C-Level Executives
- Marketing Manager, Brand Manager, Product Manager
- Sales Manager, Sales Officer, Regional Sales Manager, Country Manager
- Procurement Manager
- Production Manager
- Technical Personnel
- Distributors
The subject matter experts act as a key link to validate and substantiate the key research findings and understandings as the experts have acquired extensive experience in the market over the years. Secondary research data for the Hotel And Other Travel Accommodation Market are collected from the internet, printed documents (company annual reports and research papers) related to the industry, industrial magazines, association findings, government websites, and others. These multiple information sources provide a key outline of the market.
