The hospitality market is expected to reach $5,816.66 billion in 2027 at a CAGR of 5.5%!
Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, 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 many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.
Hospitality Market Coverage
The hospitality market consists of sales of accommodation and food services and related goods by entities (organizations, sole traders or partnerships) that provide customers with lodging and/or prepare meals, snacks, and beverages for immediate consumption. The market covers both accommodation and food services because the two activities are often combined at the same establishment. The hospitality market is segmented into non-residential accommodation services and food and beverage services. Only goods and services traded between entities or sold to end consumers are included.
The Business Research Company covers 43 markets overall in the hospitality market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The hospitality market is segmented in the following manner:
- 1. Non-Residential Accommodation Services
The non-residential accommodation services market consists of sales of non-residential accommodation services and related goods by entities (organizations, sole traders or partnerships) that provide lodging or short-term accommodation for travelers, vacationers, and others. There is a wide range of services provided in this market. Some establishments provide lodging only, while others provide meals, laundry services, and recreational facilities, as well as lodging. Lodging establishments are classified in this subsector even if the provision of complementary services generates more revenue. The types of complementary services provided vary from establishment to establishment. The non-residential accommodation services market is segmented into hotel and other travel accommodation; camping and caravanning and students and workers non-residential accommodation. Only goods and services traded between entities or sold to end consumers are included.
The Non-Residential Accommodation Services Market is sub-segmented into-
- 1.1. Hotel And Other Travel Accommodation
- 1.2. Camping And Caravanning
- 1.3. Students And Workers Non-residential Accommodation
- 1.4. Hostels
- 2. Food And Beverage Services
The food and beverage services market consists of sales of food and beverage services and related goods by entities (organizations, sole traders and partnerships) that provide meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption. The food and beverage services market is segmented into restaurants and mobile food services; bars and cafes and catering services and food contractors. Only goods and services traded between entities or sold to end consumers are included.
The Food And Beverage Services Market is sub-segmented into-
- 2.1. Restaurants And Mobile Food Services
- 2.2. Bars And Cafes
- 2.3. Catering Services And Food Contractors
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The Business Research Company`s Hospitality Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the hospitality industry. The hospitality market research services and solutions The Business Research Company provides are as follows —
- Hospitality Market Sizing, Forecast and Trend Analysis
- Hospitality Market Competitor Analysis
- Hospitality Market Supply Chain Analysis
- Hospitality Market Customer Research
- Hospitality Market Partner or Distribution Research
- Hospitality Market Entry Strategy Research Study
- Hospitality Industry Analysis and Profiling
- Hospitality Market Regulations