How Has The Computer Vision in Hotel And Other Travel Accommodation Market Size Evolved In Recent Years?
The hotel and other travel accommodation market has seen considerable growth due to a variety of factors.
• The market size for hotels and other travel accommodations has seen robust growth in recent years. The market is set to expand from $1304.55 billion in 2024 to $1393.68 billion in 2025, maintaining a compound annual growth rate (CAGR) of 6.8%.
The remarkable growth during the historical period can be credited to increased disposable income, the expansion of mobile applications related to hotels, restaurants, and travel, enhanced income levels, the boom in emerging markets, massive growth in travel and the tourism industry, and a rise in the elderly population and early retirements.
What is the Forecasted Market Size and CAGR for the Hotel And Other Travel Accommodation Market?
The hotel and other travel accommodation market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of hotels and other travel accommodations is projected to present robust growth and reach $1806.58 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 6.7%.
This expected growth in the forecast period can be credited to factors such as economic advancement in developed countries, an increase in the millennial tourist population, enhanced involvement in outdoor activities, an upsurge in leisure spending, technological progresses, and a shift in travel patterns. Prime trends for the forecast period comprise focus on company acquisitions, emphasis on introducing more innovative hotel designs, investment in 3D printing technology for personalized options, adoption of smart room keys to enhance customer convenience and overall experience, use of artificial intelligence, bettering customer experiences, focus on providing appealing packages to solo travelers to boost profits, and improving their ranking on search engines to draw in customers.
Which Key Drivers Are Propelling Th Hotel And Other Travel Accommodation Market's Growth?
The rise in social media usage and mass media accessibility is positively influencing the tourism and hotel sectors. Tourists posting their journey details, photos, and videos on social media platforms have made people more aware of tourist spots and leisure activities offered worldwide. As an example, a report by Kepios Pte. Ltd., a Singapore-based virtual reference library, revealed that social media users rose by 227 million over the past year, hitting 4.70 billion by early July 2022. The global social media user base has expanded by over 5% in the past year, with the recent total constituting 59 percent of the global population. Every day, humankind devotes over 10 billion hours on social media platforms, equivalent to nearly 1.2 million years of human existence. As a result, the escalating use of social media and access to mass media is sparking increased demand in the hotel and other travel accommodation markets.
What are the Market Segments in the Hotel And Other Travel Accommodation Market?
The hotel and other travel accommodation market covered in this report is segmented –
1) By Type: Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveler Accommodation
2) By Mode: Online Bookings, Direct Bookings, Others
3) By Price Point: Economy, Mid-Range, Luxury
4) By Ownership: Chained, Standalone
5) By Application: Tourist Accommodation (Leisure), Official Business (Professional)
6) By Property Type: Hotels, Serviced Residences, Apartment Hotels, Co-Living, Other Property Types
Subsegments:
1) By Hotel And Motel: Full-Service Hotels, Limited-Service Hotels, Motels
2) By Casino Hotels: Luxury Casino Resorts, Budget Casino Hotels
3) By Bed And Breakfast Accommodation: Traditional Bed And Breakfasts, Boutique B&Bs
4) By All Other Traveler Accommodation: Hostels, Vacation Rentals, Serviced Apartments, Campsites And Glamping Options
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What Trends are Shaping the Hotel And Other Travel Accommodation Market?
Technological advancements are being implemented by hotels to significantly enhance the customer experience. Certain technological developments are resulting in significant enhancements and cost reductions for hotels and other accommodation services. The most prominent trends in this sector include the utilization of near-field-communication (NFC), infrared technologies, and robotics. NFC allows for secure and quick data exchange between devices, thereby simplifying mobile payments. Infrared sensors are being employed within hotels to handle customer grievances concerning housekeeping intrusions. Furthermore, robotics are being utilized in hotels for delivering necessities to guest rooms, among other practical applications. Hoteliers are focusing their investments on systems and technologies that can streamline processes, reduce costs and offer a personalized experience to their guests.
Who Are the Key Players in the Hotel And Other Travel Accommodation Market?
Major companies operating in the hotel and other travel accommodation market include:
• Marriott International
• MGM Resorts International
• Intercontinental
• Ctrip.Com International Ltd
• Hilton Worldwide Holdings
• Accor Hotels
• Shanghai Jin Jiang International Hotels (Group) Company Limited
• The Ascott Limited
• Btg-Jianguo Hotels & Resorts Co. Ltd
• Guangdong (International) Hotel Management Holdings ltd
• Jining Hotel Corporation. Ltd
• Hyatt Hotels Corporation
• Radisson Blue Hotels
• Shangri La Hotels & Resorts
• Taj Hotels Resorts & Places
• The Lalit Hotels
• The Leela Palace
• The Oberoi Group
• Relais Bourgondisch Cruyce (Belgium)
• Nh Collection Brussels Grand Sablon (Belgium)
• Hotel Academie (Belgium)
• Thon Hotel Bristol Stephanie (Belgium)
• Pillows Grand Boutique Hotel Reylof(Belgium)
• Boutique Hotel Am Stephansplatz (Austria)
• Hotel Sans Souci Wien (Austria)
• Hotel Kaiserhof Wien (Austria)
• Cap Estel (France)
• Aman Le Melezin (France)
• Shangri-La Hotel Paris (France)
• Hotel Residence Agnes (Czech Republic)
• Hotel Pod Vezi (Czech Republic)
• Grandium Hotel Prague (Czech Republic)
• Metropolitan Boutique Hotel (Poland)
• Puro Krakow Kazimierz (Poland)
• Puro Warszawa Centrum (Poland)
• Am Resorts
• Moon Palace Golf & Spa
• The Venetian Resort Las Vegas
• The Signature
• Citycenter
• Wynn Las Vegas
• Encore Las Vegas
• Luxor Las Vegas
• Resorts World Las Vegas
• Host Hotels & Resorts Inc
• Huazhu Group Ltd
• Wyndham Hotels & Resorts Inc
• Park Hotels & Resorts Inc.
• Louvre Hotéis
• Choice Hotels International
• Nh Hotel Group
• Saleh Bin Lahej Group
• Emaar Hospitality Group
• Jumeirah Group
• Al Khozama Management Company
• Rotana
• Tsogo Sun
• City Lodge Hotel Group
• Louvre Hotels Group
• Radisson Hotel Group
What are the Regional Insights into the Hotel And Other Travel Accommodation Market?
Asia-Pacific was the largest region in hotel and other travel accommodation in 2024. 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, Africa
