What Has Been the Progress and Growth of the Non Residential Accommodation Services Market in Recent Years?
The non residential accommodation services market has seen considerable growth due to a variety of factors.
• The market size for non-residential accommodation services has experienced a robust growth in the past few years. The projected growth is from $1397.27 billion in 2024 to $1493.41 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%.
The historic period's growth is due to factors such as economic cycles, globalization, industry regulations, demographic changes, and the increasing number of remote and gig workers.
What Is The Expected Growth In The Non Residential Accommodation Services Market Size Evolve over the Forecast Period?
The non residential accommodation services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the non-residential accommodation services market is projected to experience robust growth. By 2029, it is anticipated to reach a market size of $1939.72 billion, growing at a compound annual growth rate (CAGR) of 6.8%.
The projected growth during this period is due to factors such as hybrid work models, sustainable practices, health and safety considerations, the inclusion of more AI-based services, and regulatory shifts. Key trends during this said period include the rise of sharing economy platforms, the blend of work and vacation referred to as workcation and bleisure, an increased focus on personalization and experiences, the introduction of contactless services, and a greater emphasis on wellness and well-being.
What Main Forces Are Fueling Expansion In The Non Residential Accommodation Services Market?
The surge in social media usage and greater exposure to mass media is favorably influencing the tourism and non-residential accommodation sectors. As holidaymakers post about their trips, complete with photos and videos, on social media networks, public knowledge about various global vacation spots and fun experiences is growing. A study from Kepios Pte. Ltd., a Singaporean web-based reference library, revealed that from October 2022, social media users shot up by 227 million in the past year, hitting 4.70 billion by early July 2022. The number of worldwide social media users expanded by over 5% in the same period, and the most recent figures suggest that this now represents 59 percent of the world's entire population. Collectively, the globe spends more than 10 billion hours on social media every day, equivalent to approximately 1.2 million years of human life. Thus, the burgeoning use of social media and increased access are fuelling the expansion of the tourism and non-residential accommodation sectors.
What Are The Primary Segments In The Global Non Residential Accommodation Services Market?
The non-residential accommodation services market covered in this report is segmented –
1) By Type: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation
2) By Price Point: Economy, Mid-Range, Luxury
3) By Channel: Direct Sales, Distributor
4) By Mode of Booking: Online Bookings, Direct Bookings, Other Mode Of Booking
Subsegments:
1) By Hotel And Other Travel Accommodation: Luxury Hotels, Midscale Hotels, Economy Hotels, Boutique Hotels, Other Travel Accommodations
2) By Camping And Caravanning: Recreational Vehicle Parks, Campgrounds, Trailer Parks
3) By Students And Workers Non-Residential Accommodation: Student Hostels, Worker Dormitories, Temporary Housing Solutions
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What Trends Are Shaping The Non Residential Accommodation Services Market?
The hospitality sector is deploying technology to enhance guest satisfaction and minimize operational expenses. Emerging trends encompass the application of near-field communication (NFC) tech, infrared technologies, and robotics. NFC facilitates the exchange of data between devices, rendering mobile transactions both immediate and safe. Hotels employ infrared sensors to resolve issues related to disruptions in housekeeping services. They are also leveraging robots for the distribution of amenities to guest rooms and other tasks. Hotel managers are committing funds towards systems and tech tools that can automate procedures and tailor guest experiences.
Who Are the Key Players In The Non Residential Accommodation Services Market?
Major companies operating in the non-residential accommodation services 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
• Starwood Hotels
• Hyatt Hotels Corporation
• Four Seasons Hotels and Resorts
• Wyndham Hotels and Resorts
• Choice Hotels International
• Best Western International
• Carlson Rezidor Hotel Group
• Mandarin Oriental International Limited
• Shangri-La Asia Limited
• The Indian Hotels Company Limited
• Jumeirah International LLC
• Extended Stay America
• Red Roof Inn
• Motel 6
• La Quinta Inns & Suites
• Candlewood Suites
• Staybridge Suites
• Homewood Suites by Hilton
• Residence Inn by Marriott
• TownePlace Suites by Marriott
• SpringHill Suites by Marriott.
What Is The Most Dominant Region In The Non Residential Accommodation Services Market?
Asia-Pacific was the largest region in the non-residential accommodation services market in 2023. North America was the second largest region in the non-residential accommodation services market. The regions covered in the non-residential accommodation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
