Global Hospitality Market Trends And Strategies Of Major Players In The Hospitality Market 2021-2030
22 Apr, 2021
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.
Global Hospitality Market Size And Drivers:
The global hospitality market is expected to grow from $3.48 trillion in 2020 to $4.13 trillion in 2021 at a compound annual growth rate (CAGR) of 18.5%. The market is expected to reach $5.29 trillion in 2025 at a CAGR of 6%.
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries.
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Trends In The Global Hospitality Market
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.
Global Hospitality Market Segments:
The global hospitality market is further segmented based on type, distribution channel, nature, and geography.
By Type: Non-Residential Accommodation Services, Food And Beverage Services.
By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others.
By Nature: Organic, Conventional.
Subsegments Covered: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation, Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors.
By Geography: The global hospitality market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global hospitality market, accounting for 45% of the total market.
Read More On The Report For The Global Hospitality Market At:https://www.thebusinessresearchcompany.com/report/hospitality-global-market-report
Hospitality Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hospitality market overviews, analyzes and forecasts market size and growth for the global hospitality market, hospitality market share, hospitality market players, hospitality market segments and geographies, hospitality market’s leading competitors’ revenues, profiles and market shares. The hospitality market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.