Non-Residential Accommodation Services Global Market To Reach Value Of About $1.2 Trillion In 2025
19 Feb, 2021
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.
Global Non-Residential Accommodation Services Market Size And Drivers:
The global non-residential accommodation services market is expected to grow from $722.72 billion in 2020 to $857.61 billion in 2021 at a compound annual growth rate (CAGR) of 18.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.125 trillion in 2025 at a CAGR of 7%. Increasing use of social media and access to mass media is positively impacting the tourism and non-residential accommodation industries. This rising awareness is resulting in large number of people travelling abroad and is expected to drive growth in the non-residential accommodation industry during the forecast period.
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Trends In The Global Non-Residential Accommodation Services Market
Hotels are using technologies to improve customer experience and reduce operational costs. The most significant trends include 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 other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and can personalize the experience for guests.
Global Non-Residential Accommodation Services Market Segments:
The global non-residential accommodation services market is further segmented based on type, price point, channel, mode of booking and geography.
By Type:Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation
By Price Point:Economy, Mid-Range, Luxury
By Channel:Direct Sales, Distributor
By Mode of Booking:Online Bookings, Direct Bookings, Others
Subsegments Covered:Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveler Accommodation, RV (Recreational Vehicle) Parks And Campgrounds, Recreational And Vacation Camps, Dormitories, Off Campus Establishments, Migrant Workers` Camps
By Geography:The global non-residential accommodation services 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 non-residential accommodation services market, accounting for 36% of the total market.
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Non-Residential Accommodation Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides non-residential accommodation services market overviews, analyzes and forecasts market size and growth for the global non-residential accommodation services market, non-residential accommodation services market share, non-residential accommodation services market players, non-residential accommodation services market segments and geographies, non-residential accommodation services market’s leading competitors’ revenues, profiles and market shares. The non-residential accommodation services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.