Hospitality Market Characteristics
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.
Competitive Landscape of the Hospitality Market
Major players in the global hospitality market include McDonald's, Compass Group plc, Starbucks, Sodexo, Marriott International, and Subway.
Hospitality Market Size
The hospitality market size is expected to reach $5 trillion by 2022, significantly growing at a CAGR of around 7% during the forecast period. The growth in the hospitality market is due improved earning capacity, economic growth in developed nations and technological development.
However, the market for hospitality is expected to face certain restraints from several factors such as talent crunch in emerging Asia, online travel agencies (OTAS) increasing power.
Hospitality Market Segmentation
The global hospitality market is further segmented based on type and geography.
By Type - The hospitality market is segmented into food and beverage services and non-residential accommodation services among these two segments, the food and beverage services market accounts for the largest share in the global hospitality market.
By Geography - The global hospitality is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific Hospitality market accounts the largest share in the global hospitality market.
Trends in the Hospitality Market
Innovative hotel design, smart room keys and mobile apps for marketing are the major trends witnessed in the global hospitality market.
Potential Opportunities in the Hospitality Market
With increase in travel and tourism, improved earning capacity, emerging markets growth, the scope and potential for the global Hospitality market is expected to significantly rise in the forecast period.
Innovative Hotel Designing
Healthy Eating is a Free Choice of Consumers.
Menu Engineering to Increase the Number of Orders.
Micro-housing Units to Meet the Growing Demand for Affordable Accommodation.
Quick, Packaged and Healthy Beverages are about to Capture the Global Bars and Cafes Services Market.
Campgrounds Started Offering Wi-Fi Facilities to Serve Campers’ “Social” Needs.
Organic Meals for the Increasing Number of Health Conscious Consumers.
Welcoming Hotels’ Interiors are a New Way for Attracting International Travelers.
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