DUBLIN–(BUSINESS WIRE)–“Hospitality Global Market Report 2022” has been added to from ResearchAndMarkets.com offer.
The global hospitality market is expected to grow from $3,952.87 billion in 2021 to $4,548.42 billion in 2022 at a compound annual growth rate (CAGR) of 15.1%. The market is expected to reach $6,715.27 billion in 2026 with a CAGR of 10.2%.
Major companies in the hospitality market include Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald’s, Darden Restaurants, McDonald’s, Darden Restaurants, Yum China Holdings Inc., Chipotle, and Berkshire Hathaway Inc.
The hospitality market includes sales of accommodation and food services and related goods by entities (organizations, sole proprietorships or partnerships) that provide guests with accommodation and/or prepare meals, snacks and drinks for immediate consumption. The market covers both accommodation and catering because the two activities are often grouped together within the same establishment.
Asia Pacific was the largest region in the hospitality market in 2020. North America was the second largest region in the hospitality market. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growth of the hotel market is aided by steady economic growth predicted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021. The recovery in commodity prices, after a significant decline during the historic period, is expected to further contribute to the growth of the market.
Developed economies are also expected to record steady growth over the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets over the forecast period. Thus, steady economic growth is expected to drive the market over the forecast period.
Hotels are using technologies that are transforming the guest experience. Some technologies drive significant improvements and savings in the hospitality market. The most important 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 and secure process. Infrared sensors are used in hotels to respond to guest complaints about housekeeping interruptions. Hotels also use robots to deliver amenities to rooms and for many other functional purposes.
Hotel operators are investing in systems and technologies that can automate processes and personalize the guest experience.
Main topics covered:
2. Characteristics of the hotel market
3. Hospitality Market Trends and Strategies
4. Impact of COVID-19 on hospitality
5. Hospitality Market Size and Growth
5.1. Global historical hotel market, 2016-2021, billion dollars
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Hospitality Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Hospitality Market Segmentation
6.1. Global Hospitality Market, Segmentation by Type, History and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD
Non-residential accommodation services
Food and beverage services
6.2. Global Hospitality Market, Segmentation by Property, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7. Regional and Country Analysis of Hotel Market
7.1. Global Hospitality Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Hospitality Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
compass group plc
Yum China Holdings, Inc.
Berkshire Hathaway Inc.
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