The Business Research Company Hospitality Market – Opportunities and Strategies – Global Forecast to 2022
LONDON, GREATER LONDON, UK, December 6, 2021 /EINPresswire.com/ – The hospitality market is expected to benefit from forecasts of steady economic growth for many developed and developing countries. This continued economic growth should be a driver of the hospitality market, as increased disposable income and greater wealth will allow consumers to increase their spending on recreational activities. The market should be driven by changes in consumer reception habits. Rising popularity of hotel applications and social hospitality will propel the market growth during the forecast period.
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The size of the hospitality market is expected to grow at a CAGR of around 8% to nearly $ 5.89 trillion by 2022. Growth over the historical period is a result of improved capacity for gain, growth in emerging markets, travel and tourism. In the future, economic growth in developed countries and technological development will stimulate growth.
In the hospitality industry, customers are looking for more âinside the hotelâ experiences. This demand drives hotel managers to ensure that all areas of their hotels are as welcoming as the lobby. More and more hotels are using technologies that are transforming the guest experience. Certain technologies lead to improvements and significant savings in the hospitality market. The most important trends in this market are the use of near field communication technology (NFC), infrared technologies and robots.
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The main players in the global hotel industry are Compass Group PLC, Marriott International, Starbucks Coffee, Subway, Sodexo, Aramark Corporation, McDonald’s, Hilton Worldwide, Chick-fil-A, Elior Group.
The TBRC hospitality market report can be segmented by type into food services and non-residential accommodation services. The market for non-residential hosting services is expected to be the fastest growing segment.
With the improvement in earning capacity, the growth of emerging markets, travel and tourism, the potential and reach of the global hospitality market is expected to increase.
Hospitality Market – By Product Type (Food and Beverage Services and Non-Residential Accommodation Services), and by Region, Opportunities and Strategies – Global forecast to 2022 is part of a series of new reports From The Business Research Company which provides Global Hospitality Market Overview, Forecast of Hospitality Market size and growth for the entire market, Global Hospitality Market segments and geographies, market trends of the hotel industry, drivers of the hotel market, constraints, revenues, profiles and market shares of the main competitors.
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