Global Hotel and Other Travel Accommodation Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
The Business Research Company Global Hotel and Other Travel Accommodation Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, January 5, 2022 /EINPresswire.com/ – The growing use of social media and access to mass media is having a positive impact on the tourism and hospitality industries. With tourists sharing their travel information, photographs and videos on social media platforms, people are increasingly aware of the tourist destinations and recreational experiences offered by different countries around the world. According to a survey by Stackla, 86% of people (and 92% of Gen Z) said they were interested in a specific place after seeing user-generated content on social media. In addition, the mass media play an important role in helping countries promote tourism by educating people about their culture. This growing awareness drives a large number of people traveling abroad and is expected to drive the growth of the hotel industry and other travel accommodation during the forecast period.
Asia Pacific was the largest region for hospitality and other travel accommodation in 2021. North America was the second largest region in the global hospitality and other travel accommodation market . The Regions Covered By The Hotel And Other Travel Accommodation Market Report Are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
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The global market size for hotels and other travel accommodation is expected to grow from $ 645.44 billion in 2021 to $ 784.33 billion in 2022 at a compound annual growth rate (CAGR) of 21.5%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the shutdown of business activities that have resulted in operational challenges. Forecasts for the hotel and other travel accommodation market show that it will reach $ 1,349.43 billion in 2026 at a CAGR of 14.5%.
Trends in the hotel and other travel accommodation market include the use of technologies that are transforming the customer experience. Certain technologies are leading to great improvements and savings for the hotel and other travel accommodation market. The most important trend in the accommodation industry is the use of near field communication technology (NFC), 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 address guest complaints involving housekeeping interruptions. Hotels also use robots to deliver amenities to rooms and for other functional purposes. Hoteliers invest in systems and technologies capable of automating processes, reducing costs and personalizing the guest experience.
Major players covered in the global hospitality and other travel accommodation industry are Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd, Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group, Shanghai Jin Jiang International Hotels (Group) Company Limited.
TBRC’s global hotels and other travel accommodation market segmentation is divided by type into hotels and motels, casino hotels, guesthouses, all other traveler accommodation, by booking method as online bookings, direct bookings , other, by application in tourist accommodation (leisure), official business (professional), by price level in economy, mid-range, luxury, by chained property, autonomous.
Global Hotels and Other Travel Accommodation Market Report 2022 – By Type (Hotels & Motels, Casino Hotels, Bed & Breakfast, All Other Traveler Accommodation), By Booking Method (Online Bookings, Direct Bookings) ), By Application (Tourist Accommodation (Leisure)), Official Affairs (Business)), By Price (Economy, Mid-Range, Luxury), By Property (Chained, Self-Contained) – Market Size, Global Trends & Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provides Hotel and Other Travel Accommodation market overview, forecast on the size and growth of the Hotel and Other Travel Accommodation market for the whole market segments, hotels and other travel accommodation market segments, geographies, hotel and other travel accommodation market trends, hotel and other market drivers of h travel accommodation, constraints, revenues, profiles and market shares of the main competitors.
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