Pune, 05, Dec 2022: According to Maximize Market Research, the hotel market worth USD 1,663.82 billion by 2029, with a CAGR of 9.2%. The Hotels Market is expected to grow at a phenomenal rate through the year 2029, spurring significant investment from well-established companies.
Hotels Market Scope and Research Methodology
The Hotels Market report investigates current market trends and highlights to assist clients in exploring opportunities and developing market strategies. The goods and services provided by key market participants and new entrants, as well as their revenue, financial status, portfolio, growth strategies, and regional presence, are all investigated. Recent acquisitions and mergers, as well as company strategic stances and joint alliance information, paint a clear picture of the competitive landscape in the Hotels Market. A segment-by-segment analysis by Product Type, Vehicle Type, Electrode Material, Sales Channel, and region is performed to comprehend the products and services of the Hotels Market, complete with market-influencing factors and current technological changes and innovations. The report also goes into great detail about the Hotels Market’s drivers, challenges, restraints, and challenges. Market participants and new entrants can use regional market analysis to develop pricing and marketing strategies at the local, regional, and global levels.
Bottom-up approaches were used to estimate the market and analyze global market trends. Data was collected from a large sample using both primary and secondary research methods in order to obtain accurate inferences. The primary methods used included surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. Secondary data was meticulously gathered from a carefully selected set of sources to ensure that the conclusions were correct. Paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations and government websites, and white papers and annual reports are all available. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of important companies. As a result, the report examines the Hotels market in depth.
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Hotels Market Overview
A hotel is a well-kept facility or institution that provides guests with a place to stay overnight in exchange for money on a short-term basis. The exact amenities and services provided to visitors can vary greatly between hotels, and hotel owners frequently attempt to target a specific type of consumer through their pricing model and marketing approach, or by the range of services they offer. The hotel industry is the branch of the service industry that deals with visitor lodging. Most definitions of the hotel industry include not only hotels, but also a wide range of other types of overnight lodgings, such as hostels, motels, inns, and guest houses.
However, it does not generally include long-term or permanent types of lodging. Smart hotel technology, sustainable hotels, mobile bookings, robot staff, VR&AR, sharing economy, online travel agents, digital guest experience, voice tech, drone tech, flexible check-in & check-out, AI, hassle-free payment, smart rooms, green hotels, multicultural employment, hotel designs, and business strategies are the current emerging trends in the hotel industry that are expected to drive market growth.
Hotels Market Dynamics
Hotel Companies Seeking Technological Innovations to Gain a Competitive Advantage and Increase Profitability: In the hotel industry, the concept of “business as usual” is rapidly changing. While generic and “cookie-cutter” services are used to suffice, this is no longer the case. Guests are increasingly expecting more personalized options from hotels in order for them to meet their specific needs. Furthermore, the rise of the digital community suggests a high level of competition. To retain loyal customers, hotels must use the tools and processes at their disposal. Hotel technology is already playing an important role, and its impact is expected to grow in the coming years. Let us now look at eleven exciting future hotel technology developments in the hotel industry.
On a global scale, the hotel industry is one of the most competitive. Key players in this market are competing in a variety of ways to outperform their competitors. In isolation, key players in the hotel industry are developing world-class pricing and revenue management strategies that are both cost-effective for their customers and profitable for them. They are introducing dynamic pricing techniques that are supported by cutting-edge technologies such as advanced machine learning and artificial intelligence (AI) tools to achieve the best results for both customers and hotel owners.
The travel and tourism industry’s exponential growth is a key driver: Rise in consumer purchasing power, economic growth, digital innovation, and increased internet usage are all contributing to the expansion of the travel and tourism industry, which is driving the global hotel market. People’s travel frequency around the world has increased dramatically in recent years, whether on a national or international level. This trend is expected to continue in the forecast period, increasing hotel booking frequency for business and commercial purposes as well as tourism purposes, contributing to higher occupancy rates. Although the United States is a major hotel market globally, the China hotel market is expected to grow rapidly during the forecast period.
Hotels Market Regional Insights
North America had the highest market share in 2021 and is expected to dominate the market by 2029, with a revenue of USD () billion. By 2029, North America is expected to have the largest market share. As a result of the high demand, branded hotel giants and independent hotels are investing heavily in micro hotels in North American urban cities, followed by Asia, the Pacific, and Europe. For example, Marriott International, a leading American multinational smart hospitality company, announced the launch of its Moxy hotel chain in the Southeastern United States in January 2019. These are the key factors driving North America’s growth in the global market during the forecast period. During the forecast period, Europe is expected to have a significant share and the fastest growth. The region’s influx of international visitors has resulted in higher occupancy rates, which has aided market growth. According to the United Nations World Tourism Association, 710 million foreign visitors are expected to visit Europe in 2018. Poznan, Poland, Geneva, Switzerland, and Budapest, Hungary are also popular destinations in this region. Braga, Portugal, and other cities that are attracting visitors from all over the world aid in the development of traction.
Hotels Market Segmentation
By Hotel Type
- Business/ Commercial Hotels
- Boutique Hotels
- Resort Hotels
- Casino Hotels
- Transit Hotels
- Bed & Breakfast Hotels
By Price Level
By Room Capacity
By Business Model
Hotels Market Key Competitors:
- Accor SA
- Marriott International
- Hyatt Hotels Corporation
- Hilton Worldwide Holdings Inc.
- InterContinental Hotels Group PLC.
- Best Western International, Inc.
- Choice Hotels Internationals, Inc.
- Wyndham Destinations, Inc.
- Radisson Hospitality A.B.
- Indian Hotels Company Limited
- Oravel Stays Private Limited
- TC Limited
- EIH Limited
- Bharat Hotels Limited
- Lemon Tree Hotels
- The Leela Palaces
Key questions answered in the Hotels Market are:
- What is a Hotel?
- What is the growth rate of the Hotels Market over the forecast period?
- What is the nature of competition in the Hotel industry in developed economies and developing economies?
- Who are the key players in the Hotels Market?
- Who are the market leaders in Hotels in Europe?
- Who are the market leaders in Hotels in USA and Canada?
- Who are the market leaders in Hotels in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Hotels Market?
- Who held the largest market share in the Hotels Market?
- What are the factors for the growth of the Asia-Pacific region in the Hotels Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Hotel Type, Price level, Room Capacity, Business Model, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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