The hospitality market size has grown strongly in recent years. It will grow from $4673.63 billion in 2023 to $4993.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historic period can be attributed to the expansion of travel and tourism, cultural and social transformations, global events including pandemics, and increased investment in infrastructure.
The hospitality market size is expected to see strong growth in the next few years. It will grow to $6189.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Forecasted growth is driven by sustainability, wellness tourism, flexible bookings, community collaboration, and health standards. Key trends include AI personalization, contactless tech, technological advancements, personalized guest experiences, and enhanced digital marketing with social media influence.
The growth trajectory of the hospitality market is strongly influenced by the anticipated stability in economic growth across various developed and developing countries. This trend is exemplified by the economic data reported by the US-based Bureau of Economic Analysis in September 2023, revealing a 2.1% annual increase in the real gross domestic product (GDP) during the second quarter of the same year. The recovery of commodity prices, following a notable decline in the historical period, is poised to further bolster market expansion. Developed economies are positioned to exhibit consistent growth, while emerging markets are anticipated to outpace their developed counterparts slightly. The overall projection is that sustained economic stability will serve as a driving force for the hospitality market throughout the forecast period.
The hospitality market is set to experience substantial growth, propelled by the expanding tourism industry. The tourism sector encompasses a wide range of economic activities and services related to travel and leisure. Within this context, hospitality assumes a pivotal role by providing accommodation, dining, and services that enrich the travel experience and create welcoming destinations. Notably, data from the Spain-based World Tourism Organization in May 2023 indicates that international tourism reached a significant milestone, surpassing the $1 trillion mark in 2022, marking a 50% real-term growth compared to the previous year. Moreover, the first quarter of 2023 witnessed a remarkable surge, with an estimated 235 million international tourists, more than double the figures recorded in the corresponding period of 2022. As a result, the thriving tourism industry emerges as a key driver fostering the growth of the hospitality market.
The hospitality market faced substantial challenges in 2020 due to the outbreak of the COVID-19 disease, leading to widespread restrictions on domestic and international travel imposed by governments worldwide. These measures significantly reduced the demand for services provided by hospitality establishments. COVID-19, characterized by flu-such as symptoms such as fever, cough, and respiratory difficulties, was initially identified in Wuhan, Hubei province, China, in 2019, subsequently spreading globally to regions including Western Europe, North America, and Asia. National governments responded to the crisis by implementing containment measures, including lockdowns, resulting in a marked decline in economic activity. The adverse effects of the pandemic continued to impact businesses throughout 2020 and extended into 2021. Despite the challenges posed by the unprecedented circumstances of the COVID-19 outbreak, the hospitality market is anticipated to recover over the forecast period. This downturn is regarded as a 'black swan' event, representing an unforeseen and rare occurrence, rather than being indicative of inherent weaknesses in the market or the global economy. The expectation is that as the effects of the pandemic wane and restrictions are lifted, the hospitality sector will gradually rebound from the shock experienced during this extraordinary event.
The hospitality industry is undergoing a transformative phase with the integration of cutting-edge technologies that significantly enhance the customer experience while driving improvements and cost savings. Notable advancements in this sector include the adoption of near field communication (NFC) technology, infrared technologies, and the deployment of robots. NFC technology facilitates seamless data exchange between devices, facilitating instant and secure mobile payments. Infrared sensors find application in addressing customer complaints related to housekeeping disruptions, ensuring a smoother and more comfortable stay. Hotels are increasingly leveraging robots for tasks such as delivering amenities to guest rooms and performing various functional roles. Consequently, hotel operators are strategically investing in automated systems and technologies to streamline processes and tailor experiences for their guests.
Leading companies in the hospitality market are intensifying their focus on incorporating customization features to maintain their competitive edge. Customization features empower users to personalize their experiences within a product, service, or system based on individual preferences and needs. A case in point is the initiative undertaken by HotelPort, a US-based software company, in July 2023. HotelPort launched Hospitality Software Development and Platform Integration Services, designed to assist hotels of all sizes in optimizing operations, streamlining workflows, and elevating guest experiences. Through the integration of existing hotel systems, HotelPort's platform integration services create a unified and efficient operational framework. This not only simplifies guest processes such as room booking, check-in/out, and access to services but also contributes to an overall enhanced guest experience. Furthermore, HotelPort's services play a pivotal role in increasing hotel revenue by improving online visibility and simplifying the booking process.
Major companies operating in the hospitality market report are Compass group Holdings plc; Starbucks Corporation; Sodexo SA; Marriott International Inc.; Aramark corporation; McDonald's Corporation; Four Seasons Hotels and Resorts Limited; Darden Restaurants Inc.; Yum China Holdings Inc.; Hilton Worldwide Holdings Inc.; Chipotle Mexican Grill Inc.; InterContinental Hotel Group plc; IDeaS Revenue Solutions Inc.; The Ritz-Carlton Hotel Company LLC; Mandarin Oriental Hotel Group Ltd.; Radisson Hotel Group AB; Extended Stay America Inc.; AIR Communities LLC; Rosewood Hotel Group LLC; La Quinta Inns & Suites Holdings Inc.; Apple Leisure Group LLC; Evolve Vacation Rental Network Inc.; Shangri-La Hotels and Resorts Ltd.; American Cruise Lines Inc.; Ennismore Lifestyle Group Limited; Hotel Engine Inc.; OTA Insight Limited; Red Lion Hotels Corporation; Mint House Holdings Inc.; Wonders Legal Inc.; BentoBox Media Inc.; Berkshire Hathaway Inc.
Asia-Pacific was the largest region in the hospitality market in 2023. North America was the second largest region in the hospitality market. The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospitality market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The main types of hospitality are non-residential accommodation services, food and beverage services. The non-residential accommodation services provide lodging or short-term accommodation for travelers, vacationers, and others. The different ownerships include chained and standalone.
The hospitality market research report is one of a series of new reports that provides hospitality market statistics, including hospitality industry global market size, regional shares, competitors with hospitality market share, detailed Hospitality market segments, market trends, and opportunities, and any further data you may need to thrive in the hospitality industry. This hospitality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hospitality market includes revenues earned by entities by providing accommodation and food services such as lodging and/or preparing 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The hospitality market size is expected to see strong growth in the next few years. It will grow to $6189.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Forecasted growth is driven by sustainability, wellness tourism, flexible bookings, community collaboration, and health standards. Key trends include AI personalization, contactless tech, technological advancements, personalized guest experiences, and enhanced digital marketing with social media influence.
The growth trajectory of the hospitality market is strongly influenced by the anticipated stability in economic growth across various developed and developing countries. This trend is exemplified by the economic data reported by the US-based Bureau of Economic Analysis in September 2023, revealing a 2.1% annual increase in the real gross domestic product (GDP) during the second quarter of the same year. The recovery of commodity prices, following a notable decline in the historical period, is poised to further bolster market expansion. Developed economies are positioned to exhibit consistent growth, while emerging markets are anticipated to outpace their developed counterparts slightly. The overall projection is that sustained economic stability will serve as a driving force for the hospitality market throughout the forecast period.
The hospitality market is set to experience substantial growth, propelled by the expanding tourism industry. The tourism sector encompasses a wide range of economic activities and services related to travel and leisure. Within this context, hospitality assumes a pivotal role by providing accommodation, dining, and services that enrich the travel experience and create welcoming destinations. Notably, data from the Spain-based World Tourism Organization in May 2023 indicates that international tourism reached a significant milestone, surpassing the $1 trillion mark in 2022, marking a 50% real-term growth compared to the previous year. Moreover, the first quarter of 2023 witnessed a remarkable surge, with an estimated 235 million international tourists, more than double the figures recorded in the corresponding period of 2022. As a result, the thriving tourism industry emerges as a key driver fostering the growth of the hospitality market.
The hospitality market faced substantial challenges in 2020 due to the outbreak of the COVID-19 disease, leading to widespread restrictions on domestic and international travel imposed by governments worldwide. These measures significantly reduced the demand for services provided by hospitality establishments. COVID-19, characterized by flu-such as symptoms such as fever, cough, and respiratory difficulties, was initially identified in Wuhan, Hubei province, China, in 2019, subsequently spreading globally to regions including Western Europe, North America, and Asia. National governments responded to the crisis by implementing containment measures, including lockdowns, resulting in a marked decline in economic activity. The adverse effects of the pandemic continued to impact businesses throughout 2020 and extended into 2021. Despite the challenges posed by the unprecedented circumstances of the COVID-19 outbreak, the hospitality market is anticipated to recover over the forecast period. This downturn is regarded as a 'black swan' event, representing an unforeseen and rare occurrence, rather than being indicative of inherent weaknesses in the market or the global economy. The expectation is that as the effects of the pandemic wane and restrictions are lifted, the hospitality sector will gradually rebound from the shock experienced during this extraordinary event.
The hospitality industry is undergoing a transformative phase with the integration of cutting-edge technologies that significantly enhance the customer experience while driving improvements and cost savings. Notable advancements in this sector include the adoption of near field communication (NFC) technology, infrared technologies, and the deployment of robots. NFC technology facilitates seamless data exchange between devices, facilitating instant and secure mobile payments. Infrared sensors find application in addressing customer complaints related to housekeeping disruptions, ensuring a smoother and more comfortable stay. Hotels are increasingly leveraging robots for tasks such as delivering amenities to guest rooms and performing various functional roles. Consequently, hotel operators are strategically investing in automated systems and technologies to streamline processes and tailor experiences for their guests.
Leading companies in the hospitality market are intensifying their focus on incorporating customization features to maintain their competitive edge. Customization features empower users to personalize their experiences within a product, service, or system based on individual preferences and needs. A case in point is the initiative undertaken by HotelPort, a US-based software company, in July 2023. HotelPort launched Hospitality Software Development and Platform Integration Services, designed to assist hotels of all sizes in optimizing operations, streamlining workflows, and elevating guest experiences. Through the integration of existing hotel systems, HotelPort's platform integration services create a unified and efficient operational framework. This not only simplifies guest processes such as room booking, check-in/out, and access to services but also contributes to an overall enhanced guest experience. Furthermore, HotelPort's services play a pivotal role in increasing hotel revenue by improving online visibility and simplifying the booking process.
Major companies operating in the hospitality market report are Compass group Holdings plc; Starbucks Corporation; Sodexo SA; Marriott International Inc.; Aramark corporation; McDonald's Corporation; Four Seasons Hotels and Resorts Limited; Darden Restaurants Inc.; Yum China Holdings Inc.; Hilton Worldwide Holdings Inc.; Chipotle Mexican Grill Inc.; InterContinental Hotel Group plc; IDeaS Revenue Solutions Inc.; The Ritz-Carlton Hotel Company LLC; Mandarin Oriental Hotel Group Ltd.; Radisson Hotel Group AB; Extended Stay America Inc.; AIR Communities LLC; Rosewood Hotel Group LLC; La Quinta Inns & Suites Holdings Inc.; Apple Leisure Group LLC; Evolve Vacation Rental Network Inc.; Shangri-La Hotels and Resorts Ltd.; American Cruise Lines Inc.; Ennismore Lifestyle Group Limited; Hotel Engine Inc.; OTA Insight Limited; Red Lion Hotels Corporation; Mint House Holdings Inc.; Wonders Legal Inc.; BentoBox Media Inc.; Berkshire Hathaway Inc.
Asia-Pacific was the largest region in the hospitality market in 2023. North America was the second largest region in the hospitality market. The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospitality market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The main types of hospitality are non-residential accommodation services, food and beverage services. The non-residential accommodation services provide lodging or short-term accommodation for travelers, vacationers, and others. The different ownerships include chained and standalone.
The hospitality market research report is one of a series of new reports that provides hospitality market statistics, including hospitality industry global market size, regional shares, competitors with hospitality market share, detailed Hospitality market segments, market trends, and opportunities, and any further data you may need to thrive in the hospitality industry. This hospitality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hospitality market includes revenues earned by entities by providing accommodation and food services such as lodging and/or preparing 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Hospitality Market Characteristics4. Hospitality Market Trends and Strategies68. Global Hospitality Market Competitive Benchmarking69. Global Hospitality Market Competitive Dashboard70. Key Mergers and Acquisitions in the Hospitality Market
3. Hospitality Product/Service Analysis -Product/Service Examples
5. Hospitality Market - Macro Economic Scenario
6. Global Hospitality Market Size and Growth
7. Hospitality Market Segmentation
8. Hospitality Market Regional and Country Analysis
9. Asia-Pacific Hospitality Market
10. China Hospitality Market
11. India Hospitality Market
12. Japan Hospitality Market
13. Australia Hospitality Market
14. Indonesia Hospitality Market
15. South Korea Hospitality Market
16. Bangladesh Hospitality Market
17. Thailand Hospitality Market
18. Vietnam Hospitality Market
19. Malaysia Hospitality Market
20. Singapore Hospitality Market
21. Philippines Hospitality Market
22. Hong Kong Hospitality Market
23. New Zealand Hospitality Market
24. Western Europe Hospitality Market
25. UK Hospitality Market
26. Germany Hospitality Market
27. France Hospitality Market
28. Italy Hospitality Market
29. Spain Hospitality Market
30. Austria Hospitality Market
31. Belgium Hospitality Market
32. Denmark Hospitality Market
33. Finland Hospitality Market
34. Ireland Hospitality Market
35. Netherlands Hospitality Market
36. Norway Hospitality Market
37. Portugal Hospitality Market
38. Sweden Hospitality Market
39. Switzerland Hospitality Market
40. Eastern Europe Hospitality Market
41. Russia Hospitality Market
42. Czech Republic Hospitality Market
43. Poland Hospitality Market
44. Romania Hospitality Market
45. Ukraine Hospitality Market
46. North America Hospitality Market
47. USA Hospitality Market
48. Canada Hospitality Market
49. Mexico Hospitality Market
50. South America Hospitality Market
51. Brazil Hospitality Market
52. Chile Hospitality Market
53. Argentina Hospitality Market
54. Colombia Hospitality Market
55. Peru Hospitality Market
56. Middle East Hospitality Market
57. Saudi Arabia Hospitality Market
58. Israel Hospitality Market
59. Iran Hospitality Market
60. Turkey Hospitality Market
61. United Arab Emirates Hospitality Market
62. Africa Hospitality Market
63. Egypt Hospitality Market
64. Nigeria Hospitality Market
65. South Africa Hospitality Market
66. Hospitality Market Competitive Landscape and Company Profiles
67. Hospitality Market Other Major and Innovative Companies
71. Hospitality Market Future Outlook and Potential Analysis
72. Appendix
Executive Summary
Hospitality Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on hospitality market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for hospitality? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Non-Residential Accommodation Services; Food and Beverage Services
2) By Ownership: Chained; Standalone
Subsegments Covered: Hotel and Other Travel Accommodation; Camping and Caravanning; Students and Workers Non-residential Accommodation; Restaurants and Mobile Food Services; Bars and Cafes; Catering Services and Food Contractors
Key Companies Mentioned: Compass group Holdings plc; Starbucks Corporation; Sodexo SA; Marriott International Inc.; Aramark corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Compass group Holdings plc
- Starbucks Corporation
- Sodexo SA
- Marriott International Inc.
- Aramark corporation
- McDonald's Corporation
- Four Seasons Hotels and Resorts Limited
- Darden Restaurants Inc.
- Yum China Holdings Inc.
- Hilton Worldwide Holdings Inc.
- Chipotle Mexican Grill Inc.
- InterContinental Hotel Group plc
- IDeaS Revenue Solutions Inc.
- The Ritz-Carlton Hotel Company LLC
- Mandarin Oriental Hotel Group Ltd.
- Radisson Hotel Group AB
- Extended Stay America Inc.
- AIR Communities LLC
- Rosewood Hotel Group LLC
- La Quinta Inns & Suites Holdings Inc.
- Apple Leisure Group LLC
- Evolve Vacation Rental Network Inc.
- Shangri-La Hotels and Resorts Ltd.
- American Cruise Lines Inc.
- Ennismore Lifestyle Group Limited
- Hotel Engine Inc.
- OTA Insight Limited
- Red Lion Hotels Corporation
- Mint House Holdings Inc.
- Wonders Legal Inc.
- BentoBox Media Inc.
- Berkshire Hathaway Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 500 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 4993.71 Billion |
Forecasted Market Value ( USD | $ 6189.59 Billion |
Compound Annual Growth Rate | 5.5% |
Regions Covered | Global |
No. of Companies Mentioned | 32 |