Hotel and Other Travel Accommodation Global Market Report 2024

The hotel and other travel accommodation market size has grown rapidly in recent years. It will grow from $871.24 billion in 2023 to $998.81 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The expansion observed in the historical period can be ascribed to an increase in disposable income, the proliferation of mobile applications for hotels, restaurants, and travel, enhanced earning capacity, the growth of emerging markets, advancements in the travel and tourism sectors, and the rise in the aging population with early retirement. Factors that impeded growth during the historical period included the impact of the COVID-19 pandemic, a shortage of talent in emerging Asia, the growing influence of online travel agencies (OTAs), challenges in customer retention, and the availability of alternative options.

Anticipated to witness consistent growth in the coming years, the hotel and other travel accommodation market size is projected to reach $1187.71 billion in 2028, reflecting a compound annual growth rate (CAGR) of 4.4%. The forecasted growth is linked to economic advancements in developed nations, the increasing number of millennial travelers, a surge in participation in outdoor activities, heightened expenditure on leisure, technological advancements, and shifts in travel preferences. Notable trends in the forecast period encompass a strategic focus on acquiring companies to enhance product offerings and boost revenues, the introduction of innovative hotel designs, implementation of automation for improved customer experiences and operational efficiency, investment in 3D printing technology for personalized options and cost-effective designs, adoption of smart room keys for enhanced customer convenience, integration of artificial intelligence for better analysis and insights to improve customer experiences, emphasis on attractive packages for solo travelers to maximize profits, launch of direct booking platforms for customer acquisition, and efforts to improve search engine rankings to attract customers.

The tourism and hotel industries are experiencing a positive impact from the increasing use of social media and widespread access to mass media. As tourists share their travel information, photos, and videos on social platforms, global awareness of tourist destinations and recreational experiences offered by various countries is on the rise. For example, a report from Kepios Pte. Ltd. in October 2022 revealed a significant increase in social media users by 227 million over the past year, reaching 4.70 billion by the beginning of July 2022. The global social media user base expanded by more than 5% in the last year, constituting 59 percent of the world's total population. On a daily basis, the world collectively spends over 10 billion hours on social media platforms, equivalent to nearly 1.2 million years of human existence. Consequently, the growing use of social media and broader access to mass media are contributing to increased demand in the hotel and other travel accommodation market.

The anticipated growth in the hotel and other travel accommodation markets is driven by the expanding tourism sector. Tourism, encompassing cultural, social, and economic aspects, involves individuals traveling to nations or locations beyond their usual environments for personal, business, or professional reasons. Crucial to the tourism sector, hotels and other travel accommodations provide visitors with comfortable and convenient lodging options, contributing significantly to local economies through tourism-related expenditures and job creation. They play a pivotal role in attracting and accommodating tourists, enhancing their travel experiences. For instance, in June 2022, the U.S. Department of Commerce reported an increase in international visitors to the United States, reaching 22.1 million in 2021, up from 19.2 million in 2020. Hence, the expanding tourism sector is a driving force behind the growth of the hotel and other travel accommodation markets.

The hotel industry is undergoing transformation through the adoption of technologies that enhance customer experiences, resulting in significant improvements and cost savings. Key trends in the accommodation industry include the integration of near-field-communication (NFC) technology, infrared technology, and the use of robots. NFC facilitates data exchange between devices, enabling instant and secure mobile payments. Infrared sensors address customer complaints related to housekeeping interruptions. Hotels are also deploying robots for tasks such as delivering amenities to guest rooms. Hotel operators are investing in automated systems and technologies to streamline processes, reduce costs, and personalize guest experiences.

Leading companies in the hotel and other travel accommodation markets are intensifying their focus on developing innovative solutions, including cost-effective booking options, to gain a competitive advantage. Cost-effective booking solutions refer tools, platforms, or systems that enable individuals to reserve services and accommodations at efficient and economical rates. For example, in July 2021, Revolut, a UK-based financial management company, launched Stays, an initiative allowing users to book hotels and accommodations through the Revolut app. As part of the company's strategy to become a 'super app,' offering multiple services through a single interface, Stays aims to simplify the booking process, allowing users to find and book ideal accommodations in their preferred destinations while also providing cost savings with up to 10% cashback on app bookings.

Major companies operating in the hotel and other travel accommodation market report are Marriott International, MGM Resorts International, Intercontinental, Downer EDI Limited, Ctrip.Com International Ltd., Hilton Worldwide Holdings, Accor Hotels, Shanghai Jin Jiang International Hotels (Group) Company Limited, The Ascott Limited, Rewe Group, Btg-Jianguo Hotels & Resorts Co., Ltd., Guangdong (International) Hotel Management Holdings Ltd., Jining Hotel Corporation, Ltd., Yum! Restaurants, Hyatt Hotels Corporation, Radisson Blue Hotels, Shangri La Hotels & Resorts, Taj Hotels Resorts & Places, The Lalit Hotels, The Leela Palace, The Oberoi Group, Relais Bourgondisch Cruyce (Belgium), Nh Collection Brussels Grand Sablon (Belgium), Hotel Academie (Belgium), Thon Hotel Bristol Stephanie (Belgium), Pillows Grand Boutique Hotel Reylof(Belgium), Boutique Hotel Am Stephansplatz (Austria), Hotel Sans Souci Wien (Austria), Hotel Kaiserhof Wien (Austria), Cap Estel (France), Aman Le Melezin (France), Shangri-La Hotel Paris (France), Hotel Residence Agnes (Czech Republic), Hotel Pod Vezi (Czech Republic), Grandium Hotel Prague (Czech Republic), Metropolitan Boutique Hotel (Poland), Puro Krakow Kazimierz (Poland), Puro Warszawa Centrum (Poland), Am Resorts, Moon Palace Golf & Spa, The Venetian Resort Las Vegas, The Signature, Citycenter, Wynn Las Vegas, Encore Las Vegas, Luxor Las Vegas, Resorts World Las Vegas, Host Hotels & Resorts Inc, Huazhu Group Ltd., Wyndham Hotels & Resorts Inc, Park Hotels & Resorts Inc., Louvre Hotéis, Choice Hotels International, Nh Hotel Group, Saleh Bin Lahej Group, Emaar Hospitality Group, Jumeirah Group, Al Khozama Management Company, Rotana, Tsogo Sun, City Lodge Hotel Group, Louvre Hotels Group, Radisson Hotel Group.

Asia-Pacific was the largest region in the hotel and other travel accommodation in 2023. North America was the second largest region accounting in the global hotel and other travel accommodation market. The regions covered in the hotel and other travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hotel and other travel accommodation 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 hotel and other travel accommodation market includes revenues earned by entities by providing short-term lodging services such as hotels, motor hotels, resort hotels, and motels. The establishments in this industry may offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services. This market includes revenues from sales by restaurants to a delivery service but not the revenues of the delivery service itself. Only goods and services traded between entities or sold to end consumers are included.


The primary categories of hotel or other travel accommodations encompass hotels and motels, casino hotels, bed and breakfast accommodations, and all other types of traveler accommodations. Bed & breakfast accommodation is a lodging arrangement that incorporates an overnight stay along with the first meal of the day in the overall fee. Various modes of booking, including online bookings, direct bookings, and others, are available, and they come in different ownership structures such as chained and standalone. Services are offered at different price points, including economy, mid-range, and luxury, catering to both tourist accommodation (leisure) and official business (professional) purposes. The property types encompass hotels, serviced residences, apartment hotels, co-living spaces, and other relevant options.

The hotel and other travel accommodation market research report is one of a series of new reports that provides hotel and other travel accommodation market statistics, including hotel and other travel accommodation industry global market size, regional shares, competitors with a hotel and other travel accommodation market share, detailed hotel and other travel accommodation market segments, market trends and opportunities, and any further data you may need to thrive in the hotel and other travel accommodation industry. This hotel and other travel accommodation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.


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