State of the Hospitality Market Report 2024

This State of the Hospitality market 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 state of the hospitality market size has grown rapidly in recent years. It will grow from $3.44 trillion in 2023 to $3.98 trillion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth during the historic period can be attributed to the development of infrastructure and transportation, the increasing popularity of experiential travel, the expansion of international hotel chains, the rising middle class in emerging markets, and the high demand for unique and differentiated experiences.

The state of the hospitality market size is expected to see rapid growth in the next few years. It will grow to $7.1 trillion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increased disposable income and spending power, the expansion of digital booking platforms, the growth of millennial and Gen Z traveler segments, recovery from global economic downturns and pandemics, and the rising importance of health and wellness amenities. Major trends during this period include a focus on sustainability and eco-friendly practices, a demand for personalized and customized guest experiences, the integration of smart technology and automation, the expansion of hotel brands into new and emerging markets, and an enhanced focus on safety and hygiene standards.

The growth of travel and tourism is expected to drive the expansion of the state of the hospitality market in the future. Travel and tourism encompass the activities of individuals visiting and staying in locations outside their usual environment for leisure, business, or other reasons. This demand stems from a desire for leisure, cultural experiences, adventure, relaxation, and opportunities for business and education. The growth in travel and tourism boosts the hospitality market by increasing the need for accommodation, dining, and related services. This surge in tourism stimulates economic activity by generating jobs and revenue for local businesses and governments. For example, in May 2023, UN Tourism, a specialized agency of the United Nations promoting responsible and accessible tourism, reported significant growth in the sector. International arrivals in Q1 2023 reached 80% of pre-pandemic levels, more than doubling from 2022. Tourism receipts in 2022 totaled USD 1 trillion, a 50% increase from 2021. The Middle East led this recovery, surpassing 2019 arrival levels, while Europe and Africa followed closely, recovering 90% and 88% of pre-pandemic levels, respectively. Thus, the expansion of travel and tourism is propelling the growth of the state of the hospitality market.

Leading companies in the state of the hospitality market are focusing on developing advanced technologies, such as dynamic pricing and revenue management software, to enhance operational efficiency, optimize revenue, and offer personalized guest experiences. Dynamic pricing and revenue management software utilizes algorithms and data analysis to adjust prices in real time based on market conditions, demand, and competition. For example, in February 2023, PriceLabs, a US-based company providing data-driven pricing recommendations for platforms such as Airbnb and Vrbo, launched a Spanish-language version of its dynamic pricing and revenue management software. This new version is designed to improve usability for Spanish-speaking users by offering an intuitive interface and better understanding of the software. It integrates real-time market data and automated rate adjustments, helping hoteliers make informed pricing decisions and improve productivity. The localized software aims to support property managers and hosts in Spanish-speaking countries in maximizing profitability.

In April 2024, Hilton, a US-based global hotel and resort brand, acquired Sydell Group for an undisclosed amount. This acquisition is intended to expand Hilton’s portfolio into the luxury lifestyle hotel market by acquiring a majority stake in the NoMad brand. Hilton plans to develop up to 100 NoMad properties globally, leveraging its commercial strength to offer unique, high-end experiences while preserving NoMad's distinctive brand identity and independent property ownership. Sydell Group, based in the US, is known for creating and managing dynamic lifestyle hotel brands.

Major companies operating in the state of the hospitality market are Rosewood Hotel Group Ltd., Marriott International Inc., Four Seasons Hotels Limited, Hilton Worldwide Holdings Inc., Jumeirah International LLC, Hyatt Hotels Corporation, Radisson Hospitality Inc., Accor SA, InterContinental Hotels Group plc (IHG), Kerzner International Holdings Limited, Choice Hotels International Inc., Wyndham Hotels & Resorts Inc., Shangri-La Asia Limited, The Hongkong and Shanghai Hotels Limited, The Ritz-Carlton Hotel Company L.L.C., ONYX Hospitality Group, Belmond Ltd., Mandarin Oriental Hotel Group International Limited, Banyan Tree Holdings Limited, Oberoi Hotels & Resorts, The Indian Hotels Company Limited (Taj Hotels), Langham Hospitality Group Limited, Minor International PCL, Dusit Thani Public Company Limited, Aman Group Sarl.

North America was the largest region in the state of the hospitality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the state of the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the state of the hospitality market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The state of hospitality refers to the current conditions and trends within the hospitality industry, aiming to deliver exceptional experiences and services to guests. It focuses on comfort, satisfaction, and creating memorable interactions. The hospitality industry contributes to economic growth, cultural exchange, and customer loyalty through personalized services and innovative practices.

The main areas of hospitality services include accommodation, food and beverage, entertainment and leisure, travel and transportation, luxury and boutique, meeting and event services, and others. Accommodation services involve providing lodging options such as hotels, motels, hostels, and vacation rentals. These services cater to both solo travelers and families and are available through online platforms and traditional channels.

The state of the hospitality market research report is one of a series of new reports that provides state of the hospitality market statistics, including state of the hospitality industry global market size, regional shares, competitors with a state of the hospitality market share, detailed state of the hospitality market segments, market trends and opportunities, and any further data you may need to thrive in the state of the hospitality industry. This state of the hospitality 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 state of the hospitality market includes revenues earned by entities by consulting services, financial advisory, regulatory and compliance support and real estate services. 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.


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