Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The "Hospitality Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global hospitality market has demonstrated remarkable growth, increasing from $4,390.59 billion in 2022 to $4,699.57 billion in 2023, with an impressive compound annual growth rate (CAGR) of 7.0%.
Despite the challenges posed by the Russia-Ukraine war and the lingering impact of COVID-19, the market is projected to continue growing and reach an estimated value of $5,816.66 billion by 2027, with a CAGR of 5.5% during the forecast period.
This comprehensive report provides a detailed analysis of the global hospitality industry, covering market size, growth trends, key players, and growth opportunities.
Drivers for Market Growth:
The hospitality market's growth is supported by stable economic forecasts in many developed and developing countries. The global GDP growth reached 3.3% in 2020 and 3.4% in 2021, according to the International Monetary Fund (IMF). Additionally, recovering commodity prices after a significant decline in the historic period are expected to further aid market growth. Both developed and emerging economies are expected to register stable growth, with emerging markets projected to grow slightly faster than developed markets during the forecast period. This stable economic growth is anticipated to drive the market's expansion in the coming years.
Technological Advancements:
Hotels are embracing technologies that revolutionize the customer experience, leading to significant improvements and cost savings in the hospitality market. Near field communication (NFC) technology enables users to exchange data between devices, facilitating instant and secure mobile payments. Infrared sensors are being employed in hotels to address customer complaints regarding housekeeping interruptions. Additionally, robots are being utilized to deliver amenities to guest rooms and perform various functional tasks. Automation systems and technologies are becoming increasingly popular among hotel operators, enabling them to streamline processes and personalize guest experiences.
Regional Insights:
Asia-Pacific emerged as the largest region in the hospitality market in 2020, with North America ranking as the second-largest region. The report also covers other regions, including Western Europe, Eastern Europe, South America, Middle East, and Africa.
Key Players:
The hospitality market includes leading companies such as:
- Compass group plc
- Starbucks
- Sodexo
- Marriott International
- Aramark corporation
- McDonald's
- Darden Restaurants
- Yum China Holdings, Inc.
- Chipotle
- Berkshire Hathaway Inc
Reasons to Purchase:
- Gain a global perspective with the most comprehensive report available, covering 50+ geographies.
- Understand the impact of COVID-19 on the market and its response as the situation improves.
- Assess the influence of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its implications for the hospitality market.
- Measure the market's response to high global inflation.
- Create regional and country strategies based on local data and analysis.
- Identify investment opportunities in growth segments.
- Outperform competitors using forecast data and market trends.
- Understand customer preferences based on the latest market shares.
- Benchmark performance against key competitors.
- Utilize reliable high-quality data and analysis for internal and external presentations.
Key Questions Answered:
- 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?
The "Hospitality Global Market Report 2023" offers comprehensive insights and a complete perspective on the hospitality industry, empowering businesses to make informed decisions and capitalize on growth opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 500 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $4699.57 billion |
| Forecasted Market Value (USD) by 2027 | $5816.66 billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/6nj1bo
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