LONDON, March 30, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the hospitality market highlights the implementation of advanced technologies by hospitality companies to improve efficiency and improve customer experience. Certain technologies are resulting in significant improvements and cost savings in the hospitality industry. The use of near field communication (NFC) technology, infrared technologies, and robots are the most significant trends in this market. NFC allows users to exchange data between devices, making mobile payments a quick and secure process. In hotels, infrared sensors are used to address customer complaints about housekeeping interruptions. Hotels also use robots to deliver amenities to guest rooms and for a variety of other functions. Hotel owners and operators are investing in systems and technologies that can automate processes and personalise the guest experience.
The global hospitality market grew from $4,390.5 billion in 2022 to $4,699.5 billion in 2023 at a compound annual growth rate (CAGR) of about 7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hospitality market is expected to grow to $5,816.6 billion in 2027 at a CAGR of more than 5%.
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The hospitality market is expected to grow in many developed and developing countries due to stable economic growth. Global GDP growth will reach 3.3% in 2020 and 3.4% in 2021, according to the International Monetary Fund (IMF). Recovering commodity prices, following a significant decline in the recent past, are expected to further aid market growth. Developed economies are expected to grow steadily during the forecast period as well. Furthermore, in the forecast period, emerging markets are expected to grow slightly faster than developed markets. Thus, the market is expected to be driven by stable economic growth during the forecast period.
Major companies in the hospitality market include Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald's, Darden Restaurants, McDonald's, Darden Restaurants.
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Asia-Pacific was the largest region in the hospitality market in 2020. 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 global hospitality market is segmented by type into non-residential accommodation services, food and beverage services; by ownership into chained, standalone; subsegments covered into 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.
Hospitality Global Market Report 2023 by The Business Research Company provides insights on the hospitality market size, hospitality market segments, hospitality market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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