Major companies in the hotel and other travel accommodation market include Marriott International; Hilton Worldwide; Wyndham Corporation; Hyatt Hotels Corporation and Four Seasons Hotels & Resorts.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hotel And Other Travel Accommodation Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018901/?utm_source=GNW
The global hotel and other travel accommodation market is expected to grow from $673.02 billion in 2020 to $801.9 billion in 2021 at a compound annual growth rate (CAGR) of 19.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1052.84 billion in 2025 at a CAGR of 7%.
The hotel and other travel accommodation market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities (organizations, sole traders or partnerships) that provide short-term lodging services and related goods in facilities known 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. The hotel and other travel accommodation market is segmented into hotel and motel; casino hotels; bed and breakfast accommodation and all other traveler accommodation.
Asia Pacific was the largest region in the global hotel and other travel accommodation market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 27% of the global hotel and other travel accommodation market. Africa was the smallest region in the global hotel and other travel accommodation market.
Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings to the hotel and other travel accommodation market. The most significant trend in the accommodation industry is the use of near-field-communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the hotel and other travel accommodation market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the hotel and other travel accommodation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world. According to a survey by WeSwap, the holiday destination of 37% of the millennials was inspired by social media content and 61% of the travelers want to share their experiences online. Also, the mass media is playing an important role in helping countries promote tourism by educating people about their culture. This rising awareness is resulting in large number of people travelling abroad and is expected to drive growth in the hotel and other travel accommodation industry during the forecast period.
Read the full report: https://www.reportlinker.com/p06018901/?utm_source=GNW
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