The global hospitality market is expected to grow at a rate of 10%
The Business Research Company Global Hospitality Market Report 2022: Market Size, Trends and Forecasts to 2026
LONDON, GREATER LONDON, United Kingdom, Aug. 29, 2022 /EINPresswire.com/ — According to The Business Research Company’s “Hospitality Global Market Report 2022”, the hospitality market is expected to grow from $3,952.87 billion in 2021 to $4,548.42 billion in 2022 at a compound annual growth rate (CAGR) of 15.1%. Growth in the hospitality market is primarily driven by businesses reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working, and the closure of business activities which resulted in operational challenges. The hospitality market is expected to reach $6,715.27 billion in 2026 with a CAGR of 10.2%. The growth of the hospitality market is aided by steady economic growth predicted in many developed and developing countries.
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Key Hospitality Market Trends
Hotels are using technologies that are transforming the guest experience. Some technologies drive significant improvements and savings in the hospitality market. The most important trends in this market are 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 and secure process. Infrared sensors are used in hotels to respond to guest complaints about housekeeping interruptions. Hotels also use robots to deliver amenities to rooms and for many other functional purposes. Hotel operators are investing in systems and technology that can automate processes and personalize the guest experience
Overview of the hospitality market
The hospitality market includes sales of accommodation and food services and related goods by entities (organizations, sole proprietorships or partnerships) that provide guests with accommodation and/or prepare meals, snacks and drinks for immediate consumption. The market covers both accommodation and catering because the two activities are often grouped together within the same establishment.
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TBRC Global Hospitality Market Report 2022 covers the following information:
Market Size Data
• Forecast period: historical and future
• By region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, United States, South America, Middle East and Africa.
• By country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, USA.
• By type: non-residential accommodation services, food services
• By property: chained, autonomous
• Sub-segments covered: hotels and other travel accommodation, camping and caravanning, non-residential accommodation for students and workers, restaurants and mobile catering services, bars and cafes, catering services and catering entrepreneurs
• By geography: The global hospitality market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific holds the largest market share.
Major market players such as Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald’s, Darden Restaurants, McDonald’s, Darden Restaurants, Yum China Holdings Inc., Chipotle and Berkshire Hathaway Inc.
Trends, opportunities, strategies and much more.
The Global Hospitality Market Report 2022 is one of the comprehensive reports by The Business Research Company that provides insight into the hospitality market. The market report gives an analysis of the hospitality market, the global hospitality market size, the global hospitality market share, the growth drivers of the global hospitality market, market segments Global Hospitality Market, key players in the global Hospitality Market, growth of the Global Hospitality Market across all geographies and revenue and market competitors in the Hospitality Market. positioning. The Hospitality market report allows you to gain insight into opportunities and strategies, as well as identify countries and segments with the highest growth potential.
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