Asia Pacific was the largest region in the global hotel and other travel accommodation market, accounting for 36% of the market in 2019. 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.
Technological advances are enabling firms to deliver personalized services by obtaining customer intelligence. Companies are providing customized promotions and offers by collecting vital information about consumers’ likes, dislikes and preferences by using social media and technologies such as mobile software applications that track customer behavior. Hotels are now offering personalized menus, lighting, and other services based on customer information available from previous visits or intelligence gathered from social media. The Four Seasons Hotel spent USD 18 million to revise their website which will deliver personalized dynamic web pages to potential customers.
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 global hotel and other travel accommodation market is expected to decline from USD 956.4 billion in 2019 to USD 953.2 billion in 2020 at a compound annual growth rate (CAGR) of -0.4%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 10% from 2021 and reach USD 1227.1 billion in 2023.
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Global Hotel and Other Travel Accommodation Market
Related Reports:-
Hotel and Other Travel Accommodation Global Market Report 2019
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