DUBLIN--(BUSINESS WIRE)--The "Hospitality Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global 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%. The market is expected to reach $6,715.27 billion in 2026 at a CAGR of 10.2%.
Major companies in the hospitality market include 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.
The hospitality market consists of sales of accommodation and food services and related goods by entities (organizations, sole traders or partnerships) that provide customers with lodging and/or prepare meals, snacks, and beverages for immediate consumption. The market covers both accommodation and food services because the two activities are often combined at the same establishment.
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 this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP growth reached 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Thus, stable economic growth is expected to drive the market during the forecast period.
Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant 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, 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 many other functional purposes.
Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.
Key Topics Covered:
1. Executive Summary
2. Hospitality Market Characteristics
3. Hospitality Market Trends And Strategies
4. Impact Of COVID-19 On Hospitality
5. Hospitality Market Size And Growth
5.1. Global Hospitality Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Hospitality Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Hospitality Market Segmentation
6.1. Global Hospitality Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Non-Residential Accommodation Services
- Food And Beverage Services
6.2. Global Hospitality Market, Segmentation By Ownership, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Chained
- Standalone
7. Hospitality Market Regional And Country Analysis
7.1. Global Hospitality Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Hospitality Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
- Compass group plc
- Starbucks
- Sodexo
- Marriott International
- Aramark corporation
- McDonald's
- Darden Restaurants
- Yum China Holdings, Inc.
- Chipotle
- Berkshire Hathaway Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q3y30d
