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%.

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Hotel And Other Travel Accommodation Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global hotel and other travel accommodation market as it emerges from the COVID-19 shut down.

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.

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%.

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.

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.

 


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