New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Hotel And Other Travel Accommodation Global Market Report 2022” – https://www.reportlinker.com/p06193674/?utm_source= GNW
The global hotel and other travel accommodation market is expected to grow from $ 645.44 billion in 2021 to $ 784.33 billion in 2022 at a compound annual growth rate (CAGR) of 21.5%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 1,349.43 billion in 2026 at a CAGR of 14.5%.
The hotels and other travel accommodation market comprises the sales of short-term accommodation services and related goods at establishments known as hotels, motor hotels, resort hotels and motels by entities (organizations, sole proprietorships or partnerships) that provide short-term hosting services. and related property in facilities known as hotels, motorized hotels, resort hotels and motels. Establishments in this industry provide food services, recreational services, conference facilities, convention services, laundry services, parking and other services.
The main types of hotels and other travel accommodation are hotels and motels, casino hotels, bed and breakfasts, all other traveler accommodation. A guest room is a form of accommodation which includes an overnight stay as well as the first meal of the day in the costs.
The different booking modes involve online bookings, direct bookings, others and include various properties like chained, standalone. The price level of services includes economy, mid-range and luxury and are used for tourist accommodation (leisure), official business (professional).
Asia Pacific was the largest hotel and other travel accommodation region in 2021. North America was the second largest region in the global hotel and other travel accommodation market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The increasing use of social media and access to mass media is having a positive impact on the tourism and hospitality 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 Stackla, in 2019, 86% of people (and 92% of Gen Z) said they were interested in a specific place after seeing user-generated content on social media. In addition, the mass media play an important role in helping countries promote tourism by educating people about their culture.
This growing awareness drives a large number of people traveling abroad and is expected to drive the growth of the hotel industry and other travel accommodation during the forecast period.
Hotels use technologies that transform the guest experience. Certain technologies are leading to great improvements and savings for the hospitality market and other travel accommodation.
The most important trend in the accommodation industry is the use of near field communication technology (NFC), 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 deal with guest complaints involving housekeeping interruptions. Hotels also use robots to deliver amenities to rooms and for other functional purposes.
Hoteliers invest in systems and technologies capable of automating processes, reducing costs and personalizing the guest experience.
The coronavirus disease (COVID-19) outbreak acted as a massive restriction 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 breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in a decline in economic activity with countries entering a state of ‘containment’ and the outbreak negatively impacting businesses throughout 2020 and until 2021.
However, the hotel and other travel accommodation market is expected to recover from the shock during the forecast period as this is a ‘black swan’ event and not related to lingering weaknesses. or fundamentals of the global market or economy.
Countries Covered In The Hotel And Other Travel Accommodation Market Report Are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic , Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway , Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193674/?utm_source=GNW
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