Hospitality Market Analysis, Status and Business Outlook 2020 to 2023

Global Hospitality Market Size, Status and Forecast 2020-2023

The Hospitality Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The global hospitality market is expected to decline from $4623.2 billion in 2019 to $4516.8 billion in 2020 at a compound annual growth rate (CAGR) of -2.4%. 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 8% from 2021 and reach $5593 billion in 2023.

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Scope of the Report:
Markets Covered:
1) By Type: Non-Residential Accommodation Services; Food And Beverage Services
2) By Ownership: Chained; Standalone

Subsegments Covered: Hotel And Other Travel Accommodation; Camping And Caravanning; Students And Workers Non-residential Accommodation; Restaurants And Mobile Food Services; Bars And Cafes; Catering Services And Food Contractors

Companies Mentioned: McDonald’s; Compass Group Plc; Starbucks; Subway; Marriott International

Countries: 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; UAE; UK; USA; Venezuela; Vietnam

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Hospitality indicators comparison.

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Market Insights:

Asia Pacific was the largest region in the global hospitality market, accounting for 43% of the market in 2019. North America was the second largest region accounting for 25% of the global hospitality market. Africa was the smallest region in the global hospitality market.

Major hotel brands are employing digital hotel room keys to increase guest convenience. Smart room access systems allow guests to unlock their doors by simply swiping their phones across a keyless pad on the door. Using a smart phone key eliminates problems in the event of key loss or demagnetization of the plastic key card. For example, Starwood Hotels and Resorts introduced a bluetooth-enabled room unlocking app that allows guests to access their hotel rooms through their smartphone.

The hospitality market consists of sales of accomodation 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.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Hospitality Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

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Note: All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.

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