The hotel and other travel accommodation market comprises of sales of short-term lodging services and correlated goods in conveniences known as hotels, motor hotels, resort hotels, and motels by prominent entities (organizations, sole traders or partnerships) that give the short-term lodging services and related goods in accommodations well-known as hotels, motor hotels, resort hotels, and motels. The institutions in this industry may compromise the food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and several other services.
According to the report analysis, ‘Hotel And Other Travel Accommodation Global Market Report 2019’ states that in the hotel and other travel accommodation global market there are several companies which recently operating more significantly for leading the highest market growth and registering the handsome value of market share around the globe in the forthcoming future while developing the applications of the services and several deliveries, spreading the awareness related to the benefits, delivering the better consumer satisfaction, decreasing the price linked with the services and deliveries, employing the young workforce and developing the technologies includes Marriott International, Hilton Worldwide, Wyndham Corporation, Hyatt Hotels Corporation, Four Seasons Hotels & Resorts and several others.
The Technological advances are allowing firms to provide the personalized services by acquiring the customer intelligence. Corporates are delivering the customized advancements and compromises by accumulating vivacious information related to the consumers’ likes, dislikes and preferences by utilizing the social media and technologies such as mobile software applications that track consumer behavior. The Hotels are now offering modified menus, lighting, and several other services based on consumer information accessible from preceding visits or intelligence congregated from the social media. The Four Seasons Hotel expended USD 18 million to review their website which will distribute the personalized dynamic web pages to impending customers.
Aspects that are predicted to propel the market growth throughout the forecast duration include augment in per capita income in the underdeveloped countries, effective augment in purchasing power of individuals, outpouring in trend to travel in vacation, and dissimilar discounts offered on the online booking. Not only has this, the growth in predilection for the leisure travel, and transformation in the standard of living are the key factors propelling the growth of the premium hotels sector and therefore it is the fastest increasing segment amongst the variety of the hotels.
Advancements in the hospitality are majorly registered by the introductions of the new hotels in high-demand urban areas. The trend of the micro hotels is transmittable up in North America, which functions as a favorable investment selection for the stakeholders in the hotels market. Such micro hotels are progressively meeting the requirements of optimistic travelers for short-stay necessities with high-quality furnishings and amenities.
Based on the region, the market of the hotel and other travel accommodations is spread around the worldwide majorly involves North America, Asia Pacific region, Europe and Rest of the World. Asia Pacific region was the greatest region in the global hotel and other travel accommodation market, dominating for 34% of the market in 2018. North America was the second largest region registering for 28% of the worldwide hotel and other travel accommodation market. Africa was the slightest region in the worldwide hotel and other travel accommodation market. Therefore, in the coming future, the market of hotel and other travel accommodation will increase around the globe more increasingly over the forthcoming futures.
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Ankur Gupta, Head Marketing & Communications