Hotel market would grow 10% from 2021 according to ResearchAndMarkets.com
According to the report presented today, after a 2020 affected by the health crisis, the hospitality will recover from next year and will reach $ 1227.1 billion in 2023
The report "World Market Report for Hotels and Other Travel Accommodation 2020-30: COVID-19 Impact and Recovery" has been added to the ResearchAndMarkets.com offering.
Asia Pacific has been the largest region in the world market for hotels and other travel accommodation, representing 36% of the market in 2019. North America was second, reaching 27% while Africa was the most neglected region.
The report highlights that technological advances are allowing companies to provide personalized services by obtaining customer intelligence. Hotel chains are offering personalized promotions and offers by collecting vital information on consumers' likes, dislikes, and preferences through the use of social media and technologies such as mobile software applications that track customer behavior.
The global market for hotels and other travel accommodations is expected to decrease from $ 956.4 billion in 2019 to $ 953.2 billion in 2020 at a compound annual growth rate (CAGR) of -0.4%. The decrease is mainly due to the economic slowdown in all countries due to the COVID-19 outbreak and measures to contain it. The market is expected to recover and grow at a 10% annual compound rate beginning in 2021 and reaching $ 1227.1 billion in 2023.
For more information on this report, visit https://www.researchandmarkets.com/r/6bn4nb