The Business Research Company adds a report “Hospitality Market By Type Of Product (Food And Beverage Services, And Non-Residential Accommodation Services), Competitive Landscape And Market Characteristics – Global Forecast To 2022” under its hospitality category. The report covers market characteristics, key players, market size and trends from 2014 to 2022.
The hospitality market covers sales of lodging and dining services. The hospitality industry comprises businesses that provide customers with lodging, prepared meals, snacks and beverages for immediate consumption. It includes both accommodation and food service establishments as these two activities are often combined at the same establishment.
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The hospitality market size is expected to grow at a growth rate of around 8% to nearly $5,891 billion by 2022.
Growth in the historic period resulted from improved earning capacity, emerging markets growth, travel, and tourism.
Going forward, economic growth in developed nations, and technological development will drive growth. Factors that negatively affected growth in the historic period were talent crunch in emerging Asia, online travel agencies (OTAs) increasing power, slow growth in Asia and low customer retention. Factors that could hinder the growth of the hospitality industry in the future are increasing preference for healthy food options, security concerns, and government regulations.
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One of the hospitality market trends is that the hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots.
Economic Growth – The market is expected to benefit from steady economic growth forecast for many developed and developing countries. This continued economic growth is expected to be a driver of the Hospitality market as increasing disposable incomes and greater affluence will allow consumers to increase their spending on recreational activities such as Hospitality.
Changing Consumer Hospitality Habits – The Hospitality market is expected to be driven by the changing Hospitality habits of consumers. The increasing popularity of Hospitality apps and social Hospitality will propel the growth of the market in the forecast period.
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