Asia Pacific was the largest region in the global hotel and other travel accommodation market, accounting for 36% of the market in 2019. North America was the second largest region accounting for 27% of the global hotel and other travel accommodation market. Africa was the smallest region in the global hotel and other travel accommodation market.
Technological advances are enabling
firms to deliver personalized services by obtaining customer intelligence.
Companies are providing customized promotions and offers by collecting vital
information about consumers' likes, dislikes and preferences by using social
media and technologies such as mobile software applications that track customer
behavior. Hotels are now offering personalized menus, lighting, and other
services based on customer information available from previous visits or
intelligence gathered from social media. The Four Seasons Hotel spent USD 18
million to revise their website which will deliver personalized dynamic web
pages to potential customers.
The hotel and other travel accommodation market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities (organizations, sole traders or partnerships) that provide short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels. The establishments in this industry may offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services.
The global hotel and other travel accommodation market is expected to
decline from USD 956.4 billion in 2019 to USD 953.2 billion in 2020 at a
compound annual growth rate (CAGR) of -0.4%. 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 10% from 2021 and reach USD 1227.1 billion in 2023.
For More Information, Click on the Link Below:-
Global
Hotel and Other Travel Accommodation Market
Related Reports:-
Hotel
and Other Travel Accommodation Global Market Report 2019
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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