Hospitality Global Market Size:
The global hospitality market was valued at above $5.5 trillion in 2017. Asia Pacific was the largest region in the hospitality market in 2017, accounting for under 45% market share. China was the largest country in the market in 2017, accounting for above 24% market share.
Hospitality Global Market Overview:
In the global hotel industry, guests look for more ‘inside the hotel’ experiences. This demand is driving hotel managers to ensure that all parts of their hotels are as welcoming as the lobby. This has brought in more innovations to design and aesthetics involving more comfortable and accommodating spaces. Vibrant colored interiors and access to the internet at every location is common.
The Business Research Company’s global hospitality market analysis covers the year-on-year growth of the global hospitality market historic and forecast growth. It also includes chapters on the hospitality market trends, geographical analysis, and competitive landscape.
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The global hospitality industry market size is forecast to grow at a CAGR (compound annual growth rate) of around 7.5% by 2020.
Hospitality Market Segmentation
According to TBRC’s global hospitality market research, the market is split by segments into food and beverage services and non-Residential Accommodation Services.
Food and Beverage Services comprise businesses that provide meals, snacks, and beverages to customers. This industry includes restaurants and mobile food services, catering, beverage serving providers and other food and beverage services. It is the biggest segment covering more than 80% of the total market share.
Non-Residential Accommodation Services offer accommodation and lodging services. It includes high-end resorts, hotels, motels, hostels, dormitories, guest houses and camping services. Businesses in the accommodation services market provide lodging or short-term accommodations for travelers, vacationers and others. The report mentions the global lodging industry size.
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The top companies in the hospitality industry included in the report are Compass Group PLC, McDonald’s, Starbucks, Marriott International and Subway.
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