Albany, NY — (PRESS RELEASE JET) — 10/27/2017 — The hotels market worldwide has undergone a sea change, thanks to a booming tourism industry, ability of people to splurge more, and most importantly with the advent of new technology. As a result, the competition has intensified over the years. Prominent players in the hotels market are trying to steal a march against their competitors by offering better services to their customers through the use of technology and various offers. This has helped them to bring about customer engagement.
Some of the key players operating in the global hotels market are Hilton Worldwide Holdings Inc., Marriott International Inc., InterContinental Hotels Group Plc, Indian Hotels Co Ltd., Starwood Hotels and Resorts Worldwide Inc., Four Seasons Holdings Inc., Atlantis The Palm Limited, Accor Group, ITC Ltd., and Jumeirah International LLC.
A report by Transparency Market Research projects the global market for hotels to rise at a steady 4.0% CAGR during the period between 2015 and 2021. At this pace, it expects the market to attain a value of US$702.74 bn by 2021 from US$534.02 bn in 2014.
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The global market for hotels can be segmented on the basis of the type of hotel into unrated, 1 Star, 2 Star, 3 Star, 4 Star, and 5 Star. Among those, the 3 Star segment accounts for maximum share in the market currently. This is because of the travel and tourism industry growing at a cracking pace and more and more people opting for better accommodations at reasonable rates.
Geographically, the key segments of the global hotels market are North America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America leads the market and going forward too will retain its dominant share by expanding at a healthy clip. Business and leisure tourism have propelled the market in the region.
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Booming Travel and Tourism Industry Drives Growth
At the forefront of driving demand in the global hotels market is of course the travel and tourism industry which has been seeing explosive growth in the last two decades. Besides, numerous multinational companies setting up offices in different corners of the world has also provided a boost to the market as this has served to increase the number of business travelers. With offices in different parts of the world, incomes of locals have also gone up, thereby further boosting the tourism industry which in turn is filliping the demand for hotels.
Unstable Political Environment Hampering Demand
Posing a challenge to the global hotels market, on the other hand, is the unstable political environment in many parts of the world, such as the Middle East. “Political stability is the primarily precondition for the travel and tourism industry to succeed. The political environment of a nation affects both its business and leisure travel,” explains the lead analyst of the TMR report. In addition, natural disasters can also negatively impact the hotel industry.
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A noticeable trend in the global hotel industry is the proliferation and surging popularity of budget hotels. The growing youth population worldwide wanting to travel while still completing their studies has resulted in strong the demand for budget hotels. However, targeting the upmarket clients, hoteliers are also coming up with new range of luxury hotels across important tourist spots across the globe. North America and Europe are key markets where luxury hotels are much in demand on account of a copious number of well-heeled travelers.
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