Transparency Market Research delivers key insights on the global hotels market. In terms of revenue, the global hotels market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the global hotels market report.
In this market report, TMR predicts that, undisrupted growth of the travel & tourism industry, particularly business-associated travels, would significantly influence the expansion of the hotels market, worldwide. Moreover, increase in the number of international events and festivals has also fueled the growth of global travel and hospitality industry. In addition to the travel & tourism industry, the hotels market is anticipated to be influenced by technological advancements. Amalgamation of technologies such as IoT and data science in hotels has provided hotels with noteworthy benefits of improved security and experience.
Despite the booming tourism sector, the hotels industry is susceptible to certain factors that could hinder its growth in the near future. The growing trend of shared accommodation services is one of the major factors that is likely to impede the growth of the hotels market during the forecast period. Shared accommodation services facilitate personalized experience at relatively lower cost, and for the hotels to provide their customers with a similar experience at such a competitive price is exceptionally challenging.
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It is anticipated that, in the near future, hoteliers would enter the shared accommodation business. By adopting shared rental services, hoteliers would not only positively mitigate the threat from the growing homestay segment but also gain the opportunity to diversify their earning sources.
According to the report, the midscale price segment that includes both, midscale as well as upper midscale hotel properties, is estimated to acquire the large market share and grow at a rapid rate during the forecast period. The growth of the midscale segment can be attributed to the development of more midscale and upper midscale hotel properties, and the ability of this category of hotels to facilitate enhanced services at competitive prices. For instance, in April 2019, RLH Corporation announced its plans to add new midscale and upper midscale hotels to its portfolio in order to strengthen its position in the global hotels market.
