Hotels Market

Hotels Market is Expected to Represent US$702.74 bn by 2021
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.
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.
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.
View and Download TOC of Hotels Markett Research Report @
https://www.transparencymarketresearch.com/report-toc/5414
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.
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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https://www.transparencymarketresearch.com/hotels-market.html