According to a report by Transparency Market Research, the undisrupted growth of the travel and tourism industry would significantly influence the expansion of the hotel market worldwide. Adding to this factor is the increase in the number of international events and festivals around the world, fuelling the growth of the global travel and hospitality industry.
Furthermore, the hotel market is anticipated to be influenced by technological advancements. The rise of technologies such as IoT and data science in hotels has provided hotels with noteworthy benefits of improved security and experience.
However, despite the booming tourism sector, the hotel 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 are likely to impede the growth of the hotels market during the forecast period.
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.
Dominant regions in the hotels market
Presently, North America dominates the global hotel market, followed by Europe.
The dominance of North America can be attributed to the presence of prominent hotel brands in countries such as the US and Canada. The US is a major hotel market across the globe, while Canada is among the rapidly growing hotel markets.