The hotel and other travel accommodation industry provides short-term accommodation, meals and other guest services for travelers and tourists. Establishments in this industry may include hotels, other travel accommodations, resort hotels and others.

The hotel and other travel accommodation industry can be classified into hotels and motels, casino hotels, bed and breakfast accommodation and all other travel accommodation.

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The global hotel and other travel accommodation market has been growing in the past years with a CAGR of almost 7%. The year 2017 recorded high growth in this market with a net market value more than 20% higher than that of 2013, as per TBRC’s in-house consultants.

TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.

The report also shows the global hotel and other travel accommodation market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.

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Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings to the hotel and other travel accommodation market. The most significant trend in the accommodation industry is the use of near-field-communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.

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Companies included in the report are Marriott International, Inc, Hilton Worldwide Holdings, Inc, Wyndham Worldwide, Hyatt Hotels Corporation, and Four Seasons Hotels & Resorts.

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