The hostels Market has been valued at US$ 4.37 billion in the year 2021 and it is estimated to reach US$ 5.54 billion by the year 2027, with a CAGR of 20% from 2022 to 2027. Hostels is a form of low-cost, short-term shared sociable lodging where guests can rent a bed, usually a bunk bed in a dormitory, with shared use of a lounge and sometimes a kitchen ; these are the main factors that have considerably increased the demand for the Hostels in the market, thereby driving the huge growth of the Hostels market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Hostels in the market is mainly due to the online channels are the main driving factor for the growth of hostel marketplaces. More than 70% of bookings are made through online travel agencies which is increasing the growth of the hostel marketplace sector. Leaving behind its old concept which used to provide only bunk-bed options, hostels today are providing private rooms with vibrant bars with cocktails, yoga classes and luxurious interior designs. This is creating robust development in hostel marketplace sector. Shifting customer base is also creating good business environment for the hostel marketplace sector to grow; these are the main factors that have considerably increased the demand for the Hostels in the market, thereby driving the huge growth of the Hostels market in the upcoming years

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The report is segmented as:

Hostels Market is segmented on the basis of:

By Deployment (Hybrid, On-Premise, and Cloud),

By Solution (Channel Manager, Production Reports, Daily Activity Report, Room Management, Canteen Management, Invoice Management, Hostel Member Management),

By Enterprise (Small and Medium Enterprises and Large Enterprises)

Geographical Segmentation:

Hostels Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Hostels is due to the increasing craze about solo trips is also creating a favorable environment for the growth and development of the hostel marketplace sector these are the main factors that have considerably increased the demand for the Hostels in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Hostels Market

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Impact of COVID-19 on Market

Covid-19 pandemic has impacted the growth of the Hostels market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Hostels market. Covid-19 pandemic has impacted huge on the sales revenue Hostels market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Hostels market growth

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