Thanks to exploding tourism worldwide on account of the increasing wealth of people and proliferation of online platforms promoting it, the market for hotels has made gigantic progress too. This is because sensing an opportunity in it players are seen pulling out every stop to reap good profits. To that end they have been leveraging proactive advertising and marketing strategies alongside latest technologies to attract more customers.
Hilton Worldwide Holdings Inc., Four Seasons Holdings Inc., InterContinental Hotels Group Plc, Marriott International Inc., Indian Hotels Co Ltd., Atlantis The Palm Limited, Starwood Hotels and Resorts Worldwide Inc., Jumeirah International LLC, Accor Group, and ITC Ltd. are to name a few of the leading players operating in the global hotels market.
A research study by Transparency Market Research predicts the market to rise at a steady 4.0% CAGR over the course of the forecast period starting from 2015 and ending in 2021. Expanding at this rate, the market, which was valued at US$534.02 bn in 2014, will likely become worth US$702.74 bn by 2021.
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The various types of hotels in the world are typically classified as 5 star, 4 star, 3 star, 2 star, and 1 Star, among others. At present, the other segment, comprising mainly of budget hotels, is witnessing maximum growth since it is highly affordable. Geography-wise, North America, driven by the U.S., holds most of the share in the market. This is because of the high per capita spending capacity of the people in the region. Apart from that, the varied topography of North America has made it a tourist hotspot which also serving to stoke the hotels industry: already it is home to some of the big names in the industry.
Proactive Marketing Strategies of Keen Players Boost Market
There are numerous factors serving to promote the overall hotels market worldwide. Foremost among them is the flourishing travel and tourism industry. This has egged many new players to enter the hotel business and prompted the old ones to revamp and expand their services. They are not just coming up with better amenities but also adopting various online platforms to improve visibility and providing offers, packaged deals, and other strategies to enhance footfalls.
The copious number of multinational companies with offices all over the world is also serving to boost demand for hotels. As more employees travel across different continents to various offices, they increasingly opt for hotels to stay on their short stays. In addition, rising disposable incomes of people in emerging and developed economies and the growing influence of social media is also boosting the overall market. Apart from budget hotels, 5 start hotels and 3 star hotels are also much in demand.
Unstable Socio-political Environments Hamper Market
However, volatile socio-political environments in certain regions are serving to restrain the global hotels industry. Natural disasters are another factor dealing a blow to tourism and thereby the hotels industry. Notwithstanding such challenges, the market will likely progress in the next couple of years owing to major players, particularly in Europe and North America, pouring money on the high earning luxury hotels segment.