The hotel and accommodation sector across the globe is expected to witness a steady growth between 2015 and 2020, registering a CAGR of more than 5%.
Category market intelligence analysts have announced the latest market research report on hotels and accommodation for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the hotels and accommodation market during the forecast period. Some of the key vendors in this market include InterContinental Hotels and Resorts, JW Marriott, Hilton Hotels and Resorts, Starwood Hotels and Resorts, and Hyatt Hotels and Resorts.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “One of the latest trends gaining popularity in this market is the increased adoption of mobile-based technology to enhance customer experience. Hoteliers are using mobile applications to manage their guest cycles and provide in-room information to the guests. Many large hotels are offering travelers and guests with customer-facing mobile apps to reward loyalty, manage pre-arrival check-in services and are delivering location-specific offers. For instance, Starwood provides a Bluetooth-enabled smartphone application called SPG, which facilitates keyless check-ins.”
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The hotels and accommodation market is highly fragmented and extremely competitive, which has propelled its constant consolidation past few years. Vendors in the market differentiate themselves by implementing innovative technologies and sustainable practices. There are several new hotel brands emerging in the market which are giving a tough competition to the large global brands in terms of services offered and regulatory expertise. The players are upgrading their star ratings, incorporating technology into their operations, customizing their services and coming up with advanced security systems in their hotels.
A more detailed analysis is available in the category market intelligence report titled, ‘Hotels and Accommodation – Category Market Intelligence Report 2016’.
