Hospitality Global Market Report 2024

The hospitality market size has grown strongly in recent years. It will grow from $4673.63 billion in 2023 to $4993.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historic period can be attributed to the expansion of travel and tourism, cultural and social transformations, global events including pandemics, and increased investment in infrastructure.

The hospitality market size is expected to see strong growth in the next few years. It will grow to $6189.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Forecasted growth is driven by sustainability, wellness tourism, flexible bookings, community collaboration, and health standards. Key trends include AI personalization, contactless tech, technological advancements, personalized guest experiences, and enhanced digital marketing with social media influence.

The growth trajectory of the hospitality market is strongly influenced by the anticipated stability in economic growth across various developed and developing countries. This trend is exemplified by the economic data reported by the US-based Bureau of Economic Analysis in September 2023, revealing a 2.1% annual increase in the real gross domestic product (GDP) during the second quarter of the same year. The recovery of commodity prices, following a notable decline in the historical period, is poised to further bolster market expansion. Developed economies are positioned to exhibit consistent growth, while emerging markets are anticipated to outpace their developed counterparts slightly. The overall projection is that sustained economic stability will serve as a driving force for the hospitality market throughout the forecast period.

The hospitality market is set to experience substantial growth, propelled by the expanding tourism industry. The tourism sector encompasses a wide range of economic activities and services related to travel and leisure. Within this context, hospitality assumes a pivotal role by providing accommodation, dining, and services that enrich the travel experience and create welcoming destinations. Notably, data from the Spain-based World Tourism Organization in May 2023 indicates that international tourism reached a significant milestone, surpassing the $1 trillion mark in 2022, marking a 50% real-term growth compared to the previous year. Moreover, the first quarter of 2023 witnessed a remarkable surge, with an estimated 235 million international tourists, more than double the figures recorded in the corresponding period of 2022. As a result, the thriving tourism industry emerges as a key driver fostering the growth of the hospitality market.

The hospitality market faced substantial challenges in 2020 due to the outbreak of the COVID-19 disease, leading to widespread restrictions on domestic and international travel imposed by governments worldwide. These measures significantly reduced the demand for services provided by hospitality establishments. COVID-19, characterized by flu-such as symptoms such as fever, cough, and respiratory difficulties, was initially identified in Wuhan, Hubei province, China, in 2019, subsequently spreading globally to regions including Western Europe, North America, and Asia. National governments responded to the crisis by implementing containment measures, including lockdowns, resulting in a marked decline in economic activity. The adverse effects of the pandemic continued to impact businesses throughout 2020 and extended into 2021. Despite the challenges posed by the unprecedented circumstances of the COVID-19 outbreak, the hospitality market is anticipated to recover over the forecast period. This downturn is regarded as a 'black swan' event, representing an unforeseen and rare occurrence, rather than being indicative of inherent weaknesses in the market or the global economy. The expectation is that as the effects of the pandemic wane and restrictions are lifted, the hospitality sector will gradually rebound from the shock experienced during this extraordinary event.

The hospitality industry is undergoing a transformative phase with the integration of cutting-edge technologies that significantly enhance the customer experience while driving improvements and cost savings. Notable advancements in this sector include the adoption of near field communication (NFC) technology, infrared technologies, and the deployment of robots. NFC technology facilitates seamless data exchange between devices, facilitating instant and secure mobile payments. Infrared sensors find application in addressing customer complaints related to housekeeping disruptions, ensuring a smoother and more comfortable stay. Hotels are increasingly leveraging robots for tasks such as delivering amenities to guest rooms and performing various functional roles. Consequently, hotel operators are strategically investing in automated systems and technologies to streamline processes and tailor experiences for their guests.

Leading companies in the hospitality market are intensifying their focus on incorporating customization features to maintain their competitive edge. Customization features empower users to personalize their experiences within a product, service, or system based on individual preferences and needs. A case in point is the initiative undertaken by HotelPort, a US-based software company, in July 2023. HotelPort launched Hospitality Software Development and Platform Integration Services, designed to assist hotels of all sizes in optimizing operations, streamlining workflows, and elevating guest experiences. Through the integration of existing hotel systems, HotelPort's platform integration services create a unified and efficient operational framework. This not only simplifies guest processes such as room booking, check-in/out, and access to services but also contributes to an overall enhanced guest experience. Furthermore, HotelPort's services play a pivotal role in increasing hotel revenue by improving online visibility and simplifying the booking process.

Major companies operating in the hospitality market report are Compass group Holdings plc; Starbucks Corporation; Sodexo SA; Marriott International Inc.; Aramark corporation; McDonald's Corporation; Four Seasons Hotels and Resorts Limited; Darden Restaurants Inc.; Yum China Holdings Inc.; Hilton Worldwide Holdings Inc.; Chipotle Mexican Grill Inc.; InterContinental Hotel Group plc; IDeaS Revenue Solutions Inc.; The Ritz-Carlton Hotel Company LLC; Mandarin Oriental Hotel Group Ltd.; Radisson Hotel Group AB; Extended Stay America Inc.; AIR Communities LLC; Rosewood Hotel Group LLC; La Quinta Inns & Suites Holdings Inc.; Apple Leisure Group LLC; Evolve Vacation Rental Network Inc.; Shangri-La Hotels and Resorts Ltd.; American Cruise Lines Inc.; Ennismore Lifestyle Group Limited; Hotel Engine Inc.; OTA Insight Limited; Red Lion Hotels Corporation; Mint House Holdings Inc.; Wonders Legal Inc.; BentoBox Media Inc.; Berkshire Hathaway Inc.

Asia-Pacific was the largest region in the hospitality market in 2023. North America was the second largest region in the hospitality market. The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospitality market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The main types of hospitality are non-residential accommodation services, food and beverage services. The non-residential accommodation services provide lodging or short-term accommodation for travelers, vacationers, and others. The different ownerships include chained and standalone.


The hospitality market research report is one of a series of new reports that provides hospitality market statistics, including hospitality industry global market size, regional shares, competitors with hospitality market share, detailed Hospitality market segments, market trends, and opportunities, and any further data you may need to thrive in the hospitality industry. This hospitality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hospitality market includes revenues earned by entities by providing accommodation and food services such as lodging and/or preparing meals, snacks, and beverages for immediate consumption. The market covers both accommodation and food services because the two activities are often combined at the same establishment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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