PUBLISHER: The Business Research Company | PRODUCT CODE: 1387618
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387618
“Non-Residential Accommodation Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on non-residential accommodation services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for non-residential accommodation services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The non-residential accommodation services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Non-residential accommodation pertains to real estate that serves purposes other than residential use, including commercial or industrial spaces, places of worship, hotels, hospitals, schools, and government-owned facilities. This category encompasses a range of structures, such as small businesses, commercial agriculture buildings, industrial facilities, and warehouses.
The primary types of non-residential accommodation include hotels and other travel accommodations, camping and caravanning, and non-residential accommodations for students and workers. Camping and caravanning involve establishments primarily engaged in operating overnight recreational camps, which may include children's camps, family vacation camps, hunting and fishing camps, and outdoor adventure retreats. These facilities offer accommodations like cabins and fixed campsites, as well as amenities such as food services, recreational facilities, equipment, and organized outdoor activities. Non-residential accommodations are marketed through direct sales and distributors, catering to various price points that include economy, mid-range, and luxury options. Booking methods for these accommodations encompass online bookings, direct bookings, and other channels.
The non-residential accommodation services market research report is one of a series of new reports from The Business Research Company that provides non-residential accommodation services market statistics, including non-residential accommodation services industry global market size, regional shares, competitors with a non-residential accommodation services market share, detailed non-residential accommodation services market segments, market trends and opportunities, and any further data you may need to thrive in the non-residential accommodation services industry. This non-residential accommodation services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The non-residential accommodation services market size has grown rapidly in recent years. It will grow from $957.72 billion in 2023 to $1,090.61 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth observed during the historical period in the non-residential accommodation sector can be attributed to various factors, including economic cycles, increased globalization of businesses, regulatory changes within the industry, shifts in demographics, and the emergence of remote and gig workers. These factors collectively contributed to the expansion of the non-residential accommodation market.
The non-residential accommodation services market size is expected to see steady growth in the next few years. It will grow to $1,309.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. Anticipated growth in the forecast period in the non-residential accommodation sector is driven by hybrid work arrangements, a commitment to sustainable practices, increased attention to health and safety, the integration of AI-driven services, and evolving regulatory landscape. Key trends in this period include the adoption of sharing economy platforms, the emergence of workcation and bleisure travel, a focus on personalization and enhancing guest experiences, the implementation of contactless services, and an emphasis on wellness and well-being offerings.
The tourism and non-residential accommodation industries are experiencing a positive impact from the growing use of social media and the increased access to mass media. Tourists actively share their travel experiences, including photos and videos, on various social media platforms. This widespread sharing enables people to become more aware of different tourist destinations and recreational opportunities worldwide. For instance, in October 2022, a report from Kepios Pte. Ltd. revealed a significant increase in social media users, reaching 4.70 billion by the beginning of July 2022, marking a growth of 227 million users in the past year. This surge in global social media users, accounting for 59% of the world's population, reflects the substantial influence of these platforms, with over 10 billion hours spent on social media daily. Consequently, the use of social media and mass media access is a driving force behind the growth of the tourism and non-residential accommodation industries.
The non-residential accommodation services market is expected to experience substantial growth due to the increasing trend of international travel. International travel involves individuals or groups crossing national borders to explore foreign countries. Non-residential accommodation services play a crucial role in supporting international travelers by offering comfortable and convenient lodging options. For example, the International Trade Administration reported a total volume of 62.8 million international visitors to the United States in 2023, signifying an increase of 11 million visitors (21.2%) compared to 2022. Furthermore, the forecast predicts international visitation to reach 91 million by 2027. This growth in international travel is a key driver for the non-residential accommodation services market.
In 2020, the outbreak of COVID-19 significantly restrained the non-residential accommodation services market. Governments worldwide implemented strict restrictions on both domestic and international travel, leading to reduced demand for the services provided by these establishments. COVID-19 is an infectious disease characterized by symptoms like fever, cough, and breathing difficulties, originating in Wuhan, China, in 2019 and spreading across the globe. These measures to control the disease caused a decline in economic activities, with countries entering lockdowns. However, it is expected that the non-residential accommodation services market will gradually recover from this unexpected shock over the forecast period, as it was a 'black swan' event unrelated to ongoing market weaknesses or fundamental global economic issues.
The hospitality industry is adopting various technologies to enhance customer experiences and reduce operational costs. Notable trends include the utilization of near-field communication (NFC) technology, infrared technology, and the introduction of robots. NFC enables secure and instant data exchange between devices, simplifying mobile payments. Infrared sensors are employed to address customer concerns regarding housekeeping interruptions. Hotels are also deploying robots for tasks like delivering amenities to guest rooms and other operational functions. Hotel operators are increasingly investing in systems and technologies capable of automating processes and providing personalized experiences for guests.
Leading companies in the non-residential accommodation markets are placing a strong emphasis on incorporating artificial intelligence (AI) tools to gain a competitive edge. AI-powered tools, employing technologies such as machine learning, natural language processing, and computer vision, are being adopted. For example, in June 2023, University Living, an India-based student housing marketplace, introduced StudentAccommodationGPT.ai. This platform grants students access to a wide array of accommodation options and features a personalized search function to assist in finding the ideal housing solution. The platform aims to simplify the search for student accommodation, saving students both time and money in the process. StudentAccommodationGPT.ai is a comprehensive platform, offering verified properties, 24x7 support, and a price match guarantee. This strategic incorporation of AI is set to make a significant impact on the industry.
Major companies operating in the non-residential accommodation services market include Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd., Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group, Shanghai Jin Jiang International Hotels (Group) Company Limited, Starwood Hotels, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, Wyndham Hotels and Resorts, Choice Hotels International, Best Western International, Carlson Rezidor Hotel Group, Mandarin Oriental International Limited, Shangri-La Asia Limited, The Indian Hotels Company Limited, Jumeirah International LLC, Extended Stay America, Red Roof Inn, Motel 6, La Quinta Inns & Suites, Candlewood Suites, Staybridge Suites, Homewood Suites by Hilton, Residence Inn by Marriott, TownePlace Suites by Marriott, SpringHill Suites by Marriott.
Asia-Pacific was the largest region in the non-residential accommodation services market in 2023. North America was the second largest region in the non-residential accommodation services market. The regions covered in the non-residential accommodation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the non-residential accommodation services 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 non-residential accommodation services market includes revenues earned by entities by providing lodging or short-term accommodation for travelers, vacationers, and others. There is a wide range of services provided in this market. Some establishments provide lodging only, while others provide meals, laundry services, and recreational facilities, as well as lodging. Lodging establishments are classified in this subsector even if the provision of complementary services generates more revenue. The types of complementary services provided vary from establishment to 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.