In the hotel industry guests are looking for more ‘inside the hotel’ experiences. This demand is driving hotel managers to ensure that all parts of their hotels are as welcoming as the lobby. This has brought in more innovations to design and aesthetics involving more comfortable and accommodating spaces. Vibrant colored interiors and access to the internet at every location is common. For example, Starwood Hotels and Resorts is testing a variety of inventive amenities, including smart floor tiles, smart mirrors and giving guests the ability to program their in-room lighting, music and coffee maker from a smartphone to give consumers more customization over their stay
THE BUSINESS RESEARCH COMPANY EXPECTS THE HOSPITALITY GLOBAL MARKET TO GROW TO $8 TRILLION BY 2021
Asia Pacific was the largest region in the hospitality market in 2017, accounting for nearly half of the market share. This can be attributed to high demand for food and beverage services, and hotel and motels, in countries such as China, Japan and India.
The chart below shows the year-on-year growth of the global hospitality market during 2017– 2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for many other functional purposes[i]. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.
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Compass Group PLC was the largest player in the hospitality market, with revenues of $31 billion in 2017. Compass Group’s growth strategy is to focus on organic growth and its operating efficiency. The company plans to increase its B2B brand portfolio by partnering with more industries, healthcare and educational institutions. The company partnered with Thompson Hospitality Corporation in USA as part of its expansion strategy. The company also introduced interactive websites and apps to serve students in educational institutions.
The hospitality industry covers lodging and dining services. It comprises businesses that provide customers with lodging, prepared meals, snacks and beverages for immediate consumption. It includes both accommodation and food service establishments as these two activities are often combined at the same establishment.
Hospitality Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.
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