Asia Pacific was the largest region in the Global Non-Residential Accommodation Services Market, accounting for 35% of the market in 2019. North America was the second largest region accounting for 28% of the global non-residential accommodation services market. Africa was the smallest region in the global non-residential accommodation services market.
To match customer expectations, in terms of services and the speed at which these services are provided, hotels are implementing a wide range of technologies to measure and meet their clients’ expectations. They are implementing advanced analytics solutions to analyze large amounts of data to increase profitability and enhance customers’ experiences. One key application is to predict occupancy rates more accurately in order to implement surge pricing with the aim of increasing spends and occupancy rates. Companies in the market are making major investments in technology-based solutions like power check-ins and mobile payment processing in order to satisfy customers. The most significant investment, however, is in hotel analytics.
The non-residential accommodation services market consists of sales of non-residential accommodation services and related goods by entities (organizations, sole traders or partnerships) that provide lodging or short-term accommodation for travellers, 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 global non-residential accommodation services market is expected to decline from USD 1017.2 billion in 2019 to USD 1013.5 billion in 2020 at a compound annual growth rate (CAGR) of -0.4%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 10% from 2021 and reach USD 1302.9 billion in 2023.
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Global Non-Residential Accommodation Services Market
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Non-Residential Accommodation Services Global Market Forecast To 2022
Non-Residential Accommodation Services Global Market Report 2019
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