The hotels market is one of the most-highly competitive markets on a global level. Market leaders are competing on various aspects to gain an edge over their competitors. As such, stakeholders in the hotels market are devising world-class pricing and revenue management strategies to generate high revenue. They are introducing dynamic pricing techniques that are backed by advanced machine learning and artificial intelligence (AI) tools to achieve best outcomes for customers as well as hotel owners.
The business of chain hotels is estimated to transition from ~US$ 74 billion in 2018 to ~US$ 178.6 billion by 2027. This transition shows a shift from investing in independent hotels to increasing investments in chain hotels in the hotels market. Since the trend of chains/franchises is gaining prominence in upscale and midscale-level hotels, hotel owners are creating end-to-end solutions for hotel managers. Hotel owners are streamlining operational procedures for managers by implementing predictable and affordable tariffs for customers with the help of advanced software technology.
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Micro Hotels Gain Popularity amongst Millennial Travelers
Developments in the hospitality industry are mainly dominated by the launches of new hotels in high-demand urban locations. The trend of micro hotels is catching up in North America, which works as a favorable investment option for stakeholders in the hotels market. These micro hotels are increasingly meeting the demands of millennial travelers for short-stay requirements with high-quality furnishings and amenities.
North America currently dominates the hotels market in term of value, and will continue to dominate the market with an estimated revenue of ~US$ 253 billion by 2027. That is why, branded hotel giants and independent hotels are likely to invest in micro hotels in the urban cities of North America, followed by Asia the Pacific and European regions, due to evident demand. For instance, in January 2019, Marriott International – a leading American multinational smart hospitality company, announced the launch of its chain of Moxy hotels in Southeastern U.S., with the Moxy Chattanooga in Nashville. Hotel companies are also gaining popularity as ‘airport hotels’, and are expanding their services to offer guest rooms in central locations of urban cities.
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Legacy Hotels Face Tough Competition from Online Start-ups
Stakeholders in the hotels market are currently experiencing stiff competition from start-ups such as OYO Homes and Hotels – the world’s third-largest Indian hotel chain, and Airbnb – an online marketplace for arranging and offering lodging.
Since customers prefer staying in hotels that offer them a comfortable experience of staying in a home, start-ups are onboarding asset owners that provide homestays to customers at much competitive prices. These start-ups are also introducing tourism packages that give customers the leisure of exploring the city surrounds.
To overcome this challenge, stakeholders in the hotels market are venturing to launch their own version of Airbnb. Legacy hotel companies aim to target their marketing strategies towards older millennial customers, as individuals with families opt for more traditional resources available at legacy hotels.
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