Non-Residential Accommodation Services Global Market Report 2022 - Yahoo Finance

Major companies 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 and TUI Group and Shanghai Jin Jiang International Hotels (Group) Company Limited.

New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Non-Residential Accommodation Services Global Market Report 2022" - https://www.reportlinker.com/p06193680/?utm_source=GNW

The global non-residential accommodation services market is expected to grow from $719.93 billion in 2021 to $869.81 billion in 2022 at a compound annual growth rate (CAGR) of 20.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1,479.75 billion in 2026 at a CAGR of 14.2%.

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 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 main types of non-residential accommodation are hotel and other travel accommodation, camping and caravanning and students and workers non-residential accommodation.Camping and caravanning comprise establishments primarily engaged in operating overnight recreational camps, such as children's camps, family vacation camps, hunting and fishing camps, and outdoor adventure retreats, that offer trail riding, white water rafting, hiking, and similar activities.

These establishments provide accommodation facilities, such as cabins and fixed campsites, and other amenities, such as food services, recreational facilities and equipment, and organized recreational activities.The non-residential accommodation is sold through direct sales and by distributor and the price point includes economy, mid-range, and luxury.

The mode of bookings includes online bookings, direct bookings and others.

Asia Pacific was the largest region in the non-residential accommodation services market 2021.North America was the second largest region in the non-residential accommodation services market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increasing use of social media and access to mass media is positively impacting the tourism and non-residential accommodation industries.With tourists sharing their travel information, photographs and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world.

According to a survey by Stackla, in 2019, 86% of people (and 92%of Gen Z) said they've become interested in a specific location after seeing user-generated content in social media .Also, the mass media is playing an important role in helping countries promote tourism by educating people about their culture.

This rising awareness is resulting in large number of people travelling abroad and is expected to drive growth in the non-residential accommodation industry during the forecast period.

Hotels are using technologies to improve customer experience and reduce operational costs.The most significant trends include 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 other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and can personalize the experience for guests.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the non-residential accommodation services market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down' and the outbreak had a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the non-residential accommodation services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The countries covered in the non-residential accommodation services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.

Read the full report: https://www.reportlinker.com/p06193680/?utm_source=GNW

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