The hotels, resorts and cruise lines market size is expected to see rapid growth in the next few years. It will grow to $1,283.26 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth in the forecast period can be attributed to growing sustainable tourism, advancing technology integration, increasing millennial and Gen Z travelers, rising health and wellness tourism, expanding emerging markets, growing M&A activity, and increasing personalization and customization. Major trends in the forecast period include sustainable tourism, technological integration, health and wellness tourism, experience-driven travel, luxury travel, remote work and leisure travel, and cruise industry innovations.
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Scope Of Hotels, Resorts And Cruise Lines Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hotels, Resorts And Cruise Lines Market Overview
Market Drivers –
The increasing tourism and travel are expected to propel the growth of the hotel, resort, and cruise line markets going forward. Tourism and travel refer to the activities of people who journey away from their usual place of residence for leisure, business, or other purposes, and the services and infrastructure that support these activities. Increasing tourism and travel is driven by rising disposable incomes, allowing more spending on leisure and favorable exchange rates, making specific destinations more affordable. Additionally, globalization and social media influence increase exposure to different cultures and popular destinations, fueling the desire to visit them. Hotels, resorts, and cruise lines provide essential accommodation, leisure facilities, and transportation services that cater to the needs of tourists and travelers, enhancing their overall experience. For instance, in October 2023, according to Eurostat, a Europe-based provider of high-quality statistics, in 2022, the EU saw almost 2.8 billion nights spent in accommodations, with 1.2 billion by international guests. Notably, 13% of nights spent by international guests in Europe were by tourists from regions outside Europe, up from 8% in 2021. Therefore, increasing tourism and travel will drive the growth of the hotel, resort, and cruise line markets.
Market Trends –
Major companies operating in the hotels, resorts, and cruise lines market focus on integrating artificial intelligence, such as the new AI-powered virtual concierge, to boost guest satisfaction with personalized recommendations and real-time support. A virtual concierge is an AI-powered digital assistant that provides customized services and information, similar to a human concierge, often used in hotels, buildings, and online platforms. For instance, in December 2023, Renaissance Hotels, a US-based hospitality company, launched RENAI. This artificial intelligence-integrated digital assistant offers features such as personalized recommendations, real-time assistance with hotel services, and anticipatory service through AI-driven insights, which enhance guest satisfaction by predicting and addressing needs before they arise. The virtual concierge provides tailored suggestions for dining and activities based on guest preferences and past interactions while facilitating immediate support for hotel-related inquiries. RENIA allows hotel staff to understand better and respond to guest needs, thereby improving overall operational efficiency and the guest experience.
The hotels, resorts and cruise lines market covered in this report is segmented –
1) By Type: Hotels, Resorts, Cruise Lines
2) By Tourist Type: Domestic, International
3) By Sales Channel: Online, Offline
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Regional Insights –
North America was the largest region in the hotels, resorts and cruise lines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hotels, resorts and cruise lines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the hotels, resorts and cruise lines market are Marriott International Inc, MSC Cruises, Radisson Hotel Group, Carnival Corporation & plc, Caesars Entertainment Corporation, Royal Caribbean Group, Hilton Worldwide Holdings Inc, Costa Crociere S.p.A.,, Hyatt Corporation, Host Hotels & Resorts Inc, Norwegian Cruise Line Holdings Ltd, Accor SA, Four Seasons Hotels and Resorts, Princess Cruises, InterContinental Hotels Group PLC, Disney Cruise Line, Huazhu Hotels Group Ltd, Rosewood Hotels & Resorts, Meliá Hotels International, Raffles Hotels & Resorts, Wyndham Hotel Group LLC, Shangri-La Hotels and Resorts, Choice Hotels International Inc, Belmond Ltd, The Ritz-Carlton Hotel Company, Mandarin Oriental Hotel Group< /b>
Table of Contents
1. Executive Summary
2. Hotels, Resorts And Cruise Lines Market Report Structure
3. Hotels, Resorts And Cruise Lines Market Trends And Strategies
4. Hotels, Resorts And Cruise Lines Market – Macro Economic Scenario
5. Hotels, Resorts And Cruise Lines Market Size And Growth
…..
27. Hotels, Resorts And Cruise Lines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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