Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) — The “Hotels, Resorts and Cruise Lines Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
In a significant development within the hospitality industry, the global market for hotels, resorts, and cruise lines is anticipated to experience robust growth. Forecasts suggest an expansion from a sizable $603.44 billion in 2023 to a substantial $701.14 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 16.2%.
Factors contributing to this growth include the worldwide economic upturn, a boom in global tourism, and accelerated digital evolution. Moreover, a burgeoning demand for luxury travel and strategic marketing initiatives are crucial in propelling the market forward. The market is further expected to continue its growth trajectory, reaching an impressive $1.28 trillion by 2028.
Technological Innovations and Strategic Acquisitions
The industry’s landscape is being reshaped by technological innovation and strategic business maneuvers. Leading players are integrating artificial intelligence into their service offerings to enhance customer satisfaction. As an exemplar, a major hospitality company recently introduced an AI-integrated digital concierge, signifying advancements that are set to redefine guest services within the sector. In the realm of corporate activity, a notable acquisition between luxury hospitality providers aims to expand market share and global presence, signaling the strategic consolidation efforts in the market.
Regional Insights
The market analysis reveals that in 2023, North America held the dominant share in the hotel, resort, and cruise line markets. Moving forward, the Asia-Pacific region is poised to emerge as the fastest-growing market during the forecast period. This reflects the dynamic economic developments and the increasing penetration of hospitality services in these regions.
The detailed report covers various geographies including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, with specific country-focused insights provided for countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Canada, Italy, and Spain.
Services and Accommodations
In examining the diversity within the market, hotels, resorts, and cruise lines each offer distinct accommodations and services. Hotels cater to short-term lodging preferences, while resorts focus on providing an immersive leisure experience. Cruise lines present a comprehensive blend of transportation, accommodation, and entertainment. These offerings are indicative of the sector’s adaptability to cater to a range of preferences and budgets, underscoring the industry’s breadth and versatility.
As the sector continues to evolve with emerging trends such as sustainable tourism, health and wellness travel, and the integration of remote work with leisure, the report offers a comprehensive perspective of the market’s current state and future outlook. It highlights revenue streams spanning room bookings, dining, entertainment, and other amenities, contributing to the overall market valuation. The report foresees the ongoing and future developments as indicators of a vibrant and adaptive industry poised for continued growth and innovation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $701.14 Billion |
| Forecasted Market Value (USD) by 2028 | $1283.26 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
The major companies profiled in this Hotels, Resorts and Cruise Lines market report include:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/vu0t2s
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- Hotels, Resorts and Cruise Lines Market
