The application of cutting-edge technologies by hospitality businesses to increase productivity and enhance the client experience is highlighted by research on the market conducted by The Business Research Company.
In the hotel sector, specific technologies are leading to major advancements and cost savings. At a compound annual growth rate (CAGR) of about 7%, the global hospitality industry increased from $4,390.5 billion in 2022 to $4,699.5 billion in 2023.
At least temporarily, the Russia-Ukraine conflict hampered the possibilities of a COVID-19 pandemic-related global economic rebound. With a CAGR of more than 5%, the hospitality market is anticipated to reach $5,816.6 billion in 2027.