Hospitality Industry Market Size
To determine the market size for the overall hospitality industry (which would include food/beverage, accommodations/lodging, and travel/tourism), accommodations/lodging, and the market size for hotel software market in the US and globally.
- The market size of the hotel industry globally is $570.18 billion in 2018. The hotel industry in this study is defined as a "subdivision of the hospitality industry specializing in accommodation."
- The market size of the US hotel industry in 2018 is 208 billion.
- The travel, tourism, and hospitality industry have an economic impact of over $6.5 trillion globally.
- The travel, tourism, and hospitality industry in the US accounted for $1.6 trillion in economic output in 2017.
- The market size of the hotel and hospitality management software market is estimated at $2.8 billion in 2016 and is expected to reach $4.3 billion by 2022.
Proposed next steps:
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As the initial research has already revealed the market size of the hospitality industry as well as the market size of hotels in the USA and globally, we recommend diving deeper to find the market size of the hotel and/or hospitality software market in the US and globally. Hotel and hospitality management software is the software that deals with guest management, ticket booking, among others, so we also recommend additional research to find or estimate the US market size as we have already found the global market size.