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.