Summary

Report Overview
Global Tourism and Hotel Industry Market reached US$ 8,543.1 million in 2023 and is expected to reach US$ 10,938.2 million by 2031, growing with a CAGR of 3.2% during the forecast period 2024-2031.
The global hospitality and tourism industry has witnessed steady growth over the years, driven by factors such as the rising middle class, increased disposable income and a growing interest in travel experiences. The industry is a key contributor to global economic development, particularly in emerging markets. The integration of different sectors, including transportation, lodging, food services, entertainment and attractions, creates a complex and interconnected market.
After a period of stagnation due to COVID-19, the tourism and hotel industry has shown a steady recovery. In 2023, international tourist arrivals were expected to return to near pre-pandemic levels, signaling a resurgence in travel demand. The World Travel and Tourism Council (WTTC) anticipates that the tourism sector's GDP will grow at nearly double the rate of the broader global economy over the next decade, with employment in the industry increasing by more than 100 million new jobs by 2033.
However, the recovery is uneven across regions. Markets with strong domestic travel, such as US and China, have rebounded faster, while regions dependent on international arrivals, such as Southeast Asia and Europe, have faced a slower path to recovery. In addition, inflationary pressures and economic uncertainty in key source markets have led to cautious consumer spending, influencing travel patterns and hotel bookings.
Market Dynamics
Rising Sustainability and Eco-friendly Practices
Sustainability is becoming a critical focus for the tourism and hotel industry. Travelers are showing a preference for eco-friendly accommodations and experiences. Hotels are adopting green practices, such as reducing energy consumption, minimizing waste and supporting local communities. Sustainability and personalization are pivotal in shaping consumer preferences within the tourism and hotel industry.
Travelers are prioritizing eco-friendly accommodations, responsible tourism and low-carbon transportation, driving demand for green certifications, waste reduction initiatives and renewable energy use. A 2023 Booking.com report highlights that 73% of travelers prefer hotels with sustainable practices, underscoring the competitive advantage for destinations and hotels that align with these growing preferences.
Simultaneously, the demand for personalized experiences has intensified. Guests are expecting more tailored services, including customized itineraries, digital concierge services and hyper-localized cultural experiences. The ability to leverage data analytics and AI to offer personalized services is becoming a key differentiator for hotels and travel platforms.
Growing Technological Integration and Digital Transformation
Technological advancements are reshaping the tourism and hotel industry, particularly in terms of digital transformation. The adoption of AI, IoT and blockchain technology is facilitating smarter hotel operations, from contactless check-ins to dynamic pricing models that optimize revenue management. Blockchain, in particular, is being used to improve supply chain transparency and create more secure travel transactions, reducing fraud in bookings.
Additionally, virtual and augmented reality technologies are gaining traction in marketing, allowing potential travelers to experience virtual tours of destinations and accommodations before booking. It has become a critical tool in the decision-making process for high-end travelers, who are looking for greater assurance in their travel investments.
Geopolitical Tensions and Environmental Pressures
Despite these opportunities, the industry faces numerous external challenges. Geopolitical tensions, such as conflicts in Eastern Europe and economic uncertainty in key source markets, are impacting global travel flows and investment decisions. The volatility of energy markets, particularly in Europe, has also raised operational costs for hotels and airlines, which are now grappling with increased pressure to reduce their carbon footprints while maintaining profitability.
Climate change is increasingly influencing the tourism industry, as extreme weather events like wildfires, floods and hurricanes disrupt travel and hotel operations in key destinations. The sector, responsible for around 8% of global greenhouse gas emissions, faces intensified scrutiny, particularly from the aviation and cruise industries, which are major contributors. In response, industry leaders are prioritizing investments in sustainable infrastructure and carbon offset programs to address environmental concerns and meet regulatory and consumer expectations.
Market Segment Analysis
The global tourism and hotel industry market is segmented based on tourism, Accommodation, Booking, room capacity, location and region.
The Surging Demand for Boutique Hotels
The surge in boutique hotel demand reflects changing travel trends and evolving consumer preferences. Modern travelers, especially younger generations, seek unique, Instagram-worthy accommodations that offer more than standard hotel options. Boutique hotels, with their focus on individuality and creative design, fulfill this demand by providing distinctive, memorable experiences that stand out from larger hotel chains.
Another driver of boutique hotel demand is the growing preference for personalization and exclusivity in the hospitality industry. Today’s travelers expect a high degree of tailored service, from customized room amenities to curated activities that align with their interests. Boutique hotels excel in delivering this level of bespoke service, positioning themselves as the ideal choice for those seeking more intimate and personalized accommodations compared to the impersonal offerings of larger hotel brands.
Additionally, There has been a noticeable shift toward authenticity and localism in travel preferences, with many travelers seeking deeper connections to local culture and environments. Boutique hotels, embedded within their communities, cater to this trend by providing authentic, destination-specific experiences. The approach allows boutique hotels to offer a more meaningful connection to their locales, distinguishing them from the more homogenized experiences of traditional accommodations.
Market Geographical Share
Rising Demand for Tourism and Hotel Industry in Europe
Europe's tourism and hotel industry experienced strong growth in early 2024, with international travel up 12% and overnight stays increasing by 10% compared to 2023. Southern Europe, led by countries like Serbia, Malta and Portugal, saw significant gains due to favorable conditions and value-for-money offerings. Despite ongoing inflation, travel costs have had a slightly reduced impact, while the rise of non-traditional destinations and returning Asia-Pacific travelers are reshaping the region’s tourism landscape.
In April 2024, Europe's hotel industry experienced steady but slowing growth due to inflation and geopolitical issues. Southern Europe led the recovery, with Northern and Central Europe, including Germany, Switzerland and the Czech Republic, also contributing. As per HSMAI, hotel occupancy reached 69.3%, a slight dip of 0.2 points from April 2023 but up by 6.2 points from 2022. The average daily rate (ADR) increased modestly by 0.7% year-over-year to €122.1 and by 18.3% from 2022, resulting in a 0.4% rise in revenue per available room (RevPAR).
The upscale hotel segment saw notable gains in occupancy and RevPAR, while the budget segment struggled. Despite some price pressures in various markets, average daily rates grew significantly compared to 2022. The Netherlands led in occupancy, surpassing UK, Italy and Spain, with Greece, Latvia, Switzerland and Germany also showing strong performance.
Market Competitive Landscape
The major global players in the market include Accor, Marriott International, Inc., Austin Adventures, Balkan Holidays Ltd, Hyatt Corporation, Hilton, G Adventures, Four Seasons Hotels Limited, Airbnb, Inc. and IHG.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict has drastically impacted Ukraine’s tourism and hotel sectors, causing a nearly 90% collapse in the hotel industry in the initial months of the war. Before the invasion, Ukraine attracted about 14 million foreign tourists annually, with Kyiv, Lviv and Odesa being key destinations. As per the International Organization for Migration, by the first half of 2023, international arrivals had plummeted to just 1.3 million, reflecting the severe effects of heightened security risks and deteriorating infrastructure.
The conflict has severely disrupted Ukraine’s tourism sector, with safety concerns deterring visitors and negative media coverage damaging its reputation. Critical tourism infrastructure, including hotels, restaurants and attractions, has been compromised, diminishing appeal and accessibility. Economic strains from the war have curtailed investment, impacting service quality and growth. Additionally, altered travel routes have diverted tourists from traditional hotspots, further affecting the sector.
In response to the challenges, initiatives like "Visit Ukraine" have implemented innovative strategies to mitigate the impact, including providing essential safety information, war-related travel insurance and real-time updates to local authorities. Increased marketing efforts aim to counter negative perceptions and promote safer regions. Domestic tourism has grown as Ukrainians support local travel, while initiatives like "Donat-tour" combine tourism promotion with humanitarian aid, raising funds to support conflict-affected communities.
By Tourism
Business Tourism
Adventure Tourism
Eco-Tourism
Medical Tourism
Cultural Tourism
Religious Tourism
Sports Tourism
By Accommodation
Luxury Hotels
Mid-Range Hotels
Resorts
Boutique Hotels
Budget Hotels
Serviced Apartments
Hostels
Bed and Breakfast Hotels
By Booking
Direct Booking
Online Travel Agencies
Offline Booking
By Room Capacity
Small
Medium
Large
Mega
By Location
Urban Tourism
Rural Tourism
Coastal/Beach Tourism
Mountain Tourism
Heritage and Cultural Sites
By Region
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Middle East and Africa
Key Developments
In March 2023, the World Travel & Tourism Council (WTTC) launched the Hotel Sustainability Basics (Basics) program at ITB Berlin to establish a global standard for hotel sustainability. The verification scheme defines 12 essential criteria for hotels, serving as a foundational step toward advanced sustainability practices. Supported by major international hotel groups such as Accor, Jin Jiang International and Radisson Hotel Group, the initiative aims to standardize and enhance sustainability efforts across the industry.
In December 2021, a new Net Zero Methodology for Hotels was introduced by leading global hospitality and tourism organizations to guide hotels in achieving net zero emissions. The structured approach addresses Scope 1, 2 and 3 emissions and sets key milestones for 2025, 2030 and 2040. It highlights the importance of renewable energy in decarbonization and aligns with frameworks such as the Science Based Targets Initiative, Race to Zero and the Glasgow Declaration.
Why Purchase the Report?
To visualize the global tourism and hotel industry market segmentation based on tourism, accommodation, booking, room capacity, location and region as well as understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous data points of the tourism and hotel industry market-level with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players.
The global tourism and hotel Industry market report will provide approximately 78 tables, 85 figures and 219 Pages.
Target Audience 2024
Travelers
Event Planners
Research Professionals
Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet By Tourism
3.2. Snippet by Accommodation
3.3. Snippet by Booking
3.4. Snippet by Room Capacity
3.5. Snippet by Location
3.6. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Rising Sustainability and Eco-friendly Practices
4.1.1.2. Growing Technological Integration and Digital Transformation
4.1.2. Restraints
4.1.2.1. Geopolitical Tensions and Environmental Pressures
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID
6.1.2. Scenario During COVID
6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During the Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Tourism
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tourism
7.1.2. Market Attractiveness Index, By Tourism
7.2. Business Tourism*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Adventure Tourism
7.4. Eco-Tourism
7.5. Medical Tourism
7.6. Cultural Tourism
7.7. Religious Tourism
7.8. Sports Tourism
8. By Accommodation
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Accommodation
8.1.2. Market Attractiveness Index, By Accommodation
8.2. Luxury Hotels*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Mid-Range Hotels
8.4. Resorts
8.5. Boutique Hotels
8.6. Budget Hotels
8.7. Serviced Apartments
8.8. Hostels
8.9. Bed and Breakfast Hotels
9. By Booking
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Booking
9.1.2. Market Attractiveness Index, By Booking
9.2. Direct Booking*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Online Travel Agencies
9.4. Offline Booking
10. By Room Capacity
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Room Capacity
10.1.2. Market Attractiveness Index, By Room Capacity
10.2. Small*
10.2.1. Introduction
10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Medium
10.4. Large
10.5. Mega
11. By Location
11.1. Introduction
11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location
11.1.2. Market Attractiveness Index, By Location
11.2. Urban Tourism*
11.2.1. Introduction
11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
11.3. Rural Tourism
11.4. Coastal/Beach Tourism
11.5. Mountain Tourism
11.6. Heritage and Cultural Sites Offline
12. By Region
12.1. Introduction
12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
12.1.2. Market Attractiveness Index, By Region
12.2. North America
12.2.1. Introduction
12.2.2. Key Region-Specific Dynamics
12.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tourism
12.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Accommodation
12.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Booking
12.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Room Capacity
12.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location
12.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.2.8.1. US
12.2.8.2. Canada
12.2.8.3. Mexico
12.3. Europe
12.3.1. Introduction
12.3.2. Key Region-Specific Dynamics
12.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tourism
12.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Accommodation
12.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Booking
12.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Room Capacity
12.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location
12.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.3.8.1. Germany
12.3.8.2. UK
12.3.8.3. France
12.3.8.4. Italy
12.3.8.5. Spain
12.3.8.6. Rest of Europe
12.4. South America
12.4.1. Introduction
12.4.2. Key Region-Specific Dynamics
12.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tourism
12.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Accommodation
12.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Booking
12.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Room Capacity
12.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location
12.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.4.8.1. Brazil
12.4.8.2. Argentina
12.4.8.3. Rest of South America
12.5. Asia-Pacific
12.5.1. Introduction
12.5.2. Key Region-Specific Dynamics
12.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tourism
12.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Accommodation
12.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Booking
12.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Room Capacity
12.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location
12.5.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
12.5.8.1. China
12.5.8.2. India
12.5.8.3. Japan
12.5.8.4. Australia
12.5.8.5. Rest of Asia-Pacific
12.6. Middle East and Africa
12.6.1. Introduction
12.6.2. Key Region-Specific Dynamics
12.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tourism
12.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Accommodation
12.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Booking
12.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Room Capacity
12.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location
13. Competitive Landscape
13.1. Competitive Scenario
13.2. Market Positioning/Share Analysis
13.3. Mergers and Acquisitions Analysis
14. Company Profiles
14.1. Accor*
14.1.1. Company Overview
14.1.2. Product Portfolio and Description
14.1.3. Financial Overview
14.1.4. Key Developments
14.2. Marriott International, Inc.
14.3. Austin Adventures
14.4. Balkan Holidays Ltd
14.5. Hyatt Corporation
14.6. Hilton
14.7. G Adventures
14.8. Four Seasons Hotels Limited
14.9. Airbnb, Inc.
14.10. IHG (*LIST NOT EXHAUSTIVE)
15. Appendix
15.1. About Us and Services
15.2. Contact Us