Global Hotel And Other Travel Accommodation Market have been valued at US$ 956.2 billion in the year 2021 and it is estimated to reach US$ 1229.4 billion by the year 2027, with a CAGR of 3% from 2022 to 2027. Hotel and Other Travel Accommodation means lodging rented by the travelers and tourists for the purpose of stay, these tourists and travelers can choose various types for their accommodation like resorts, vacation rentals, and others. Hotel and Other Travel Accommodation can be chosen by multiple factors like budget-friendly of travel accommodation, availability of the rooms, and mode of booking, and these hotels and travel accommodation can be booked through online travel agencies these are the main factors that have considerably increased the demand for the Global Hotel and Other Travel Accommodation in the market, thereby driving the growth of the Global Hotel and Other Travel Accommodation in the upcoming years.

Market Drivers and Restraints:

Hotel and Other Travel Accommodations are of various types like Bed and Breakfast Accommodations and Casino Hotels and these hotels can be booked online or direct booking. Regarding budget, these hotels and Other Travel Accommodations are available in luxury, deluxe, premium, mid-range, and others. Demand for Hotel and Other Travel Accommodation is more in the place where tourist spots are more and also in many countries such as Africa, India, and China has eased travel for visitors these are key factors to have huge growth for the Hotel and Other Travel Accommodation market. In recent times demand for budget-friendly for Hotel or Travel Accommodation is increasing like Capsule hotels, paying guests, and others

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The report is segmented as follows:

The hotel and Other Travel Accommodation Market is segmented on the basis of by type, on the basis of by application, on the basis of by mode of booking, on the basis of by price point, on the basis of by ownership:

* Hotel and Other Travel Accommodation Market is segmented on the basis of by type into Hotel and Motel, Casino Hotels, Bed and Breakfast Accommodations, All Other Traveler Accommodations

* Hotel and Other Travel Accommodation Market is segmented on the basis of by ownership into Chained and Standalone

* Hotel and Other Travel Accommodation Market is segmented on the basis of by application into tourist Accommodation (Leisure), Official Business (Professional)

* Hotel and Other Travel Accommodation Market is segmented on the basis of by mode of booking into Online Bookings, Direct Bookings, Others

* Hotel and Other Travel Accommodation Market is segmented on the basis of by price point into Economy, Mid-Range, Luxury

Geographical Segmentation:

Hotel and Other Travel Accommodation Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Europe has the dominant share in global Hotel and Other Travel Accommodation Market, this is because in Europe region they huge no of travelers and also countries like France, Spain, and Germany in the Europe region tourism has significantly grown, due to this Hotel and Other Travel Accommodation Market has huge share in the Europe region, followed by Latin America and Middle East & Africa will register a slower increase in the Hotel and Other Travel Accommodation Market

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Impact of COVID-19 on Market

Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact the Hotel and Other Travel Accommodation growth during the forecast period. Covid-19 pandemic has impacted huge on the sales revenue of Hotel and Other Travel Accommodation market .The restrictions and lockdown imposed by the government in several countries has slow down the market and decrease the demand for Hotel and Other Travel Accommodation, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Hotel and Other Travel Accommodation market growth

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