How big is the accommodation market | Revenue Dynamics, Consumer Trends & Forecast 2029

Q: What is the current size of the global accommodation market in USD?

The global accommodation market is currently valued at approximately USD 1.3 trillion.

Q: What is the projected market size of the accommodation industry by 2031?

It is projected to reach around USD 1.9 trillion by 2031.

Q: What is the CAGR of the accommodation market during the forecast period?

The accommodation market is expected to grow at a CAGR of 5.6% from 2024 to 2031.

Q: Which key factors are driving growth in the accommodation industry?

Factors include tourism growth, digital platforms, lifestyle shifts, and personalized travel experiences.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA4360

Publication Date: Jun 2025

What is the Accommodation Market Size?

According to 6Wresearch internal database and industry insights, the Accommodation market was valued at USD 1.3 billion in 2024 and is anticipated to exceed USD 1.9 billion by 2031, registering a steady at a CAGR of 5.6% during the forecast period.

The accommodation sector, which consists of all hotels, resorts, hostels, vacation rentals, and other hospitality services that provide lodging, continues to grow as a result of increased global tourism, business travel, and nomadism. The sector also benefits from increased disposable income of the middle and upper middle classes, developments in digital booking platforms, and an ever-changing consumer preference for more personalized traveling experiences to lure guests from all segments and regions.

Major Growth Factors of the Accommodation Industry

Expansion of online travel agencies (OTAs)
Demand for luxury and boutique accommodations
Increase in disposable income and middle-class population
Increased investments in hospitality technology
Growth in international and domestic tourism
Urbanization and infrastructure development
Rise of work-from-anywhere culture

Accommodation Market Trends

The accommodation sector is experiencing trends like the raising popularity of short-term holiday rentals, increased focus on sustainable and eco-improvements, and personalization through AI and data analytics and more on top of the continuing trends of contactless, mobile, and experience-based travel that govern market behaviour and consumer expectations.

Emerging Developments in the Accommodation Industry

Recent developments in the accommodation market include integration of AI-powered concierge services, growth in hybrid accommodation models combining work and leisure, and investments in smart room technology. Partnerships between hotels and tech platforms, as well as sustainability certifications, are gaining traction to appeal to environmentally conscious travellers.