The U.S. hotels, resorts & cruise lines market is expected to reach USD 299.3 billion by 2025, according to a new report by Grand View Research, Inc. As travel and tourism keep on growing every year, hotel and cruise line industry are recognized as an ever-blooming business. High competition is observed amongst the companies due to soaring demand for accommodation. This, in turn, is anticipated to boost the revenue inflow in this market.
Currently, majority of the population are tech-savvy and are comfortable using mobile apps and websites. Customers prefer to plan their trips and search for hotel options all via a digital interface. As a result, hotels are engaged in offerings up-to-date and user-friendly services such as online bookings, cancellation, and payment mode. This, in turn, is expected to enable company in reinforcing their presence in the space.
Effective usage of digital marketing & social media promotions is recognized as the high driving force for the market. This is mainly because it allows maintaining harmony and synergy between companies and customers, thereby driving booking rates. Moreover, usage of public forum like Yelp helps in understanding the customer’s’ expectation which further helps in devising the investment plans as per the customer’s need.
However, alternate accommodation such as Airbnb and security challenges associated with this industry is expected to slow down the market throughout the forecast period.
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https://www.grandviewresearch.com/industry-analysis/us-hotels-resorts-cruise-lines-market
Further Key Findings From the Report Suggest:
- Hotel & motel dominated the market in 2016 with respect to revenue generation
- Presence of a substantial number of international hotels in the U.S. has contributed to the largest share of this segment
- In the crowded tourist or travel spots, it is easy to spot hotels in every locality
- Cruise lines is the fastest growing segment
- Understanding the growth potential of cruising travel, the cruise line industry is committed to add new capacity in its lines
- The cruise lines are continuously putting efforts for improving its “cheap and fun vacation deals”
- These factors are expected to lucratively enhance the segment growth throughout the forecast period
- Some major hotel companies that are operating in the space are Hyatt Corporation, MARRIOTT INTERNATIONAL, INC.; and Hilton
- Royal Caribbean International and Carnival Corporation & plc are some prominent cruise line in the market
- These companies are observed to make significant investment to boost their service portfolio and meet the customers’ expectations
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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