Via smartphones and tablets, customers can now research and book their holidays. This figure shows that clients are consuming more OTA services today. Company websites, social media networks, and travel websites like TripAdvisor contribute to hospitality facilities’ take on transparency, leading to an improvement in the quality of services they offer. About 81% of Americans currently own smartphones, up from just 35%, according to Pew Research Center’s first survey in 2011 about smartphone ownership. In the past years, the rising global tourism fueled the growth of the hospitality space. Niche markets cater to groups whose demands are more specific than the larger market. In 2021, however, this figure is expected to increase to 86.5 million. It is a bustling line of business with myriad categories—from hotels and other accommodations to bars, restaurants, tour operators, and travel agents. In the last 10 years, hoteliers applied sustainability practices to their properties. Moreover, mobile technology bridges the gap between the customer and the hotel itself. VR in the hospitality industry is applied in travel experiences, hotel tours, and booking processes. iCrowdNewswire Nov 27, 2020 1:45 AM ET. OTAs saw an increase in demand this year, thanks to Millenial clients, who are also growing in number. Popular mostly among Millenials, OTAs have seen a greater rate this year compared to the past. Thus, going after a personalized guest experience has become a powerful and transforming trend in the hospitality business. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. In-room dining, making reservations, submitting service requests, and controlling room environment are also possible through the use of tablets. In a survey conducted by SmarterHQ, Cheetah Digital, Liveclicker, and MailCharts, the travel and hospitality sector reports the highest shift toward tailored messaging. Tourism Economics, an Oxford Economics company, focuses on the intersection of the economy and travel sector, providing actionable insights to our clients. Industry leaders now carry the burden of understanding this new generation’s characters and preferences, which seemed to have changed rapidly, from Millenials and now to the so-called Generation Z. Hotel Furniture Market 2020: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2025. Online travel agents also benefit more from niche travel markets as well, such as culinary and wedding vacations. Capsule Hotels Market 2020: Trends, Market Share, Industry Size, Growth, Opportunities Demands Analysis and Forecast till 2025 . The struggle to attract, convert, and retain customers is always present in the hospitality industry. Media Contacts:Nick MinerdSenior Director, Communicationsnminerd@str.com+1 (615) 824-8664 ext. Additionally, mobile hotel sites now make sure to provide translations to encourage more overseas mobile bookings. And our team of specialist economists develops custom economic impact studies, policy analysis, and forecast models. For more information, please visit str.com and costargroup.com. Amazon’s Alexa, Apple’s Siri, Google Assistant, and Microsoft’s Cortana are the latest digital assistant technologies on the rise. Rate increases will be higher in Asia, averaging 2% to 4%, as hotel openings fail to keep up with the pace of demand. Hotel Furniture Market 2020: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2025. STR’s latest monthly data (February) showed 55,734 hotels and 5,341,586 rooms in the U.S. Property closures are expected to lead to a 14.9% decline in room nights available for the year. By 2023, the big data industry is forecast to be worth $77 billion. Airbnb is just one earthquake that has jolted (and is jolting) the landscape. document.getElementById("comment").setAttribute( "id", "a6f11c839243a687a20608a263c5261c" );document.getElementById("g870abf955").setAttribute( "id", "comment" ); FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. Guest data can be used to provide a personalized experience for your customers. Please refrain from citing “STR, Inc.” “Smith Travel Research” or “STR Global” in sourcing as those names no longer fit within the STR brand. Online marketing also heavily relies on multi-user interactivity. Moreover, most hotels have yet to incorporate cultural experience offers similar to what startups like Homestay or Onefinestay do.