Significant Growth in Trends of Accommodation Services Market Outlook: Ken Research

According to the report analysis, ‘Accommodation Service Comprehensive Report Q1/2020’ states that in the accommodation service there are numerous corporates which recently performing more significantly for leading the fastest market growth and registering the handsome value of market share around the globe in the near years throughout the upcoming years while delivering the better consumer satisfaction, decreasing the associated prices, spreading the awareness related to the accommodation service, employing the young workforces, engaging the developed technologies, studying the government’s norms, and implementing the profitable strategies includes Saigon Stec Co.,Ltd, Intel Products Vietnam Co., Ltd, Foster Electric Vietnam Co. Ltd, Hosiden Vietnam Co. Ltd, Haesung Vina Co. Ltd, Meiko Vietnam Co. Ltd, Hanoi Doosung Tech Co. Ltd, Sumidenso Vietnam Co. Ltd and several others.

In addition, over the past decade, the tourism has become more and more reachable to the individuals of the world. Therefore, the tourism industry has established strappingly, specifically in present years. The tourism industry in present years has been the propelling force for the growth of the volume of accommodation creations. The volume of hotel rooms and rooms in the world tends to increase uninterruptedly over the years in the duration of 2014-2025f. During the present time, there are more than 700,000 hotels and resorts distributed around the globe.

Vietnam is one of the wildest increasing tourist destinations across the Southeast Asia thanks to several favorable aspects such as the growth in the volume of tourists, new hotel brand names incoming the market, tranquil visa policy along with the advancement of infrastructure. In the primary 9 months of 2019, the volume of the international visitors to Vietnam augmented over the similar duration in 2018. The total revenue from tourists augmented over the same duration last year.

Thanks to the advancement of the domestic tourism industry in the past years, the volume of the businesses delivering accommodation services has also been increasing progressively every year. In the duration of 2010-2017, the volume of businesses functioning in the hospitality industry obtained an annual compound growth.

In Q4/ 2019, the supply of the Hanoi and Ho Chi Minh City did not have much unpredictability. The supply deducted faintly in Hanoi and continued constant in HCM City. The average functional volume and rental costs of Hanoi and HCM City markets in Q4/ 2019 chronicled a strong augment in all sectors thanks to the foremost tourist season of the two regions. The foremost tourist regions such as Da Nang, Nha Trang and Phu Quoc all had quite great levels of functional volume.

During the recent time, consumer desire staying in hotels that compromise them a contented understanding of staying in a home, start-ups are onboarding asset owners that deliver homestays to consumers at much competitive costs. These start-ups are also establishing the tourism packages that provide the consumers the leisure of discovering the city surrounds.

To overwhelm this challenge, stakeholders across the hotels market are volunteering to unveil their own version of Airbnb. Legacy hotel corporates focus to objective their marketing strategies towards the older millennial consumers, as people with families opt for more outdated resources obtainable at legacy hotels. Not only has this, the growth in worldwide consumer buying power, growth of economies, and digital innovation are cumulatively propelling the enlargement of the travel and tourism industry, which is subsequently propelling the accommodation services market. Therefore, in the coming years, it is predicted that the market of accommodation services will increase more significantly over the coming years.

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Global Accommodation Services Market

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Ankur Gupta, Head Marketing & Communications


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