Market Size of US Hospitality Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United States Hospitality Market Analysis
The hospitality industry in the United States has been growing, with the rising number of international travelers visiting the country for leisure trips and with the rising business travel within the country. The total value of bookings increased from USD 116 billion in 2009 to USD 185 billion in 2017. The international arrivals in the country increased by 0.7% in 2017. Cities, like New York, managed to record high numbers of both leisure travelers and business travellers. Growth in digital innovation helped in recording this increasing number and it also helped the players who operate shared spaces, like Airbnb, to be able to reach out to their target audience. The total expenditure of international travellers recorded an all-time high value of USD 251 billion in 2017. Gross hotel bookings recorded a value of USD 185 billion in 2017, which was USD 116 billion in 2009. All these growing numbers, together, inspired the Department of Commerce to target 95.5 million international visitor arrivals, annually, by 2023, which is twice the number it recorded in 2000.
