Global Hospitality Event Service Industry 2015-2020 - Trends Forecast and Opportunity Analysis
According to a new market report published by Lucintel, the future of global hospitality eventservice industry looks promising with opportunities in the baggage handling service, cateringservice, and security check service segments. The global hospitality event service industry isforecast to grow at a CAGR of 5.4% from 2015 to 2020. The major drivers of growth for thismarket are improvement in the global economy, rise in consumer spending, an increase in traveland tourism, and growth in air passenger traffic. Adoption of the open skies policy, increasingpenetration of low-cost carriers, and rising number of international tourist arrivals are additionalfactors contributing to accelerated market growth.
In this market, retail and duty-free shops, baggage handling services, and passenger parkingfields are some of the major segments of hospitality event services. The largest segment is retailand duty-free shops, which is expected to remain the same during the forecast period. Lucintelpredicts that the demand for baggage handling services will experience the highest growth in theforecast period, supported by increasing expansion strategies by industry players in the MiddleEast and China. On the basis of its comprehensive research, Lucintel forecasts that cateringservices and retail and duty-free shops will show above average growth during the forecastperiod.
Within the hospitality event service industry, the retail and duty-free shops segment is expected toremain as the largest market. An increase in passenger spending along with new initiatives takenby service providers, like development of online retail channel, is expected to spur growth for thissegment over the forecast period.Asia Pacific (APAC) is expected to remain the largest market due to the high number of airtravelers coupled with an increase in the government’ spending plans in both China and India.North America and Europe are expected to witness significant growth over the forecast periodbecause of increasing consumer spending, passenger traffic, and external trade.
For market expansion, the report suggests innovation and new service development, where theunique characteristics of hospitality event services can be capitalized. The report further suggeststhe development of partnerships with customers to create win-win situations and the developmentof low-cost services for customers.
The emerging trends, which have a direct impact on the dynamics of the industry, are theintroduction of new baggage management application to improve customer service, increasinguse of smartphone apps, hybrid check-in system, and increasing trends towards Airport PublicPrivate Participations (PPPs) in emerging markets. Aeroports de Paris SA, Alpha Flight GroupLimited, Fraport AG Frankfurt Airport Srvc Wrldwd, Japan Airport Terminal Co. Ltd., and SATSLtd. are the major service providers in the global hospitality event service industry. Somecompanies are opting for joint venture and M&A as strategic initiatives for driving growth.opportunities in global hospitality event service industry by segment and region, and has come upwith a comprehensive research report entitled “Growth Opportunities in Global HospitalityEvent Service Industry 2015-2020: Trend, Forecast, and Market Analysis.” This Lucintelreport serves as a spring board for growth strategy as it provides a comprehensive data andanalysis on trends, key drivers, and directions. The study includes forecast for hospitality eventservice industry through 2020 by segment and region as follows:
By Segment ($ Billion from 2009 to 2020)-
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