| | APRIL 20244According to Technavio Research, the global hospitality real estate market size is estimated to grow at a CAGR of 10.25 percent from 2022 to 2027. In Asia, the Philippines is all set to relive its pre-pandemic glory days in the Hospitality sector. In fact, tourism is the strongest pillar of the Philippine economy. The hospitality sector plays a vital role in the country's economic growth. Following the pandemic, there has been a consistent rise in room demand, driven by both domestic and international tourists visiting for recreation and business purposes. According to Mordor Intelligence, The Philippines Tourism and Hotel Market size is estimated at $2.75 billion in 2024 and is expected to reach $3.37 billion by 2029, growing at a CAGR of 4.15 percent. Well, that's not all; the global Smart Hospitality market, driven by the need to create unique hospitality experiences, is predicted to grow from $13.6 billion in 2022 to $49.9 billion by 2027 (report by ResearchAndMarkets.com) at a whopping CAGR of 29.8 percent.It's quite lucid that travelers worldwide are looking for well-being-oriented and immersive experiences. This drives a massive surge in leisure travel within the domestic market and the inbound international travel landscape. Even corporate travel and MICE are being extended to incorporate elements of leisure experiences. Lend your ears to Sunjae Sharma, Managing Director, India & Southwest Asia, Hyatt India Consultancy Pvt. Ltd. He elucidates, "The human desire to reconnect with loved ones and experience the joy of traveling together to newer destinations has never been so intense. This is reflected in the growing demand for staycations, workcations, and weekend getaways." It's a great time to be in the hospitality industry.Sujith VasudevanManaging Editoreditor@ceoinsightsasia.comEditorialIt's Time to Relive the Glory Days Publisher Alok Chaturvedi Manager - DesignPrabhu Dutta A.R.N Ray Noida Rohit Raghubanshi Akshay Shettyadvertise@ceoinsightsasia.comEditorial queries editor@ceoinsightsasia.comTo subscribeVisit www.ceoinsightsasia.com/subscribe/ or send emailto subscription@ceoinsightsasia.comMagazine Price is $50 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of InfoConnect Web Technologies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2024 InfoConnect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. Designer Surbhi SumanVP - Sales & Marketing Amrit Kumar Singh Circulation Manager Magendran Perumal Managing Editor Sujith Vasudevan Editorial Hima P Keerthana Kantaraju Viswanathan Vol 04 · Issue 03 - 02 · APRIL, 2024
< Page 3 | Page 5 >