This Hospitality Industry Outlook presents an in-depth analysis of a sector undergoing significant change. In the face of dynamic global travel trends, it delves into emerging innovations, technological progress, and the economic factors influencing the industry’s trajectory. It examines firmographic data, growth patterns, investment activities, and innovative shifts from AI in restaurants to sustainable travel and tourism practices.
This 2024 hospitality industry report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.
StartUs Insights Hospitality Industry Outlook 2024
- Executive Summary
- Introduction to the Hospitality Industry Report 2024
- What data is used in this Hospitality Industry Report?
- Snapshot of the Global Hospitality Industry
- Funding Landscape in the Hospitality Industry
- Who is Investing in Hospitality Industry?
- Emerging Trends in the Hospitality Industry
- 5 Hospitality Startups impacting the Industry
Executive Summary: Hospitality Sector Outlook 2024
This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 4000+ hospitality startups developing innovative solutions to present five examples from emerging hospitality industry trends.
- Industry Growth Overview: The hospitality market report notes a slight decrease in industry growth by 0.84%, with over 294000 companies active in the sector.
- Manpower & Employment Growth: The sector has added 1.1 million new employees to its global workforce of over 20 million.
- Patents & Grants: It has accumulated over 30000 patents and received 1984 grants.
- Global Footprint: The industry has a broad global presence, with major hubs in the US, UK, India, Germany, and Canada, and city hubs in New York City, London, Dubai, Sydney, and Melbourne.
- Investment Landscape: The average investment value is USD 30.5 million per round, with over 14000 investors actively participating in more than 48000 funding rounds.
- Top Investors: Investors like Tiger Global Management, Goldman Sachs, and more have made significant investments, supporting sector growth and innovation.
- Startup Ecosystem: Five innovative startups include Thynk (cloud-based management), Xequence (AI assistance), Buk Protocol (decentralized bookings), Smart Servant (service robots), and Fastek (IoT sensors).
- Recommendations for Stakeholders: Stakeholders should leverage technological advancements, optimize data analytics, and focus on personalized customer experiences to support ongoing development in the hospitality industry.
Explore the Data-driven Hospitality Industry Report for 2024
The Hospitality Industry Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The report indicates a slight decrease of 0.84% in industry growth over the past year. Despite this, the ecosystem continues to be active with over 294000 companies in the database. The sector shows solid employment growth, with a global workforce of 20.3 million, and an addition of 1.1 million new workers, indicating its adaptability and job creation capacity.
What data is used to create this hospitality industry report?
Based on the data provided by our Discovery Platform, we observe that the hospitality industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.
- News Coverage & Publications: The hospitality industry has a significant presence, with over 80000 publications in the past year.
- Funding Rounds: Our database contains data of more than 48000 funding rounds, ranking it among the top performers.
- Manpower: The industry employs more than 20 million workers and has added over 1 million new employees in the last year.
- Patents: The sector shows a commitment to innovation, holding over 30000 patents.
- Grants: It has also secured 1900+ grants, demonstrating its ability to attract support and funding for its projects and initiatives.
A Snapshot of the Global Hospitality Industry
The hospitality industry shows steady resilience and growth. With a workforce of over 20 million individuals, this sector is a notable employer worldwide. The industry’s potential for growth is evident in its addition of 1.1 million employees over the past year. Further, the hospitality sector is vast and diverse, with over 294000 companies. These businesses, from small family-run establishments to large multinational chains, each add to the industry’s dynamism and innovation.
Explore the Funding Landscape of the Hospitality Industry
The hospitality industry presents a steady and promising investment environment. With an average investment value of USD 30.5 million per round, it is evident that stakeholders are promoting growth and innovation within this sector. The participation of more than 14000 investors supports the industry’s robust investment ecosystem. This significant number of investors provides funds as well as expertise, advancing the industry in unique and innovative ways. Further, the industry has seen the closure of more than 48000 funding rounds, reflecting its active financial transactions. The investment extends to more than 20000 companies, indicating the industry’s wide reach and diversity.
Who is Investing in the Hospitality Industry?
The hospitality industry has received significant investment, totaling over USD 14 billion from top investors. Here’s the list of notable investors:
- Tiger Global Management has invested USD 2.8 billion across 43 companies, showing its influence in the hospitality sector.
- Goldman Sachs has invested USD 2.2 billion in 33 companies, indicating its commitment to the industry’s growth.
- SoftBank Vision Fund has directed USD 1.6 billion into 18 companies, demonstrating its focus on ventures with growth potential.
- Insight Partners has also invested USD 1.6 billion across 21 companies, indicating a targeted investment approach.
- Sequoia Capital has put USD 1.2 billion into 30 companies, showing its trust in the sector’s opportunities.
- T. Rowe Price has invested USD 1.2 billion among 10 companies, indicating a strategy focused on select opportunities.
- Warburg Pincus has allocated USD 975.3 million to 12 companies, emphasizing targeted investments in promising hospitality ventures.
- Temasek Holdings has invested USD 939.8 million invested in 12 companies, underlining its interest in the sector’s growth.
- GIC has committed USD 832.1 million across 16 companies, showcasing its investment in the hospitality industry’s expansion.
- Accel has invested USD 814.1 million spread over 31 companies, highlighting its broad and strategic engagement in the sector.
These investments from key financial entities support the hospitality industry’s operations and lay a foundation for its future.
Gain Access to Top Hospitality Innovations & Industry Trends with the Discovery Platform
The data shows the growing hospitality trends over the last year, highlighting the ones with the highest mentions and company involvement. AI for restaurants has 300+ mentions and involves 198 companies. Food delivery robots, with 400+ mentions and 74 companies engaged, indicate interest in this innovation.
Explore Firmographic Data for All Hospitality Industry Trends
In terms of company involvement, hospitality management, and food services equipment trends stand out, involving 1.5K and 1.7K companies respectively. Cloud kitchens, with 1.1K companies, also have a significant presence, reflecting the emergence of this new business model.
Book a platform demo to explore all hospitality industry trends in more detail.
- AI for Restaurants is improving customer experiences, streamlining operations, and creating new service delivery and personalization opportunities. There are currently 198 companies in this space. These companies collectively employ 12K+ individuals, with an addition of 1K+ new employees in the last year. The annual trend growth rate of 31.61% indicates the ongoing adoption and development of AI technologies in restaurants.
- Food Delivery Robots are changing the logistics of food delivery by increasing speed, reducing costs, and meeting the growing demand for contactless delivery options. There are 74 companies in this sector, employing a workforce of 3K+ employees, including 600+ new hires in the last year. The annual trend growth rate of 13.78% shows a steady interest and investment in robotic delivery solutions.
- Cloud Kitchen, also known as Ghost Kitchens, is becoming an important part of the restaurant industry, driven by the surge in online food ordering. There are 1000+ companies in this sector, employing a workforce of 69K+ individuals. The sector added 8K+ new employees in the last year. With an annual trend growth rate of 22.28%, cloud kitchens are rapidly gaining traction, providing restaurants with a cost-effective way to expand their reach without the overhead of traditional dining spaces.
5 Top Examples from 4000+ Innovative Hospitality Startups
The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.
Thynk provides Hospitality Cloud
Belgium startup Thynk offers Thynk Platform, an integrated platform with hospitality modules. The platform uses Salesforce to streamline operations through process automation. It offers features such as multi-property management, automation, mobility & productivity, and security & administration. The startup’s platform also provides access to PMS data, offering centralized and clean data along with robust analytics. Consequently, Thynk provides hoteliers with resources for making decisions that contribute to profitability and strategic planning.
Xequence offers AI-powered Virtual Assistant
Indian startup Xequence develops RIDA, an AI-driven virtual assistant to assist travelers and travel operators. This platform leverages AI to make travel plans quicker, smoother, safer, and more economical. Its RIDA AI Rail Assistant provides train information, simplifies ticket booking, customizes trip planning, and offers travel advice and suggestions. The RIDA Flight Assistant offers updates on flights, assists with bookings, provides support for baggage and security, and gives local recommendations. Lastly, RIDA Hotel AI Assistant offers tailored assistance, optimizes processes, safeguards privacy, and ensures secure interactions.
Buk Protocol creates an Ecosystem for Dynamic RWAs
US startup Buk Protocol develops a decentralized, open-chain protocol to enhance the flexibility of travel inventory distribution and booking. It establishes a modular infrastructure for dynamic RWA dApps and marketplaces. The startup also facilitates the creation of secondary markets for all expiring assets, which encompass dynamic RWAs such as hotel bookings, event tickets, airlines, and more. This protocol benefits all participants, including travelers and asset owners like hotels, airlines, tour operators, and event organizers.
Smart Servant provides Hospitality Robots
Dutch startup Smart Servant offers service and cleaning robots for the hospitality sector. Its Plato robots are adept at serving and clearing tasks, and handling food and drink delivery in self-service restaurants. These robots also gather dirty dishes and move them to the dishwashing area. The startup’s Keenon W3 robots specialize in room service, delivering food and drinks to hotel rooms. These robots interact with elevators through an integrated lift module or an API connection. Smart Servant’s Gaussian robots concentrate on hygiene and efficiency, contributing to personnel cost reduction.
Fastek enables Remediation and Equipment Monitoring
US-based startup Fastek focuses on the application of sensor technology and IoT sensors. It provides solutions for remediation and equipment monitoring, which assist businesses in automating manual tasks. This leads to the creation of facilities that are safer, smarter, and more environmentally friendly, while also minimizing downtime. The startup offers asset tracking, which contributes to a secure work environment for employees. A notable feature is the panic button technology, which improves worker safety.
Looking for Comprehensive Insights into Hospitality Trends, Startups, or Technologies?
The hospitality industry outlook report depicts a sector that is resilient in the face of global pressures – with millions of new tourists poised to join the industry soon. AI for personalized service and cloud-based operational platforms suggest a shift towards a more responsive, data-driven, and customer-oriented industry. Book a platform demo to explore all 4000+ startups and scaleups, as well as all industry data and trends impacting hospitality companies.
