Latest News- Hospitality Market in Indonesia: Domestic is expected to lead the Type segment during 2024-2028
The Hospitality Market in Indonesia is being driven by Shifting preference for local and authentic experiences
The Hospitality Market in Indonesia is expected to grow at a CAGR of 6.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7776.7 million. The hospitality market in Indonesia has been significantly impacted by technological advancements, particularly in the areas of Internet access and smartphones. These innovations have disrupted the travel and tourism industry, streamlining the vacation planning process for consumers. Websites like TripAdvisor, which had approximately 206.7 million monthly visitors in 2023, offer essential travel information, customer reviews, and multimedia content. This digital access enables travelers to make informed decisions and plan their trips efficiently, with features such as destination images, weather reports, and maps and guides at their fingertips.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Domestic, International) Service (Food service, Accommodation) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Hospitality Market in Indonesia Research Report
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The Hospitality Market in Indonesia is experiencing growth due to the influx of leisure and business travelers, fueled by geopolitical stability and international events. Tourism, both domestic and international, is on the rise, with staycations and hidden gems gaining popularity. Greenfield FDI and cruise tourism are also significant contributors. Air connectivity is improving, making access to tourism destinations easier. Experiential travel, gastronomy, and cultural pursuits are key attractions. Social media influence and influencer-generated content shape travel decisions, with Instagrammable moments driving engagement. Technology in hospitality is transformative, with data analytics, virtual concierge services, mobile applications, IoT, and AI-based solutions enhancing guest experience. Chain hotels prioritize cleaning and sanitization, contactless technologies, payment processing, and guest interaction for a smart and personalized hospitality market.
The global hospitality industry, encompassing parent companies in the operation of hotels, resorts, cruise lines, travel agencies, tour operators, and related services, is experiencing growth due to several key factors. The travel and tourism sector's gradual expansion, with increasing numbers of leisure and business travelers from emerging and developed economies, is a significant driver. Additionally, geopolitical stability and the hosting of international events fuel tourism growth. Domestic tourism trends, such as staycations and discovering hidden gems, also contribute to the industry's revenue generation. Greenfield Foreign Direct Investment (FDI) in the sector further bolsters market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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