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According to a new market report published by Lucintel, the future of global hospitality event service industry looks promising with opportunities in the baggage handling service, catering service, and security check service segments. The global hospitality event service industry is forecast to grow at a CAGR of 5.4% from 2015 to 2020. The major drivers of growth for this market are improvement in the global economy, rise in consumer spending, an increase in travel and tourism, and growth in air passenger traffic. Adoption of the open skies policy, increasing penetration of low-cost carriers, and rising number of international tourist arrivals are additional factors contributing to accelerated market growth.
In this market, retail and duty-free shops, baggage handling services, and passenger parking fields are some of the major segments of hospitality event services. The largest segment is retail and duty-free shops, which is expected to remain the same during the forecast period. Lucintel predicts that the demand for baggage handling services will experience the highest growth in the forecast period, supported by increasing expansion strategies by industry players in the Middle East and China. On the basis of its comprehensive research, Lucintel forecasts that catering services and retail and duty-free shops will show above average growth during the forecast period.
Within the hospitality event service industry, the retail and duty-free shops segment is expected to remain as the largest market. An increase in passenger spending along with new initiatives taken by service providers, like development of online retail channel, is expected to spur growth for this segment over the forecast period.
Asia Pacific (APAC) is expected to remain the largest market due to the high number of air travelers 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 period because of increasing consumer spending, passenger traffic, and external trade.
For market expansion, the report suggests innovation and new service development, where the unique characteristics of hospitality event services can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and the development of low-cost services for customers.
The emerging trends, which have a direct impact on the dynamics of the industry, are the introduction of new baggage management application to improve customer service, increasing use of smartphone apps, hybrid check-in system, and increasing trends towards Airport Public Private Participations (PPPs) in emerging markets. Aeroports de Paris SA, Alpha Flight Group Limited, Fraport AG Frankfurt Airport Srvc Wrldwd, Japan Airport Terminal Co. Ltd., and SATS Ltd. are the major service providers in the global hospitality event service industry. Some companies are opting for joint venture and M&A as strategic initiatives for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed opportunities in global hospitality event service industry by segment and region, and has come up with a comprehensive research report entitled “Growth Opportunities in Global Hospitality Event Service Industry 2015-2020: Trend, Forecast, and Market Analysis.” This Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes forecast for hospitality event service industry through 2020 by segment and region as follows:
By Segment ($ Billion from 2009 to 2020)-
Retail and Duty-Free Shops Baggage Handling Services Passenger Parking Fields Special Passenger Care Security Check Services Training Catering Services
By region ($B for 2009 – 2020):
North America Europe Asia Pacific Rest of World
This unique report from Lucintel will provide you with valuable information, insights, and tools needed to identify new growth opportunities and operate your business successfully in this market. This report will save hundreds of hours of your own personal research time and will significantly benefit you in expanding your business in this market. In today’s stringent economy, you need every advantage that you can find.
To make business, investment, and strategic decisions, you need timely, useful information. This market report fulfills this core need and is an indispensable reference guide for multinational materials suppliers, product manufacturers, investors, executives, distributors, and many more that operate in this market.
Some of the features of “Growth Opportunities in Global Hospitality Event Service Industry 2015-2020: Trends, Forecast, and Market Analysis” include:
Market size estimates: Global hospitality event service industry size estimation ($B).
Trend and forecast analysis: Global hospitality event service industry trend (2009-2014) and forecast (2015-2020) by region and by segment. Segmentation analysis: Global hospitality event service industry size by various service type such as catering services, retail & duty free shops, baggage handling services, passenger parking fields, special passenger care, security check and training. Regional analysis: Global hospitality event service industry breakdown by key regions such as North America, Europe, Asia Pacific, and Rest of World. Growth opportunities: Analysis on growth opportunities in different segments and regions. Strategic analysis: This includes M&A, new services development, competitive landscape, and expansion strategies of global hospitality event service suppliers. Emerging applications: Emerging applications of global hospitality event service in various segments. Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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