Singapore Hospitality Market Insights Forecasts to 2033

• The Singapore Hospitality Market Size was valued at USD 4.25 Billion in 2023.
• The Market Size is Growing at a CAGR of 4.10% from 2023 to 2033
• The Singapore Hospitality Market Size is Expected to reach USD 6.35 Billion by 2033

The Singapore Hospitality Market Size is anticipated to Exceed USD 6.35 Billion by 2033, Growing at a CAGR of 4.10% from 2023 to 2033. The increasing global tourism and adoption of advanced technology in customer service are driving the growth of the hospitality market in the Singapore.     

Market Overview

Hospitality refers to delivering services and solutions for diners, travelers, and other guests. It is a vast and complex industry connected to the hotel and travel industries. Along with restaurants, cafes, bars, and entertainment venues, the hospitality sector might overlap with the hotel sector. In addition to the practical aspects of giving visitors food and beverage items, hospitality also includes fostering a friendly and inviting atmosphere within a company. The hospitality sector in Singapore is bolstered by tourism and business as the demand for a range of hospitality services is rising. Further, the government support for boosting tourism and infrastructure development is augmenting the hospitality market growth. The increasing demand for guest-oriented, hyperconnected personalization and real-time optimized experience is anticipated to drive the smart hospitality.    

Report Coverage

This research report categorizes the market for the Singapore hospitality market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore hospitality market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore hospitality market.

Driving Factors

Singapore is anticipated to have robust growth rates and modest visitor arrivals as a result of the Singapore Tourism Board's (STB) marketing activities to attract tourists from around the globe. The hospitality industry may greatly enhance customer interactions and pleasure by embracing AI, developing immersive experiences, emphasizing sustainability, and implementing omnichannel strategies. Thus, the adoption of advanced technology in customer service is anticipated to propel market growth.

Restraining Factors

The long hours of working pattern is challenging the hospitality market. Further, the growing competition among hotels and other lodging in the country is responsible for hampering the market expansion.

Market Segmentation

The Singapore Hospitality Market share is classified into type and segment.

• The chain hotels segment is anticipated to hold the largest market share during the forecast period.

The Singapore hospitality market is segmented by type into chain hotels and independent hotels. Among these, the chain hotels segment is anticipated to hold the largest market share during the forecast period. A chain hotel is a part of a collection of hotels run by the same owner or company, as opposed to an independent hotel. These hotels may be owned by a parent corporation or run as franchises, depending on the terms of the agreement (business model). The adoption of new technologies by several renowned brands in the hotel industry is driving the market demand.

• The mid & upper mid scale hotels segment dominated the Singapore hospitality market during the forecast period.       

Based on the segment, the Singapore hospitality market is divided into service apartments, budget & economy hotels, mid & upper mid scale hotels, and luxury hotels. Among these, the mid & upper mid scale hotels segment dominated the Singapore hospitality market during the forecast period. Mid & upper mid scale hotels offer more comfort, facilities, and services than budget hotels but are not as lavish as high-end hotels. The increasing emphasis on guest experience and investment in amenities and services that appeal to a wide range of travelers by these hotels are driving the market

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore hospitality market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Accor S A
• Marriott international
• Far East Hospitality
• Forward Land
• InterContinental Hotels Group Plc
• Pan Pacific Hotels Group
• Shangri-La hotels & resorts
• Hotel 81
• Marina Bay Sands
• Millennium & Copthorne International Limited
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, Accor, the largest international hospitality group in Middle East, Africa & Asia Pacific, announced a landmark deal with Worldwide Hotels Group, the largest hotel operator in Singapore in terms of room number and Accor's long-standing partner, to bring the world’s largest Mercure hotel – with a total of 989 keys – to Singapore.

• In May 2023, Sarovar Hotels & Resorts announced its alliance with Singapore Airlines Group’s global rewards program KrisFlyer, a frequent flyer program to offers exclusive benefits to flyers and travelers. 

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Hospitality Market based on the below-mentioned segments:

Singapore Hospitality Market, By Type

• Chain Hotels
• Independent Hotels

Singapore Hospitality Market, By Segment

• Service Apartments
• Budget & Economy Hotels
• Mid & Upper mid scale Hotels
• Luxury Hotels