The adoption of short-term rental platform is expected to increase at a CAGR of 19.1% during the forecast period. The Short-Term Rental Platform market size is anticipated to rise from US$ 4,503.2 Mn in 2022 to US$ 25,829.9 Mn in 2032.
The short-term rental platform industry is extremely profitable and has been rapidly expanding in recent years, thanks to new integrated apps and software. Short-term rentals and their numerous benefits are becoming increasingly popular.
In response, the hotel industry has begun to innovate and adapt. Dozens, if not hundreds, of ancillary businesses are springing up to provide hosts and guests with new services and ways to travel. The sector will continue to expand at a much faster rate than the traditional rental economy. Hotels and short-term accommodations will learn from one another as business models evolve. Ancillary industries will grow to fill the ecosystem, and employment will change as a result. Governments that plan ahead and adapt to these changes will reap significant economic benefits.
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However, there are a number of security flaws in online ticket purchasing that can result in financial losses for both customers and sellers. Unethical websites, purchased reviews, and fake websites may stifle the growth of the short-term rental platform market.
Third-party tools for streamlining hosting services are gaining popularity. The automation process includes dynamic pricing, chatbots, and smart home systems. The global short-term rental market is being transformed by new technology.
Despite the fact that millennials are the primary users of vacation rentals, Gen Z is quickly catching up. Gen Z is redefining modern travel, with the oldest members of this age group being 24.
Currently, the rate of growth in urban accommodations is altering the mix of short-term rental destinations. Cities around the world are quickly becoming hotspots for renters.
What are the Key Factors Driving Short-Term Rental Platform Market Growth?
- High competition among players will evolve business models which would directly benefits the consumers
The influence of the internet and social media platforms is increasing consumer awareness of services and offerings. Key businesses are offering a variety of services, exotic destinations, and amenities, as well as services tailored specifically for female visitors, in order to gain market share. Short-term rental is becoming increasingly popular among the general public due to their low cost as well as the large amount of space and comfort they provide. The government’s large investments in the development of connectivity and infrastructure, particularly in developing countries, are boosting market growth in the short-term rental platform market.
- The recent hike in tourism and travel industry will provide lucrative opportunities to the market
The growing tourism industry and the increasing popularity of short-term rental properties are two key factors driving the global short-term rental platform market growth. The global increase in tourist numbers creates a high demand for vacation rental properties. Baby boomers have made significant contributions to the growth of the travel and tourism industry. The demand for short-term vacation rental properties is especially high. When properly marketed, these properties generate higher returns than long-term rental properties. Furthermore, the increased comfort and affordability offered by short-term rental properties will attract consumers to such spaces, which is expected to support market growth in the coming years.
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Key Restraints towards the Short-Term Rental Platform Market Growth?
- Despite these positive trends in the global short-term rental platform market, the tourism industry faces some challenges. Many countries are suffering from a lack of accommodation options, which affects both domestic and international travelers. Furthermore, climate change is raising sea levels, which may have an impact on coastal communities around the world.
- Furthermore, phishing has an impact on the growth prospects of the world’s major short-term rental vendors. Customers may shift to alternative forms of lodging, such as hotels, as the risk of risk increases.
- The strict government regulations are also expected to impede the growth of the vacation rental market during the forecast period.
Key Segments Covered in the Short-Term Rental Platform Market Report
By Deployment:
- On-Premise Short-Term Rentals
- Cloud-Based Short-Term Rentals
- Web-Based Short-Term Rentals
By Accommodation:
- House/Apartment
- Hotel/Hostel
- Others
By End User:
- Individuals
- Businesses
- Others
By Region:
-
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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Related Link :
https://www.pearltrees.com/pallavikhalane/enterprise-methodology/id60446473
https://futuremarketblog.blogspot.com/2022/11/enterprise-mobility-market-2021size.html
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