Serviced Apartment Market set to hit $599.5 billion by 2035, as "rise of the digital nomad propels transformation

Industry revenue for Serviced Apartment is estimated to rise to $599.5 billion by 2035 from $143.1 billion of 2024. The revenue growth of market players is expected to average at 13.9% annually for period 2024 to 2035. Serviced apartment is critical across several key applications, including Corporate Housing, Luxury Accommodation, Extended Stay and Short Term Rentals. The report unwind growth & revenue expansion opportunities at Stay duration, Accommodation type, Package offerings and Target Population with industry revenue Forecast.

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The Serviced apartment market is characterized by intense competition, with a number of leading players such as Ascott Limited, Bridgestreet, Frasers Hospitality, Quest Apartment Hotels and Oakwood Worldwide. These players are pushing the boundaries of innovation & technological advancements and forging strategic partnerships to expand the existing reach of the market, thereby shaping its growth trajectory and future prospects by enlarging the total addressable market.

The Serviced apartment market is projected to expand substantially, driven by the Increasing Demand for Long Term Accommodation and Adoption of Technology in Serviced Apartment Market. This growth is expected to be further supported by Industry trends like Changing Guest Expectations and Preferences; and position the market's continued expansion to reach $312.6 billion by 2030. Moreover, the key opportunities, such as Serviced Apartment Market Meets Millennials and Gen Z, Customized Living Experience and serviced apartments for the remote work culture, are anticipated to create opportunistic revenue pockets in major demand hubs including U.S., UK and Australia.

The U.S., UK, Australia, Germany and China are leading the market, driving a significant share of global demand. Businesses in these countries can expect steady revenue growth of 12.5% to 16.7% annually from 2024 to 2035. At the same time, Vietnam, Nigeria and Colombia are emerging as exciting new opportunities, with fast-growing markets and evolving industry landscapes creating fresh avenues for expansion.

North America and Europe are the two most active and leading regions in the market. With challenges like High Operational Costs and stiff competition from hotels and other rental services, market Eco-System from Real Estate Sourcing & Development / Interior Design & Furnishing / Service Management & Staffing and to Marketing & Customer Acquisition is expected to evolve & expand further; and industry player’s will be pushed to make strategic shifts towards emerging markets including Vietnam, Nigeria and Colombia for expansion of the total addressable market (TAM).

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