Article - A Quick Look Back at What Shaped the Global Hospitality Industry in 2023 - By Sivaprasad Gangadharan - The hospitality industry had a great year in 2023, with hotels of all categories seeing improved occupancy rates. From 2022 to 2023, the value of the market increased from $4,390.59 billion to $4,699.57 billion at a CAGR of 7.0%. One noticeable trend was the industry's increased use of cloud-based technology solutions.