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Budget Hotels Market to Reach $430.9 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research




Allied Market Research published a report, titled, Budget Hotels Market by Type (Limited-Service Hotels, Capsule Hotels, Hostels, Motels, and Others), Guest Type (Business Travelers, Leisure Travelers, and Others), and Mode of Booking (Online Travel Agency, Hotel Websites, Direct Booking, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global budget hotels market size was valued at $276.3 billion in 2022, and is projected to reach $430.9 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.

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A budget hotel is a type of hotel in the hospitality industry. Budget hotels cater to travelers who are looking for affordable accommodation options without compromising on basic amenities and comfort. A budget hotel is a place where you can stay for as little as you need and as long as you don’t want more than you can afford. Budget hotels provide basic amenities like comfortable rooms and clean facilities, as well as friendly customer service. They don’t go overboard with luxury features or fancy amenities. Budget hotels are a great option for people or families looking for a comfortable and affordable place to stay.

Prime Determinants of Growth:

The global budget hotels market is experiencing growth due to several factors, such as a growing number of budget-conscious travelers, the rise of online booking platforms, and increasing travel and tourism. However, the budget hotels market is significantly constrained by limited amenities available in the hotels. On the other hand, the expansion in emerging markets is creating lucrative opportunities for the growth of the global budget hotels market.

Report Coverage & Details:

Report Coverage


Forecast Period


Base Year


Market Size in 2022

$276.3 Billion

Market Size in 2032

$430.9 Billion


4.1 %

No. of Pages in Report


Segments Covered

Type, Guest Type, Mode of Booking, and Region


A growing number of budget-conscious travelers

The rise of online booking platforms

Increasing travel and tourism


Expansion in emerging markets


Limited amenities 

Growing concerns for quality services

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The limited service hotels segment to maintain its leadership status throughout the forecast period

By type, the limited service hotels segment held the highest market share in 2022, accounting for nearly half of the global budget hotels market revenue, and is estimated to maintain its leadership status throughout the forecast period. The need for affordable lodging has expanded, particularly among budget-conscious tourists. The capsule hotels segment, however, shows the fastest CAGR of 4.8% during the forecast period. The concept of capsule hotels, which was first used in Japan, is now becoming more and more popular, especially in major cities and tourist hotspots.

The leisure travelers segment to maintain its leadership status throughout the forecast period-

By guest type, the leisure travelers segment held the highest market share in 2022, contributing to more than two-fifths of the global budget hotels market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 4.2% during the forecast period. Individuals who travel for pleasure and non-business objectives are referred to as leisure travelers, leisure tourists, or vacationers. Budget hotels draw leisure travelers looking for affordable lodging options without compromising cleanliness and essential facilities.

The online travel agency segment to maintain its lead position during the forecast period-

By mode of booking, the online travel agency segment held the highest market share in 2022, accounting for more than two-fifths of the global budget hotels market revenue, and is expected to maintain its lead position during the forecast period. Online travel agencies are popular among travelers, especially those looking for affordable lodging because they make it easy to compare costs, read reviews, and make reservations all in one location. On the other hand, the direct booking segment would showcase the fastest CAGR of 4.3% during the forecast period. For tourists who make direct reservations, budget hotels frequently provide special discounts and rewards. By highlighting the advantages of booking directly, budget hotels are attempting to reduce their reliance on third-party booking sites.

North America to maintain its dominance by 2032-

By region, North America held the highest market share in 2022, garnering around one-third of the global budget hotels market revenue, and is likely to dominate the market during the forecast period. Travelers looking for affordable accommodation alternatives, whether on vacation or on business, have historically driven a constant demand for budget hotels throughout the North America region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 4.8% from 2023 to 2032. The middle class has grown in the Asia-Pacific region, while domestic and international travel have both expanded. This has fueled demand for affordable lodgings that provide accessible options without compromising basic amenities.

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Leading Market Players: –

  • G6 Hospitality LLC.
  • Ibis Budget Hotel
  • OYO Hotels & Homes
  • easyHotel
  • Red roof inn & Suites
  • Super 8, Toyoko Inn
  • Travelodge
  • B&B HOTELS Group
  • Premier Inn

The report provides a detailed analysis of these key players in the global budget hotels market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Artificial Intelligence

ZTE set to bring brilliant 5G-A highlights to MWC 2024, unfolding the intelligent future




BARCELONA, Spain, Feb. 23, 2024 /PRNewswire/ — ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, is proud to unveil the highlights of 5G-A during the Mobile World Congress 2024. This initiative aims to unlock the full potential of 5G technology and create infinite value.

Green Infrastructure Pursuing the Bit-Watt Perfect Curve
Industry’s first constant PA efficiency radio platform for optimal performanceThe latest radio platform achieves near-constant PA efficiency, ensuring optimal performance at all times. This enables 25-30 percentage points higher PA efficiency and 35% lower RRU power consumption than the industry average.  
0 bit 0 watt with industry-first hibernationThe industry’s first hibernation technology has been deployed at scale across over 300,000 AAUs to reduce the power consumption of AAU to as low as 5 watts when there is no traffic. This technology has also been applied to RRU, helping achieve power consumption as low as 3 watts when there is no traffic. For small cells, hibernation enables 0 watts for pRRUs when there is no traffic, and the cell can be awakened in seconds when there are any attempts of service access.
5G-A B2C: Seamless 10Gbps+ Experiences
Uni-Radio enables site simplification with 10 times fewer radios The Uni-Radio (A+P) achieves extremely simplified integration of 7-bands into 1, with dual-band AAU, the industry’s unique 5-band UBR and FDD full-band antenna, achieving a reduction of radio units from 10 to 1.
Industry-unique 12TR RRU goes extremely green, enabling superior energy efficiencyThe industry-unique dual-band 12TR RRU evolves based on a new platform, achieving near-constant PA efficiency. This enables a 35% lower RRU power consumption than the industry average. With the industry’s first RF pooling, the 12TR RRU enables inter-sector output power sharing. For any given sector, 4*120W can be used as 4x160W, achieving higher power efficiency.
Industry’s highest integration FDD Massive MIMO pushes the 4G capacity envelope even furtherThe tri-band FDD Massive MIMO supports all RATs from 2G to 5G and NB-IoT with an impressive 640W output power in only 115L, achieving up to 6 times throughput improvement. Additionally, AI beamforming enhances FDD Massive MIMO performance by 30%, while the industry-unique beam-level DSS optimizes spectrum utilization, achieving an additional 10% data rate gain.  
Industry’s largest bandwidth mmWave AAU empowers 5G-A 10Gbps+ experience The industry’s largest 1.6GHz bandwidth mmWave AAU enables single cell to achieve 28Gbps+ capacity, empowering 10Gbps+ experiences. It serves for diverse scenarios, including fixed wireless access (FWA), large-bandwidth mobile backhaul, and UHD live broadcasting, among others.  
5G-A B2B: Network-Cloud Integration, Service Commissioning in One Hour
UniEngine: All-in-one-box private 5G solution for core productionsUniEngine realizes all-in-one integration of 5G core, 5G RAN, and simplified O&M, while providing powerful computing to enable effortless deployment of 3rd party applications. Enhanced deterministic capabilities of RAN offer much improved service guarantees. The simplified O&M significantly assists even less experienced enterprises in rolling out their private 5G networks and enables end-to-end service performance monitoring.  
Indoor 5G-A CampSite creates new possibilities for TV broadcasting and VR entertainmentThe suitcase-sized CampSite is easy to deploy by one person. It integrates communication and computing, enabling 5G-A network setup within one hour. Additionally, with the inclusion of MiCell, the industry’s first mmWave distributed micro-cell and IF pooling solution, it achieves 2,500m2 coverage, providing up to 6Gbps downlink or 4Gbps uplink, with ultra-low latency of [email protected]% and high reliability. CampSite facilitates new use cases such as 5G-powered TV broadcasting, wireless large-scale and backpack-free VR entertainment, among others.  
5G-A B2X: Boosting the New Economy
Ultra-reliable 5G-A network and edge-cloud integration realize cost-efficient V2X for smart transportationZTE deployed the first 5G-A based vehicle-road-cloud integrated V2X network, empowering autonomous driving and enhancing traffic efficiency. The ultra-reliable network and the edge-cloud at base-station achieve [email protected]% latency, enabling L4 autonomous driving for L2 vehicles at speeds of up to 60km/h.  
5G-A NTN realizes universal connectivity through space-ground integrationZTE has developed the industry’s first NTN ground base station and completed the world’s first 5G IoT-NTN direct-to-cell trial over the S-band as well as the industry’s first maritime trial and NR-NTN lab and field trials. These efforts aim to provide capabilities for emergency communication, wide-area IoT, and internet services.   
Ubiquitous Intelligence: Achieving All-Round High Efficiency
5G-A BBU, the integration of communication and computation for rich AI applications5G-A BBU achieves seamless integration of communication and computation capabilities. Leveraging its computation capability, base-station native AI enhances RAN intelligence, enabling highly efficient service guarantees to boost traffic, implement more precise power-saving strategies, and facilitate L4 autonomous network O&M. By opening the computation resource open to third parties, cost-efficient app deployment at the base station becomes possible, enriching the range of new applications.   
AIGC empowered uSmartNet commercial used during a grand sports event in Asia Based on AIGC and digital twin technology, ZTE’s uSmartNet achieved the industry’s first smart games assurance during the event. This accomplishment resulted in zero major issue and zero major customer complaints, improving operational efficiency by 15% and reducing workload by 30%.
ABOUT ZTE:ZTE helps to connect the world with continuous innovation for a better future. The company provides innovative technologies and integrated solutions, and its portfolio spans all series of wireless, wireline, devices and professional telecommunications services. Serving over a quarter of the global population, ZTE is dedicated to creating a digital and intelligent ecosystem, and enabling connectivity and trust everywhere. ZTE is listed on both the Hong Kong and Shenzhen Stock Exchanges.
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Artificial Intelligence





MIAMI, Feb. 23, 2024 /PRNewswire/ — Leading figures from finance, government, business, tech, and innovation are convening to deliberate on a range of pressing economic and public policy issues at FII PRIORITY Miami summit, a major global investor summit, held today and tomorrow at Miami’s Faena Forum.

The summit brings together investors from around the world gathered with CEOs of major global corporations and policy experts to seek workable impactful solution to issues such as the regulation of AI. This year’s theme, ‘On the Edge of a New Frontier,’ reflects the profound changes the world is experiencing as technology transforms society and economies.
Richard Attias, CEO of FII Institute, said,”Today’s conversations reflected a sense of urgency as the world grapples with what to do about AI, political uncertainty, and changes in the shape of the global economy. And we bring these conversations to Miami—the new America—so we can chart a steadfast course towards a prosperous future, fully equipped with the insights and knowledge we need, harnessing the power of collective work and thought.”
In his opening conversation, H.E. Yasir Al-Rumayyan, Public Investment Fund Governor and Future Investment Initiative (FII) Institute Chairman, underscored the role of AI and its key contribution to future economies, saying “Al is coming in a big way! The impact will be very positive as soon as we have regulations in place to monitor, control, and enable this technology. AI could increase global GDP by 14%.”
Michael Dell, Chairman and CEO of Dell Technologies, addressed the issue of AI regulation, and how CEOs can innovate through periods of extreme volatility and pivot towards future trends, adding “regulations will struggle to match the rapid pace of technological change and may be outdated within a year. We have to ensure that emerging technologies reflect humanity and our system of values and beliefs.”
The summit’s much anticipated roundtable of global CEOs, entitled the “Board of Changemakers,” discussed trends and economic outlook. Participating in this year’s roundtable were Pamela Liebman, President and CEO of The Corcoran Group; Pierre Beaudion, Chairman of the Board of Bombardier Inc; Jenny Johnson, President and CEO of Franklin Templeton; Marcello Claure, Founder and CEO of Claure Group; and Stephen A. Schwarzman, Co-Founder, Chairman & CEO of The Blackstone Group. The session underscored the impact of digitalization, particularly blockchain and AI, on future investments, advocating for regulation and ethical usage. The members of the board also highlighted AI’s massive role in increasing efficiency and how AI can be harnessed to resolve climate change issues.
Mike Pompeo, 70th Secretary of State of the United States and Executive Chairman of Impact Investments, addressed the economic consequences of conflict, saying: “in the economic sphere, the connectivity between the things happening geopolitically is now ever more closely tied to thinking about investments and capital flows. It is impossible to separate geopolitical risk from capital allocation.”
Conclave sessions were held for select senior participants to delve into the concerns relevant to their sectors with full transparency.  For example, the conclave on AI convened many leading figures involved in the development of technologies, governance of AI, technology investment, and regulation, with a number of global initiatives on AI regulation presented
A special address by former Treasury Secretary Dr. Lawrence H. Summers, Charles W. Eliot University Professor & President Emeritus at Harvard University, and board member at OpenAI, highlighted economic and political contexts, including prospects for soft or hard economic landing, and likely outcomes of the US election. Dr. Summers was joined by Eric Schmidt, co-founder of Schmidt Fututes, who noted that AI is likely to double everyone’s productivity, underscoring the importance of AI regulation, he added “there are questions about what happens when computers start to make decisions.”
FII Institute’s Founding Partner is the Public Investment Fund of Saudi Arabia, which, alongside the Vision Partner, the Ministry of Investment of Saudi Arabia, and 26 international strategic partners are actively involved in the ongoing work of the institute. The FII Institute welcomed two new strategic partners at the summit: ACWA Power and Franklin Templeton. Speakers from strategic partners Franklin Templeton, GFH, HSBC, NEOM, ROSHN, Sanabil, Softbank, and State Street shared updates on their international projects relevant to the themes of the summit.
Notes to EditorFor media inquiries, please contact:Phone: +966 53 978 2030Email: [email protected]
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
The FII PRIORITY Miami summit continues conversations held in Hong Kong and Riyadh in Autumn 2023. It is part of an ongoing global program of summits held throughout the year, with upcoming summits in Rio de Janeiro in June and Asia later in the year.
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Artificial Intelligence

Securitas issues a MEUR 500 Eurobond




STOCKHOLM, Feb. 23, 2024 /PRNewswire/ — Securitas has today successfully closed a MEUR 500 bond in the Eurobond market with maturity in 2030. The coupon was 3.875 percent including a margin of 115 basis points.

The proceeds will mainly be used to refinance existing debt. 
The joint lead managers were BofA Securities, CIC, Commerzbank, Danske Bank, DNB and UniCredit. 
Further information:
Investors: Micaela Sjökvist, Vice President, Investor Relations, +46 76 116 7443, [email protected]
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