Revenues from Airbnb and other disruptive accommodation providers are set to treble in size over the next three years, according to new research published today.
Market intelligence company Juniper forecasts that turnover from reservation and booking fees at Airbnb and comparative companies will grow from an estimated $2.3b (£1.6b) in 2015 to $6.1b (£4.1b) globally by 2019.
The conclusion of Sharing Economy: Opportunities, Impacts and Disruptors 2016-2020 highlights that a "no-nonsense" booking platform, as well as the financial rewards available to property owners, is expected to drive up listings and bookings in the future.
It also shows that accommodation providers within the disruptive market place are set to outpace their counterparts in the transport sector, led by Uber.
"Forecast growth in the shared space industry will hold significant concern for the hotel industry, where in many cases shared space providers are not bound by the same rules and regulations as traditional establishments, leading them to undercut pricing and avoid restrictions," said the report.
Lauren Foye, author of the research, added: "The shared space industry, which includes provider Airbnb, is set to significantly impact the hotel industry, with consumers set to spend over $34b (£23b) in 2020. That sum represents approximately 6% of today's global hotel industry market size."
Latest video from The Caterer