The worldwide supply of service apartments has increased by 80.1% over the past seven years, according to the Global Serviced Apartment Industry Report 2015-2016.
Charlie McCrow, chief executive of the Apartment Service, which commissioned the research, believes the market has doubled over the past 12 years and forecasts it will double again over the next four years. The Apartment Service owns and operates more than 450 apartments in the UK and Europe.
The report said that there are now 748,437 serviced apartments worldwide, with 75% of operators now receiving bookings from online travel agents. Last year the number of serviced apartments globally grew by 14%.
The growth in the supply of serviced apartments has been mirrored by an increase in the sector's popularity amongst corporate and relocation travellers.
Some 71.6% cite the ability to cook their own meals or entertain, as a factor for choosing serviced apartments over hotels, while 66.6% enjoy the privacy they offer.