An Overview of Hospitality and Tourism Industry of Today

The Hospitality & Tourism industry has grown multiple folds in the last few decades. We are all tourists from heart and soul and the hospitality and tourism industry has made sure that our travel is easy, fun, cost-effective and safe. In this article, we have quickly presented an overview of the hospitality and tourism industry in the present context.

In this post, we have provided in nutshell a few facts about the hospitality and tourism industry, trends and technology, innovation, types of jobs and future scope.

The article is a short read which provides ample resources for further reading. So, let’s begin.

 

An Overview of Hospitality and Tourism Industry of Today

Quick facts about the Hospitality & Tourism industry:

 

Technology has been driving the growth of the industry today. More people are travelling, more hotel rooms are being added, more airlines and cruises are operations now. We can safely say that we are witnessing the best phase of the hospitality and tourism industry at least in terms of growth.

Here are some quick and interesting facts about the Hospitality and Travel Industry.

 

  1. The Hospitality and Tourism industry contributed close of $ 8 Trillion to the Global Economy in 2017 which is expected to cross $10 Trillion by 2025 (officially). 
  2. Approximately 1350 Million is the number of international tourists last year based on the figures presented by the World Tourism Organisation.
  3. 1 out of 8 jobs in the US is provided by the Travel industry alone.
  4. When almost every industry is fighting gender bias and the glass ceiling, the hospitality and travel industry sets itself apart with 55% of the global workforces as women.
  5. Space Tourism is set to be a $ 30 Billion plus market by 2021. Amazing isn’t it?

 

When all associated sectors of the Hospitality industry are considered; like Hotels, Restaurants, Timeshare, Entertainment and Travel; the value of the industry becomes even higher.

 

How is Technology becoming a driving force?

 

The Hospitality and Tourism industry is being driven to the next levels with the help of technology.

Digital Technology in Tourism is more of a commodity now as illustrated by the below infographic by IIBM. 

 

 

Here are some of the top technology trends that are helping the hospitality and travel industry to grow at a rapid pace.

 

  • Artificial Intelligence and data analytics for a better customer service, booking, behaviour, deals, feedback etc.
  • Blockchain in the hospitality and tourism industry- Over $2 billion is invested already and is set to change the landscape of the hospitality industry in future.
  • Robots and automated hospitality services
  • Virtual reality to enhance the experience of customers

and more..

 

Types of Jobs in the Hospitality and Tourism Industry

 

Hospitality is all about service and has a clear overlap with Tourism.

Jobs in the hospitality and tourism industry covered almost each and every profession.

Think of it and you will find that this industry has a job available for candidates of all professions.

Some of the Best Paid Hospitality Jobs are like Hotel Managers, Casino General Managers, Executive Chefs, Chief Sommelier, Director of Sales, Food & Beverage Directors and more.

Have a look at our article on Types of Hospitality jobs for a detailed report on all the classifications of jobs in the hospitality and tourism industry.

 

Innovation in Hospitality and Tourism and Scope in Future

 

The Hospitality and travel Industry has embraced technology. Customer interests and expectations drive innovation in the hospitality industry.

Listed below are some of the exciting innovation in the hospitality and tourism industry.

Some of these are already existing while others are work in progress.

 

  • Robotics in Foodservice
  • In Room and In-flight virtual reality experience
  • Apple’s Siri and Amazon’s Alexa in hotel rooms
  • Workflow management tools in the hospitality and travel industry
  • Wearable Technology
  • Big Data in the travel industry

 

and a lot more.

All in all, it is safe to mention that the future of the hospitality industry is indeed bright. Wouldn’t you agree? 

While we wind up with our quick overview of the hospitality and tourism industry, please check our other articles for anything to everything of the hospitality industry.