The Hospitality & Tourism industry has grown multiplefold 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 a 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.
If you are specifically looking for the Hotel industry then please head on to our article on The Overview of Hotel Industry which explains segments, aspects and other details about the hotel industry.
1. 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, and more airlines and cruises are operating 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.
- The Hospitality and Tourism industry contributed close to $ 8 Trillion to the Global Economy in 2017. It is expected to cross $10 Trillion by 2025 (officially).
- Approximately 1460 Million is the number of international tourists in 2019 based on the figures presented by the World Tourism Organisation and reported by Statista. The number took a huge dip in 2020 and 2021 before showing a rebound. The number in 2022 was 962 million. Have a look in the image below at how people have travelled internationally in the past couple of decades.
- 1 out of 8 jobs in the US is provided by the Travel industry alone.
- Also, according to the WTTC annual report, travel and tourism have shown a serious rebound after the drastic impact of the Covid-19 pandemic-induced recession. As per the report, in 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. In 2022, there were 22 million new jobs, representing a 7.9% increase on 2021, and only 11.4% below 2019. Check out the Economic Impact Map below for ready reference.
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 workforce as women.
- The employment contribution of the hospitality sector is expected to rise at a rate of 2.4% for the next decade. So, when other industries are facing job cuts, the hospitality industry is set to keep offering more jobs.
- Also, Space Tourism is set to be a multi-billion market by 2025. 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.
Developing countries are going to witness even bigger growth in the hospitality & tourism industry.
Countries like India, Brazil, South Africa etc. have eased norms to open up investment opportunities for the largest hospitality companies in the world.
It is thus an advantage for developing countries like India and the job seekers from these developing countries. The next decade is going to witness huge growth.
Take for example the Indian Travel industry as per the reports of India Brand Equity Foundation.
2. How is Technology becoming a driving force?
The Hospitality and Tourism industry is being driven to the next level with the help of technology.
Digital Technology in Tourism is more of a commodity now. From regular use of social media to the emergence of 4G/5G. WiFi has become a routine thing and most of the travellers would use travel apps and related online research before finalising travel.
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 better customer service, booking, behaviour, deals, feedback etc.
- Blockchain in the hospitality and tourism industry- Over $2 billion has been 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.
3. Overview and Scope of Jobs in the Hospitality and Tourism Industry
If you are already in the hospitality & tourism industry, take a sigh of relief as the growth of the hospitality & tourism industry is set to see further push.
Let’s first look at a few numbers to assert our claim.
The key information or the number that a hospitality & travel industry professional must be aware that as per the World Travel & Tourism Council- 1 in 5 jobs created globally over the last decade has been from the travel and tourism sector.
Yes, that sums up the growth of the hospitality & tourism industry in the last decade at least for job seekers.
However, that’s not all. We have some more numbers to put up here that might bring smiles to the faces of all those who are employed in the hospitality industry.
The IBEF report suggests a rapid increase in the overall number of international visitors as well as medical tourists by 2028.
This is set to create a lot more job opportunities for the hospitality industry job seekers.
While developing nations are taking the lead developed nations are not far behind.
The US is already a market leader as far as the hospitality industry revenue is concerned.
The travel and tourism industry in the UK is set to grow even amidst the pressure of Brexit.
Shrugging off the Brexit pressure, the hospitality industry in the UK is set to grow.
The tourism industry in the UK is expected to be worth GBP 257.4 bn by 2025. More details are provided by the website VisitBritain.
To accommodate the rising growth of the travel industry, the hotel industry is set to witness unprecedented growth which is one of the key sectors of the hospitality 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 Hotel Managers, Casino General Managers, Executive Chefs, Chief Sommeliers, Directors of Sales, Food and beverage Directors and more.
4. Innovation in Hospitality and Tourism and Scope in Future
No hospitality industry overview can be complete without a mention of technology, innovation and creativity.
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 works 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.
Conclusion
All in all, it is safe to mention that the future of the hospitality industry is indeed bright. Wouldn’t you agree?
The hospitality job seekers would see the jobs plus training opportunities increase over the next decade.
The past few decades have been terrific for the hospitality & travel industry and there is no stopping the growth of the hospitality & tourism industry even in the years to come.
There would be thousands of new hospitality job openings coming up almost everywhere due to the growth of the hospitality & tourism industry globally.
All in all a great situation to be in if you belong to the hospitality industry.
While we wind up with our quick overview of the hospitality and tourism industry, please check our other articles for anything to everything about the hospitality industry.
