Future of Hospitality Industry

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The future of hospitality as a career looks bright and promising. The hospitality industry has been growing rapidly in recent years and is expected to continue to grow in the years to come. According to the World Travel and Tourism Council, the hospitality industry will create approximately 86 million new jobs by 2030.
The Indian hospitality industry has been showing promising growth in the last few years. Although it has been hit hard by the pandemic, it is showing signs of improvement on various fronts. According to the Indian Brand Equity Foundation, the country expects to welcome about 31 billion international tourists by 2030, generating over $60 billion in revenue.

To anyone who follows the industry closely, these numbers seem achievable. After all, India is home to some famous world heritage sites, biogeographical zones and picturesque beaches. In addition, with such optimism and in view of the above-mentioned growing number of tourists, the number of hotels will also increase, especially in the brand of organized groups.

Here are some important and relevant statistics on the projected growth of the hotel industry –

From 2022 to 2025, India will add more than 100 new hotels in the 4 and 5 star categories.

With increasing number of leading international/domestic brands and de-stocking by independent players, organized hotel market share will grow from 5% in 2019 to 10% in 2025.

We must not forget domestic travelers either

It's not just international tourists who will drive growth. Instead, domestic passengers will also add value. While a significant percentage of them will travel for business purposes, most of them with the option to work remotely will opt for the workplace. This will lead hotels to offer short and long stays around such packages depending on guest needs. However, simply adjusting the room price according to the length of stay is not enough. They will need to create an ideal environment to ensure a seamless work experience.

Manage multiple properties

As the number of branded chains/organized hospitality entities grows, they need a robust solution to manage their operations. To be very precise, they would need something smart to get centralized control over the properties of their members spread across different locations. Technology will provide them with automation that will save man-hours while reducing errors. This would undoubtedly boost the demand for cloud-based hotel PMS at the enterprise level.

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