Hospitality Industry:

The hospitality industry includes companies that offer consumers housing, prepared meals, snacks, and beverages that can be consumed right away. Because these two activities are frequently merged at the same place, it encompasses both lodging and food service establishments. With 45 percent of the market, Asia Pacific was the largest region in the global hospitality sector. The second largest region, North America, accounted for 25% of the global market. In the worldwide hospitality market, Africa was the tiniest region. 

Hotel Industry:

The hotel industry is a subset of the hospitality industry that focuses on providing lodging services to consumers. There are many different sorts of hotels, which can be classified based on their size, function, service, and pricing. Limited-service, mid-range service, and full-service are the three most common levels of service. Some customers, on the other hand, may be more familiar with the star rating system, in which one is the lowest and five is the highest. Business, casino, spa, extended stay, bed & breakfast, and other categories are among the functions available.

GLOBAL TOURISM INDUSTRY:

Over the last few years, the tourism industry has seen incredible expansion. The industry has undergone rapid growth, fueled by increased technical advancements and global transportation networks. Rapid urbanisation, rising middle-class spending, rising millennial travel, growing internet use, escalating domestic tourism, and other factors are predicted to boost the travel and tourism industry. Numerous sectors, such as wildlife, entertainment, art, transportation, and so on, exist in many countries. Have begun to take a step forward in reaching out to overseas visitors/tourists. The worldwide tourism industry is expected to increase at a rate of 3.9 percent year over year (Y-O-Y) and a compound annual growth rate (CAGR) of 4.0 percent.

INDIAN HOSPITALITY INDUSTRY:

The Indian hospitality industry has emerged as one of the most important development engines in the country’s services sector. A great number of people from all over the world visit the country, which is rich in culture and diversity. International and domestic travellers alike have identified India as a spiritual tourism destination. On the other hand, the steadily growing middle class, rising levels of disposable money, and rising interest among millennials to travel within their own country are all contributing to the domestic tourism industry’s profitability. To attract millennials, companies like Airbnb and Oyo Rooms have transformed the hospitality landscape on a worldwide scale by offering low-cost stays in most of the world’s most desirable locations, as well as flexible check-in and check-out options. The hotel and tourist business has been growing steadily and now accounts for 7.5 percent of the country’s GDP. India is among the top 100 countries for Ease of Doing Business (EoDB) and ranks first in the world for Greenfield FDI.

GLOBAL MARKET OUTLOOK:

The hospitality industry is predicted to increase at an annual rate of roughly 8%. Improved earning capacity, developing market growth, travel, and tourism all contributed to growth over the historical period. Economic expansion in industrialised countries, as well as technology advancement, will drive growth in the future. Talent shortages in emerging Asia, the growing strength of online travel agents (OTAs), Asia’s slow growth, and low client retention were all factors that hampered expansion in the past. Increased demand for healthier food options, security concerns, and government regulations are all factors that could slow the market’s growth in the future. Sales of hotel and eating services are included in the hospitality market. The hospitality industry includes companies that offer consumers housing, prepared meals, snacks, and beverages that can be consumed right away. Because these two activities are frequently merged at the same place, it encompasses both lodging and food service establishments.

MAJOR PLAYERS IN THE MARKET:

• Compass Group PLC
• Marriott International
• Starbucks Coffee
• Subway
• THE OBEROI
• Sodexo
• THE TAJ MAHAL PALACE
• Aramark Corporation
• McDonald’s
• hyatt regency
• Hilton Worldwide
• Chick-fil-A
• Elior Group.
• Wyndham Hotel Group
• Accor Group
• Choice Hotels
• Best Western
• Starwood Hotels & Resorts