The hospitality industry consists of a wide variety of fields within the service industry. These include hotels, restaurants, lodging, event planning, theme parks, transportation, cruise line as well as other fields within the tourism industry. The multi-billion-dollar hospitality industry depends on the availability of leisure time and disposable income for its growth. This industry is very sensitive to global events that might deter travelers such as terrorism, climate change (hurricanes and floods), pandemics and recessions.
This report aims to analyze the trends and patterns emerging out of the sector worldwide as well as in India. The last 30 years has been studied based on which an assessment has been made regarding the direction this industry will take in the next 10 years. For this purpose, certain parameters are used to make forecasts for the hospitality industry for India and the World. At the same time, the challenges this sector faces in terms of local and global developments are also incorporated to give a fair and accurate forecast.
Travel and tourism comprise the majority share in the hospitality industry. Studying the hospitality industry by focusing on travel and tourism is important since it considers most of the sectors involved in the hospitality industry that include transportation, cruise line, lodging and accommodation. This is done while focusing on the World as this approach gives a broad understanding of the hospitality industry taking a macro view. The key growth regions worldwide are examined, and the trends and patterns are analyzed.
