# Why Hospitality

## Hospitality - The Fastest Growing Industry

The industry of happiness, Hospitality, presents career prospects which fall into the realm of exceptional and extraordinary. Booming at a fast pace and promising a positive long-term outlook, it is opening new vistas of opportunities for its pursuers.

The concept behind the hospitality industry dates far back in our history. What started out as simple inns is now a multibillion-dollar industry, or one of the largest and most significant in the world.

Statistics show that the hospitality industry has been growing at a rapid pace and would grow faster in the years to come. Growth of the tourism sector and the food services sector directly have a positive cascading effect on the hospitality sector.

## Global Scenario

The hospitality industry is one of the fastest-growing industries in the world and accounts for 10 percent of the world's GDP, generating over $550 billion in revenue every year. The better the industry performs, the more governments earn from them.

Within the next decade, 72 million new jobs are expected to open all around the world. Some people think that hospitality only involves housekeeping and hotel management, but it actually covers everything from restaurant servers, casino hosts, tour operators, and wedding coordinators.

## Indian Scenario

The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector, having significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country.

As of 2019, 4.2 crore jobs were created in this sector in India, which was 8.1 percent of the total employment in the country. The number is expected to rise by two percent annum to 52.3 million jobs by 2028.

### Market Size

India is the most digitally advanced traveller nation. During 2019, foreign tourist arrivals (FTAs) stood at 10.89 million, achieving a growth rate of 3.20%.

### Investments

India was globally the third largest in terms of investment in travel and tourism with an inflow of US$ 45.7 billion in 2018.

## The Future

The hotel industry in India is expected to reach a value of INR 1,210.87 Billion by the end of 2023. The future of hospitality industry can be assessed for yourself, which is very bright and has the potential to grow by leaps and bounds.