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.
The hospitality industry brings endless opportunities, but that also makes it a highly competitive field. Companies are looking for a specific set of skills and training. Stand out in a sea of aspirants and applicants by exploring these specialized hospitality programs specially created by Visan for the go-getters.
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 $550 billion in revenue every year. The better the industry performs; the more governments earn from them.
Within the next decade, 72 million new jobs are expected to open all around the world. Some people think that hospitality only involves housekeeping and hotel management, but it actually covers everything from restaurant servers, casino hosts, tour operators, events planners, entertainment workers, and wedding coordinators, offering a host of job opportunities for the deserving candidates.
The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector, having significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country.
Hospitality & Tourism sector, besides being a large employment generator, is also a significant source of foreign exchange for the country. As of 2019, 4.2 crore jobs were created in this sector in India, which was 8.1 per cent of the total employment in the country. The number is expected to rise by two per cent annum to 52.3 million jobs by 2028.
According to WTTC, India ranked third among 185 countries in terms of travel and tourism’s total contribution to GDP in 2018. India ranked 34 in the Travel and Tourism Competitiveness Report 2019 published by the World Economic Forum.
India is the most digitally advanced traveller nation in terms of digital tools being used for planning, booking, and experiencing a journey. India’s rising middle class and increasing disposable income has supported the growth of domestic and outbound tourism.
During 2019, foreign tourist arrivals (FTAs) in India stood at 10.89 million, achieving a growth rate of 3.20%. During 2019, FEEs from tourism increased by 4.8% to Rs 1,94,881 crore (US$ 29.96 billion). In 2019, arrivals through e-Tourist Visa increased by 23.6% to 2.9 million.
International hotel chains are increasing their presence rapidly in India, thus creating more and more jobs every year.
India was globally the third largest in terms of investment in travel and tourism with an inflow of US$ 45.7 billion in 2018, accounting for 5.9 per cent of the total investment in the country.
Hotel and Tourism sector received cumulative FDI inflow of US$ 15.28 billion between April 2000 and March 2020.
The hotel industry in India is expected to reach a value of INR 1,210.87 Billion by the end of 2023, expanding at a compound annual growth rate (CAGR) of ~13% during the 2018-2023 period, owing to the high arrival rate of foreign tourists and business delegates.
With all the above data, the future of hospitality industry can be assessed for yourself, which is very bright and has the potential to grow by leaps and bounds, much better than most of the sectors.