Business Opportunities in Tourism and Hospitality Sector
Business Opportunities in Tourism and Hospitality Sector. Setting Up a 5 Star Hotel. Rising Opportunities in India's Hospitality Industry
Hotels industry is one of the major sectors fueling the growth of hospitality sector at the global level. Booming travel and tourism industry is one of the major factors fueling the demand in the hotels industry
The various types of hotels in the world are typically classified as 5 star, 4 star, 3 star, 2 star, and 1 Star, among others. India’s tourism sector is growing, bringing with it an increased demand for hotels that cater to holidaymakers. And hotel groups are seizing the opportunity, expanding across some of the country’s biggest cities.
The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country. Tourism is also a potentially large employment generator besides being a significant source of foreign exchange for the country.
Market Size
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 incomes has continued to support the growth of domestic and outbound tourism.
The travel & tourism sector in India accounted for 8 per cent of the total employment opportunities generated in the country in 2017, providing employment to around 41.6 million people during the same year. The number is expected to rise by 2 per cent annum to 52.3 million jobs by 2028.
Travel and Tourism’s total Contribution to GDP (USD Billion)
The Indian hospitality industry has emerged as one of the key industries driving the growth of the services sector and, thereby, the Indian economy. The tourism & hospitality sector’s direct contribution to GDP in 2016 was US$ 47 billion. Also, tourism in India accounts for 7.5% of the GDP & is the 3rd largest foreign exchange earner for the country.
3 Star hotels held the largest market share in the hotels market globally and is expected to remain the market leader throughout the forecast period. However, the unrated segment is expected to be the fastest growing market. Increasing demand in the budget hotels segment is one of the major factors fueling the demand in the unrated segment.
Apart from this, 5 Star segment is also having huge growth potential in the hotels market. Increasing number of business travelers and demand for luxurious lifestyle are the major factors boosting the demand in this segment.
North America is the largest as well as the fastest growing market for hotels globally. The U.S. held the largest market share in North America hotels market. The U.S. has largest number of budget hotels globally. Moreover, booming travel and tourism industry is also expected to have positive impact on the hotels market. In addition, the major players offering segmented offerings is also driving the hotels market in the U.S. India, China, Singapore and South Korea among others are some of the major markets for hotels in Asia Pacific. Singapore with increasing number of business travelers is the fastest growing market in the Asia Pacific region. The 4 Star segment held the largest market share in Singapore hotels market. In addition, Brazil, Saudi Arabia and UAE are some of the major markets fueling the demand for hotels in rest of the world.
Hotel business in India is a lucrative business option, as in India tourists inflows are increasing day by day due to the prime attractions here and diverse culture. Hence, hotel business can be one of the profitable businesses to start.
Hospitality Industry
Hospitality is the world’s largest service industry, employing millions of people working in hotels, restaurants, cruise lines, resorts, private clubs, casinos, and bed-and-breakfasts throughout the world.
The hospitality industry covers a wide range of organizations offering food service and accommodation. The industry is divided into sectors according to the skill-sets required for the work involved. Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information.
There is a huge tourism potential in the country and as a result hospitality industry will continue to grow at a substantially higher rate. India is projected to be the fastest-growing nation in the wellness tourism sector in the next five years and infrastructure development is an inevitable factor in order to support this growth. The Indian hospitality industry has experienced prominent growth in recent years due to various factors, including the rising purchasing power of domestic travellers, an increase in commercial development and foreign tourist arrivals, a growing airline industry and government-led initiatives aiming to stimulate the sector. There is a great deal of scope to expand tourism across India, and as the country improves air travel connections and relaxes visa restrictions, tourist arrivals should increase.
The growth in the hospitality sector and its contributions to the GDP will continue to be substantially higher than other sectors of the economy on the back of huge tourism potential in the country. Hospitality industry in India has generated tremendous employment opportunities and is a big source of foreign exchange for India. As per the planning commission the hospitality sector is responsible for more jobs per million rupee of investment than any other sector. This sector provided varieties of jobs which satisfies unskilled people to specialized one.
Direct Contribution of Tourism and Hospitality to GDP (US$ Billion)
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The Future of Hospitality
The Indian economy is opening up its horizons as it continues to integrate with the world economy. Therefore, the advantages of conducting business with and in India are many. This has led to the manoeuvring of variety of jobs to the shores of India, bringing in its wake transit travellers, business travellers, business meets and holiday seekers.
India is the ninth largest civil aviation market in the world in 2014. The sector is projected to be the third largest aviation market globally by 2020. India’s aviation market caters to 117 million domestic and 43 million international passengers in 2014. Over the next decade the market could reach 337 million domestic and 84 million international passengers.
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