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The hospitality industry is an industry that strives to satisfy the needs of the customer via recreation activities. This industry is a very fast growing one. However, on the downside, it is heavily dependent on tourism, which means that if the world goes through a major recession like in 2008, people will travel less, which will affect hospitality industry in a negative way.
The biggest segments of the hospitality industry are related to event planning, travel planning, night clubs, hotels, tourism, food services etc. Hospitality industry contributes to GDP of almost all nations and there are countries, which are heavily dependent on hospitality industry as a significant source of income.
The scope of hospitality industry can be presented by its fields and branches, which are presented below:
As we have already mentioned, the hospitality industry is very promising and fast growing and its future looks bright, because of potential advancements in technologies and the increase of overall welfare of people. For the next 20-40 years travel industry is expected to grow immensely and it is anticipated that more and more people will be involved in the development of this industry and related emerging markets. With all the technological marvels in works, it is difficult to imagine how the hospitality industry will look like in 2050 but there is one thing that we can tell for sure – it will be nothing that we can think of right now.
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