Before we dive into the scope, let's explain the hospitality industry; it is the industry that is engaged in satisfying customer needs and generating profit for the stakeholders. It is one of the fastest-growing industries, but a slump in the world economy can adversely affect it due to over-dependence on tourism. And suppose the world economy goes through a recession like in 2008. In that case, the disposable income of the people will recede, and they will travel less, thus affecting the hospitality industry.
Some of the major segments of this industry are businesses related to tourism, hotels, restaurants, event planning, private clubs, travel planning, managed food services, etc. This industry is a major contributor to the GDP of any nation and more for countries that depend on tourism as a major source of income.
Scope and Opportunity in Hospitality Industry
Only a few industries have been propelled as fast as the hospitality industry after the world market collapse in 2008. This industry is growing rapidly, providing a financial backbone to many countries, including the UK. The size of the UK hospitality industry the UK has grown considerably in the past two decades. Some of the scope and specialized fields of the hospitality industry are described below.
Travel agencies provide assistance and convenience to people traveling to different parts of the country and the world. Choosing the right travel agency can distinguish between a smooth vacation and one filled with hardship and unnecessary risk. A person must be careful while choosing a travel agency; there are hundreds of thousands of travel agencies worldwide, and a reliable one must be chosen.
Tourist Offices and Tourism Ministry
The hospitality industry and management scope extend to the tourist offices and the ministry. A tourist office is an area that provides information to tourists about the attractions of the area, lodge, etc. A tourism ministry is an official government body that handles tourism issues. Promotion of the various attractions and resolving the grievance of the tourist is among the functions of the tourism ministry.
Airlines and Railway Travel
These two industries can also be included in the hospitality industry. Although airlines are a completely different industry on their own, they can be included in the hospitality industry because their basic function is to provide service and satisfy the needs of the people, which matches the nature of the hospitality industry. The same goes for the railways.
It is a bath where mineral or seawater is used for medicinal treatment. This is a growing field with several worldwide destinations specifically famous for their spas, like Maldives, Sri Lanka, the southern part of India, and many European countries. It is a major tourist attraction that these countries offer. It is one of the divisions of the hospitality industry that the high-income group seeks.
These institutions provide health care for both the mind and the body. These institutions can be run privately with the help of healthcare specialists for profit, or they can be non-government organizations.
It uses project management skills to organize and manage large-scale events like conferences, marriage ceremonies, receptions, parties, conventions, concerts, etc. There is more to event management than what looks from the outside; it is very organized and involves many people working in the background.
A cruise company is a company that operates cruise voyages across the sea, traveling to different destinations around the world. A cruise voyage is a pleasure voyage that takes you to exotic and interesting places; the journey usually includes several activities like music, food, concerts, etc.
Concluding With the Future of the Hospitality Industry
Writing a summary of the hospitality industry, the future looks very bright with the potential to emerge, especially in China and India. The travel and tourism industry is expected to grow rapidly for the next 20 to 30 years as disposable income with the middle class in emerging markets is growing. Therefore, it is expected that more and more people are likely to travel, given the human nature to explore new things and places. New technological advancement is expected to spur growth in the industry.