May 24, 2016 / by Danny Meyer / No Comments

Hospitality is almost impossible to teach. It's all about hiring the right people.
Danny Meyer

The hospitality industry includes sub-categories and services like hotels, tourism, travel, food, etc. This giant industry falls under the services sector and contributes a major share in the global economy. With rapid globalisation and digitalisation, this industry has reached its pinnacle in recent years. Owing to its vastness and broad scope, defining this industry becomes difficult at times.

The industry can be broadly classified into two categories: entertainment (clubs, bars, restaurants, etc.) and accommodation (serviced apartments, resorts, inns, hotels, camp grounds, etc.). The industry has got the tourism support (in the form of airlines’ cabin crew, travel agents and tour guides), the IT support and the corporate entertainment support. These support systems have greatly helped the hospitality industry to grow by leaps and bounds, adding more sub-categories to its vast domain.

Human resource is one of the major constituents of the hospitality industry. Just like the industry, human resource is categorised into different segments and the quality of workforce plays a decisive role in the long-term stability and functioning of any hospitality brand.

Every year, the hospitality industry witnesses an exponential increase in the number of its consumers. Many hospitality chains today are assessing their services and utilising advanced analytics to track customer feedback and keep their customers satisfied at all levels of services.

The global hospitality industry is on a steady growth path because of the factors like business tourism and medical tourism. According to a press release issued by PR Newswire, “While the global hospitality industry has largely been dominated by a few key cities or destinations considered most desirable for global travel (e.g., New York, Paris and London), global travelers have started to head to new destinations. This has led investors to identify numerous opportunities in secondary markets, reflecting a broader search for higher-yield investments.”

The coming years in the hospitality sector will witness new mergers and acquisitions, new establishments to cater to tourism needs, changed travel preferences and new policies and regulations. Despite all these changes, the geopolitical scene will have a major impact on the number of tourists and the rate of employment in the hospitality industry.

Since hospitality is one of the most dynamic sectors of the global economy, World of Business, as a business magazine, aims to have holistic media coverage of this vast sector to uncover its untapped potential in the global market. With its news updates, articles, interviews, feature stories and special cover stories on brands and leaders, the magazine aims to focus on the people and businesses that are making a huge difference in this industry.