Going Places Amid The Disruption In Hospitality Industry
The hospitality industry is one of the oldest industries in the world, and its significant evolution along the years has had a prolific effect on the growth of travel & tourism industry taking the global valuation to $570 billion in 2019, and more thereafter. Even, in India, at present, the tourism sector is one of the most vibrant tertiary activities and a multibillion industry. According to Market data forecast reports, the Global Tourism and Hospitality Market is valued to be around $9 trillion by 2027, exhibiting a CAGR of three percent during 2022-27. Contributing to 10 percent of the world's GDP, the Tourism and Hospitality market is the largest industry in the world.
Moreover, Invest India reports the travel & tourism industry's contribution to reach $ 512 billion by 2028, growing from $121.9 billion in 2020. In India, the industry's direct contribution to the GDP is expected to record an annual growth rate of 10.35 percent between 2019 and 2028. Further, Hospitality industry in India is poised to grow at CAGR of 4.73 percent by 2027, according to Mordor Intelligence reports. Alike other industries the digital adaption in Travel, Hospitality and Tourism industry is also increasing, and the organizations in the sector are essentially focusing on value creation, partnership development, ICT, as well as customer relationship management to augment this growth. With innovative and new business models being introduced every now and then, the skill set is changing and demands more from individuals in these sectors is advancing. There are many remarkable Travel and Hospitality Management Services companies domineering the industry, leveraging their extensive high-quality services, tapping on new trends incessantly.
Understanding the ample opportunities in this sector, this issue of Silicon india magazine brings you a list of `10 Most Promising Travel and Hospitality Management Services - 2022' which were selected by comprehensive examination by industry CEOs, VCs, CXOs and Siliconindia editorial board. We truly expect these institutions to meet your needs and we assure you that the list is prepared as we recognize the valuable contributions of the industries in the ever- expanding and competitive market.
Moreover, Invest India reports the travel & tourism industry's contribution to reach $ 512 billion by 2028, growing from $121.9 billion in 2020. In India, the industry's direct contribution to the GDP is expected to record an annual growth rate of 10.35 percent between 2019 and 2028. Further, Hospitality industry in India is poised to grow at CAGR of 4.73 percent by 2027, according to Mordor Intelligence reports. Alike other industries the digital adaption in Travel, Hospitality and Tourism industry is also increasing, and the organizations in the sector are essentially focusing on value creation, partnership development, ICT, as well as customer relationship management to augment this growth. With innovative and new business models being introduced every now and then, the skill set is changing and demands more from individuals in these sectors is advancing. There are many remarkable Travel and Hospitality Management Services companies domineering the industry, leveraging their extensive high-quality services, tapping on new trends incessantly.
Understanding the ample opportunities in this sector, this issue of Silicon india magazine brings you a list of `10 Most Promising Travel and Hospitality Management Services - 2022' which were selected by comprehensive examination by industry CEOs, VCs, CXOs and Siliconindia editorial board. We truly expect these institutions to meet your needs and we assure you that the list is prepared as we recognize the valuable contributions of the industries in the ever- expanding and competitive market.
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