Before we dive into the scope, let’s explain hospitality industry; it is the industry that is engaged in the process of satisfying the needs of the customer 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 if the world economy goes through a recession like in the year 2008, the disposable income of the people will recede and they are going to travel less and thus affecting the hospitality industry.
Some of the major segments of this industry are business 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
There are only a few industries that have propelled as fast as the hospitality industry after the collapse of the world market of 2008. This industry is growing at a very rapid rate providing a financial backbone to many countries including the UK. The size of the hospitality industry 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 travelling to different parts of the country and the world. Choosing the right travel agency can make the difference between a smooth vacation and one filled with hardship and unnecessary risk. A person must be careful while choosing the travel agency; these days there are hundreds of thousand travel agencies around the world and a reliable travel agency must be chosen.
Tourist offices and tourism ministry
The scope of hospitality industry and hospitality management extends to the tourist offices and tourism ministry. A tourist office is an area that provides information to the tourists about the attractions of the area, lodge, etc. A tourism ministry is an official government body that handles the issues pertaining to tourism. Promotion of the various attractions and resolving the grievance of the tourist is among the functions of tourism ministry.
Airlines and railway travel
These two industries can also be included in the hospitality industry. Although the airlines are a completely different industry on its own it can be included in the hospitality industry because its basic function is to provide service and satisfying the needs of the people which matches the nature of hospitality industry. The same goes with the railways.
It is a bath in which mineral or sea water is used for medicinal treatment. This is a growing field with several destinations around that world that are 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 is sought by the high-income group.
These are institutions that provide health care for both the mind and the body. These institutions can be run privately with the help of healthcare specialist for the purpose of profit or they can be non-government organizations.
It is the use of project management skill 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 outside; it is very methodical and involves a large number of people that work in the background.
A cruise company is a company that operates cruise voyages across the sea travelling 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 Hospitality Industry
Writing a summary of hospitality industry, the future looks very bright with the potential in emerging, especially in China and India. The travel and tourism industry is expected to grow very rapidly for the next 20 to 30 year as the amount of disposable income with the middle class in the 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.