The hospitality industry, which encompasses sectors like accommodations, travel and tourism, food and beverage, and event planning, is a dynamic and significant part of the global economy. Prior to the pandemic, the global hospitality industry was experiencing steady growth. According to the World Travel & Tourism Council, the industry represented 10.4% of global GDP and supported 319 million jobs worldwide in 2018.
However, the industry has faced unprecedented challenges due to the COVID-19 pandemic, which has significantly affected travel and tourism. Despite these challenges, the industry has shown resilience and adaptability. Emerging trends like experience-based hospitality and the shared economy are transforming the industry, and businesses are rapidly adapting to these changes.
As for the future, it is estimated that the industry will rebound strongly once the situation normalizes. The global hospitality market is expected to grow from $3,650 billion in 2020 to $5,518.04 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The industry's growth will be driven by factors such as increasing disposable income, changing lifestyle, and rising tourism and corporate travel.
- Hospitality Training App: universal onboarding and hospitality training app for small operators who can subscribe and customize for their unique facility, training needs, brand or services.
- Experience-based Hospitality: Rather than just offering accommodation, some businesses provide unique experiences to their customers. This could be a lodge in a remote location, a themed hotel, or even cooking classes at a B&B.
- Shared Economy in Hospitality: Inspired by the success of platforms like Airbnb, some entrepreneurs have taken it a step further by offering co-living or co-working spaces. These businesses provide flexible accommodations and workspaces that can be booked on a short-term basis.
- Event Venue: With your combined expertise in hospitality and construction, you could construct and manage a space for events, such as weddings, conferences, and other gatherings.
- Hospitality Business: The tourism sector in Canada is robust, creating room for various hospitality businesses. This could range from opening a hotel, a bed and breakfast, or a unique dining experience.