What is Hospitality Industry? Facts You Must Know

What is hospitality industry?

By definition, hospitality is the friendly and generous reception and entertainment of guests, visitors, or strangers, which is the foundation for a broad list of industries such lodging, tourism, theme park, resorts, dining and nightlife just to name a few.

Why is hospitality industry important?

Like many other industries, hospitality is also fostering a new era of innovation. From searching in yellow pages for the number of a local restaurant and make a reservation to using a smart app like ItzFun to viewing the food menu, see availability, and booking a table at a specific time. LIke many industries, hospitality is also evolving and changing fast as we improve processes and services through innovation and automation. Hospitality sector is flourishing at an exceptional pace. There are three core fundamentals in the service industry that are being shaped by innovation today:

1. 1. Management – operational efficiency, reduce cost and increased productivity
2. 2. Services – reliability, availability and automation
3. 3. Staff – real-time interaction & engagement, response and professionalism

These days companies like VenueLytics address these core fundamentals and more. They provide tools and technologies to streamline processes, increase productivity and engage customers through automation.

Major sectors of the hospitality industry

1. Lodging-Accommodation – Lodges, suits, resorts, etc
2. Food and Beverage – Catering Businesses, Food Management, Food Presentation, drinks, Restaurant Management, etc
3. Travel and Tourism – Trains, airlines, cruise ships, etc
4. Entertainment – Marinas, casinos, swimming pools, cruise, nightclubs, bars, etc
5. Timeshare – Resorts, villas, convention centers, etc

Image by Laureate Hospitality

The importance of the hospitality industry:

• The tourism and service industries as part of hospitality create jobs and contribute significantly to the the economic growth of any region.
• Technology and innovation in hospitality contributes significantly to the GDP.
• Hospitality industry employees 100,000s of people in any country.
• This industry is essential to culture exchange, cousins and customs.
• Promotes diversity and exchange of new traditions and ideas

Challenges faced by the hospitality industry:

• Competition
• Growing a loyal customer base
• Deploying the right technology.
• Management & Staff
• Cost reduction & efficiency
• Services tailored to customer needs

Jobs with a hospitality management degree:

With having the hospitality management degree, you can pursue your career in these respective fields below,

• Accommodation manager
• Catering manager
• Chef
• Event manager
• Fast food restaurant manager
• Hotel manager
• Restaurant manager

So these are some of the facts we believe are important that every hospitality enthusiast should know.