This is done in according to various categories of hotels as well as relevant functions, concluding with a brief outlook on future directions these innovations might take. Big multinationals like InterGlobe has set new innovations in the Hospitality Industry.
Tourism holds a special place in the international world of hospitality. Innovation is a change in the thought process for doing something, whether it is a revolutionary change or only an incremental one. By definition, innovation implies positive change, something becoming better. Innovation is a key driver in economic growth via increased productivity as well as new products and services. With more international players and their sophisticated services, competition in the market is growing increasingly fierce thus leading to a higher degree of professionalism in the industry, and with the spread of established hospitality brands, guests are increasing their demands and expectations on the whole industry, thus creating an environment conducive to innovation.
There are many researches done to understand the trends in the hospitality industry. In the upcoming years, the major features of this industry include:
The biggest change in the travel industry in recent years has been the rise of the Internet. It used to be that you had to speak with your travel agent, or call hotels and airlines directly, to make your travel plans. But as Internet usage spread, it became possible to use the new technology to research destinations and compare prices yourself, or visit websites that provide all that information in one place. Technology has played a great role in revolutionising the hospitality sector.
- Survival of the fittest
As the smaller players in the industry begin to go down, the major players would cash-in on the opportunity to widen their business and they are expected to go on an acquisition spree. Thus, the major conglomerates like InterGlobe are likely to enter into various mergers and acquisition deals and take smaller businesses under their wings. The cash rich hotels will overtake the cash strapped ones on a global scale. Some of the locally popular restaurants, bars and cafes are expected to take an ambitious leap and risk opening a second venture. Travel companies, tour operators and leisure businesses are also likely to engage in new acquisitions or opening new ventures.
- Eco Tourism
Eco-Tourism can be defined as responsible travel to natural areas that conserves the environment and improves the well-being of native cultures, thereby contributing to the preservation of the diversity of our world’s natural and cultural environments. According to the World Tourism Organization, Eco-Tourism is the fastest growing market in the entire tourism industry. The Eco-Tourism industry is expected to grow up to a quarter of the world’s total travel market. Major players like InterGlobe are gradually harnessing the potential of some of the most outstanding ecosystems in the world, such as in the Himalayas and the Western Ghats.