For over a decade now the hospitality industry has been going through a lot of disruptions and with the penetration of technology, the services have become more efficient and hence consumers are able to use these services for their benefit. One of the most effective services in the hospitality segment is the hotel industry services which has seen a lot of disruptions due to technology and excessive penetration of social media.
The hotel industry in India is likely to be valued at nearly INR 1210.87 Billion by 2023 expanding at a compound annual growth rate (CAGR) of nearly 13% year on year starting 2018 and ending in the year 2023. These facts are taken from the research report published on the website of market intelligence firm, Research on Global Markets. The growth is predominantly due to increase in domestic tourism as well as international travel both in the business and leisure category.
The hotel industry in India is likely to be valued at nearly INR 1210.87 Billion by 2023 expanding at a compound annual growth rate (CAGR) of nearly 13% year on year starting 2018 and ending in the year 2023. These facts are taken from the research report published on the website of market intelligence firm, Research on Global Markets. The growth is predominantly due to increase in domestic tourism as well as international travel both in the business and leisure category.
Now let us look at some of the emerging trends in the hotel industry in India that are shaping the future of this industry.
1) Social media is extremely crucial and is likely to be more so as portals like TripAdvisor are becoming a major influencer in helping travelers make decisions related to their stay. The reviews and feedback often left by guests who have use hotel services previously have the capability to make or break the reputation of a hotel. Hence, overall service quality has also improved as more and more hotels take the feedback received on these portals seriously.
2) The concept of B&B through a sharing economy business model is quickly catching up in India as well. Airbnb is big in most tourist places like Goa, Andaman Islands, Kerala etc. which are competing with mid-size hotels and offering almost similar and sometimes even better services than the regular 2-star or 3-star hotels.
3) Digitalisation of the stay experience through various applications that make the guest completely in control of their stay. From check-in to ordering to navigating through the property as well as nearby spots, hotel apps are creating a big disruption and going the extra length in order to keep guests engaged and make them return.
There are many more disruptions that are likely to change the prospects of the hotel industry in India for the better. Stay tuned to our blogs to know about them.
1) Social media is extremely crucial and is likely to be more so as portals like TripAdvisor are becoming a major influencer in helping travelers make decisions related to their stay. The reviews and feedback often left by guests who have use hotel services previously have the capability to make or break the reputation of a hotel. Hence, overall service quality has also improved as more and more hotels take the feedback received on these portals seriously.
2) The concept of B&B through a sharing economy business model is quickly catching up in India as well. Airbnb is big in most tourist places like Goa, Andaman Islands, Kerala etc. which are competing with mid-size hotels and offering almost similar and sometimes even better services than the regular 2-star or 3-star hotels.
3) Digitalisation of the stay experience through various applications that make the guest completely in control of their stay. From check-in to ordering to navigating through the property as well as nearby spots, hotel apps are creating a big disruption and going the extra length in order to keep guests engaged and make them return.
There are many more disruptions that are likely to change the prospects of the hotel industry in India for the better. Stay tuned to our blogs to know about them.
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