EXPLORATORY STUDY ON EXTENT OF DIGITALIZATION AND GROWTH TREND IN HOSPITALITY INDUSTRY
Keywords:
virtual reality, market size, domestic tourism, growth trends, digitalization, hospitality industryAbstract
The hospitality industry in India has experienced remarkable growth in recent years, driven by factors such as increasing tourism, rising disposable incomes, and government initiatives. The background of the Indian hospitality industry sets the stage for understanding the context in which digitalization has taken place. With a market value of approximately $15.3 billion in 2021, the industry has experienced a compound annual growth rate (CAGR) of 10.8% from 2016 to 2021. This growth can be attributed to factors such as the influx of domestic and international tourists, increasing disposable incomes, and favorable government policies.
The significance of this study lies in the profound impact of digitalization on the industry. By leveraging digital technologies and tools, hospitality businesses have achieved operational efficiency, enhanced guest experiences, and increased customer reach. Online booking platforms and reservation systems have become integral, with over 70% of hotel bookings in India being made online. Mobile applications are widely used for personalized services, and customer relationship management (CRM) systems have improved guest engagement and loyalty. Emerging technologies like virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) have also contributed to immersive experiences and efficient customer support.
The conclusion drawn from this research is that digitalization has played a crucial role in the growth of the Indian hospitality industry. Future research should focus on exploring emerging trends and technologies shaping the industry, devising strategies for hospitality businesses to embrace digitalization, and addressing potential challenges and risks associated with digital transformation. The findings contribute to our understanding of the impact of digitalization on industry growth, and offer insights for hospitality businesses and policymakers to navigate the digital landscape. Future research should build upon these findings to explore emerging trends and further refine strategies for successful digital transformation in the Indian hospitality industry.
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