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2 May 2019

Future of Travel & Tourism

It is important for us to understand the future of the Industry we intend to enter into. A strong and stable industry provide potent career opportunities, with sustained growth. Travel & Tourism industry is the world’s largest employer. It has so many ancillaries bundled as one industry which makes it most employable. We shall analyze some of the major ancillaries and determine why the numbers add up to make this the most potent industry in the world as far as employability is concerned.

Career in Travel and Tourism
Aviation

This is the fulcrum of the Travel & Tourism Industry as it is the major means of transportation. It all begins here. The stunning figure here, that there are over 750+ airlines in the world in total. This include those government owned and privately owned commercially scheduled airlines. The largest Airline Company in the world is American Airlines. It operates nearly 6700 flights a day, to nearly 350 destinations, in more than 50 countries. It handles 51.1 million passengers annually. USA is the largest aviation market in the world with the top 4 airlines from this country.

Its not just the passengers that the aviation sector supports. It also transports Cargo. According to latest IATA figures, some $17.5 billion worth of goods are transported every day. That is 35% of all world trade.

10.2 million people work directly in the airline industry. 10.8 million indirect jobs in the airline industry.

The number of passengers is set to double by year 2034. Thus, this provides great scope for future jobs and the industry looks robust.

TOURISM

Tourism is the largest employer in the non-air segment of the industry. It constitutes 8.3% of world employment. It supports 10% of all economic activity around the world. The industry is expected to grow at 3.3% year on year till 2030 reaching 1.8 billion tourists. The total value of tourism to world economy would be $11 trillion by 2027.

This sector comprises of all ground arrangements for a successful tour. With tourist destinations adding attractions year on year, the flow of tourists continues to grow. One in every 11th person in the world in employed in Tourism sector. Countries have also eased visa rules to increase flow of tourists and increase revenue from this industry. To give you an example, Thailand has waived fees for visa on arrival, for eligible nationalities, till October 2019. Such initiative encourages more patronage for those seeking to travel.

HOSPITALITY

The contribution of hospitality to global GDP is around $8 trillion. By 2028, it will account for $12 trillion of GDP. With growth in travelers, hospitality is also on a rapid upward growth graph.

New investments and constant upgrades also ensure higher revenue. They also provide more options to the travelers and cater to the increase in leisure travel demand. New technology also plays and important part in the growth of the industry. The growth in the F&B segment also contributes to the increase in revenue.



Above is just a snapshot of what to expect in the Travel & Tourism. There are many other segments but they contribute less compared to the Big 3 mentioned above. The future is indeed bright and exciting. In terms of career option, any of the above would be a good choice.