While the threat of virus attacks in the future prevails, the feeling of ‘stay home & stay safe’ continues to give way to more active traveling and socializing. The sense of newfound freedom feels like a second opportunity for many across the globe, encouraging them to step out and get the best of what they couldn’t enjoy during the global pandemic. While this passion for socializing promises enormous opportunities for the hospitality industry, it also presents an equal amount of challenges, including new consumer expectations where guests seek

convenience and sophistication from their favorite brands. According to Technavio Research, the global hospitality real estate market size is estimated to grow at a CAGR of 10.25 percent from 2022 to 2027. Well, that’s not all; the Smart Hospitality market, driven by the need to create unique hospitality experiences, is predicted to grow from $13.6 billion in 2022 to $49.9 billion by 2027 (report by Research AndMarkets.com) at a whopping CAGR of 29.8 percent.

It’s quite lucid that travelers worldwide are looking for well being-oriented and immersive experiences. This drives a massive surge in leisure travel within the domestic market and the inbound international travel landscape. Even corporate travel and MICE are being extended to incorporate elements of leisure experiences. Lend your ears to Sunjae Sharma, Managing Director, India & Southwest Asia, Hyatt India Consultancy Pvt. Ltd. He elucidates, “The human desire to reconnect with loved ones and experience the joy of traveling together to newer destinations has never been so intense. This is reflected in the growing demand for stay cations, workcations, and weekend getaways.” It’s a great time to be in the hospitality industry.