Is hospitality and tourism growing?

The hospitality and travel industry accounts for one out of every ten employment opportunities. Bringing the number of people earning their living in the sector to a remarkable 330 million in 2022. In 2022, there were 22 million new jobs, representing a 7.9% increase on 2021, and only 11.4% below 2019.



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Soaring demand, a strong dollar, and the easing of travel restrictions are fueling a robust return of the travel and hospitality industry following devastating losses triggered by the pandemic.

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In 2023, the global hospitality market reached nearly 4.7 trillion U.S. dollars and was forecast to grow to 5.8 trillion U.S. dollars in 2027 at a compound annual growth rate (CAGR) of 5.5 percent.

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As hotels have strengthened their market share in interest and usage during much of 2022, the opposite is true for short-term rentals. The decline in engagement could be linked to reduced COVID-19 concerns, an aspect that benefited these accommodations during much of the pandemic.

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Some of the most important tourism trends impacting customer behavior and influencing the industry are technology-related. Examples include voice recognition technology, contactless payments, artificial intelligence, virtual reality, facial recognition, and the continued rise of the Internet of Things.

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Towards 2030, the metaverse will enable visitors to mentally teleport themselves to destinations, regardless of time, financial resources and physical abilities. Individuals will seamlessly move between integrated digital and physical realities, where the engagement with travel becomes a part of daily life.

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