Innovations in Hospitality and Tourism Industry: A Systematic Review

Abstract

Tourism is a vital industry in many economies round-the-world. Being one of the world’s largest business sectors, tourism industry employs people, boosts trade, and brings forth well-being all over the globe. By the end of 2029, tourism sector is predicted to employ 420 million people (11.7% of total employment), growth of  2.5% per annum over the time. The industry should rise at an annual rate of 6.5% for the coming decade to 4,337.8 billion in 2025 or 6.9% of the total. Although growth continues, hotel companies know that they must continue to think and work strategically to stay ahead of their competitors. As in any industry, competition in the international hospitality industry is intense and to stay ahead, hoteliers have to strive ahead by means of differentiated products and services to attract and retain their customers. Given the increasing supply, hotels need to make deliberate and consistent efforts to innovate so as to sharpen their competitive edge. It is no surprise that now and then hotels are able to offer something unique-something different to excite both current and prospective customers. As innovation has become so important to renewing and revitalizing service products, it is important to explore the recent innovative that have taken place in the hospitality industry in a number of functional areas in recent years.