The Indian hospitality sector is one that is definitely booming. Reports have suggested that within the next three years, this sector will attract around $ 200 billion and around 300 hotel brands are expected to surface. With such an attractive market at hand, SMEs may indulge within the space and leverage the situation.
To take maximum advantage of this favorable climate, SMEs will have to think and act in a very creative manner. Their benefits will not be limited to their direct participation in the facilitation of the entry of new brands but could further extend to providing them with appropriate services.
As we move up the supply chain we find that there is a host of activity that SMEs part take in. For example, small businesses with clear focus on interior design can offer related services. Others who operate in the MICE space will find new venues to connect with. The efforts of travel agencies and tourist clubs will obviously increase too. Furthermore, those evaluating these sectors print and online publications will find more work. With such a large scale of growth the feasibility for smaller niches that can focus on a particular segment within the hospitality space be it luxury, business or any other such segment.
Thus, the opportunities within the space are many. Those already operating within this space may benefit from gearing up for growth. Those whose business lies out of this realm may want to reconsider offering related services that may be applied to this sector.