Study on Strategies of Hospitality in SaaS Companies

Abstract

The travel and tourism business has grown dramatically in recent years, propelled by a booming economy, increased cultural awareness, enhanced connection, and the introduction of digital developments. As a result, more people are allocating their financial resources and leisure time to travel, making this sector a critical contributor to the entire economy. This revolutionary change in the world of Short-Term Rentals (STR) has been fueled principally by a significant shift in consumer purchasing habits. The travel and tourism business contributed a stunning US$ 121.9 billion to the worldwide Gross Domestic Product (GDP) in 2020. Forecasts anticipate that by 2028, this sum would have risen to an amazing US$ 512 billion, showing the sector's immense potential and significance. The Indian market is likely to grow rapidly, with an annual growth rate of 10.35% projected between 2019 and 2028 in terms of the industry's direct contribution to GDP. Furthermore, the travel and tourism industry accounted for 6.8% of India's GDP in 2019, demonstrating its significant impact on the country's economic environment. In the year 2020, the tourist sector in India played an essential part in job creation, accounting for nearly 39 million jobs, or 8% of total employment in the country. According to projections, this figure will climb to about 53 million employments by 2029. The Government of India's implementation of electronic tourist authorizations, also known as e-Tourist Visa, has considerably contributed to the increase in the number of tourist visas issued in the country.