Asia is Redefining Hospitality
Every industry worldwide has had its silver lining amidst the pandemic in one form or the other. In the hospitality industry, it has been the adoption of technology. The 10-year technology plans were accomplished in one-year. While Digital transformation of hotels has become an imperative mechanism to combat the operational challenges, the latest technologies that help reduce physical contact points have opened a narrow avenue to the future of hospitality. Today, the industry is convinced that whether it is providing the customers with an overwhelming experience or optimizing internal resources and enhancing revenue, technology evolution plays a pivotal role.
According to a report by Research and Markets, the global market is expected to reach $1052.84 billion in 2025 at a CAGR of seven percent. The Asian hospitality industry, especially the Middle Eastern one is thriving. The Arabian Peninsula is in a process of economic diversification and becoming a sports tourism hub is a significant part of that process. The Kingdom of Saudi Arabia is leading this race in more than one way. For instance, the Saudi Crown Prince and the Prime Minister, Mohammad bin Salman is building, NEOM, a $500 billion tech city in the size of Belgium in the middle of a desert.
We are talking about the epitome of desserts with summer temperatures over 100F and almost no fresh water. But MBS has no doubt in his mind that it will soon be home to millions of people who'll live amidst a serene environment, relying on desalination plants and a fully renewable electric grid. In other words, NEOM will be a destination, a home for people who dream big and want to be part of building a new model for sustainable living, working, and prospering.