Current and Future Trends in a Sector of the Hospitality Industry Research Paper

Current and Future Trends in a Sector of the Hospitality Industry - Research Paper Example As time changes, even the hospitality industry has changed a lot for the better. While many of the issues have been effectively dealt with, a number of new asking issues have come to the scenario. A person lacking in skill is likely to be less productive than someone who possesses such a skill (Frogner 2002). The problem of creating and maintaining a loyal and skillful workload is always a challenge for all the business owners around the world. It has been anticipated that all the aspects of construction and renovation cost will continue to keep on increasing. 'It was mainly because steel prices experienced a 48.8-percent increase in 2004, which was preceded by significant increases in scrap iron and steel prices in 2002 and 2003. Steel prices held steady in 2005 but jumped again in 2006 through 2009. They are expected to increase again in 2010 and beyond as demand for steel from construction projects in China and India increases. Scrap iron and steel prices have increased by approximately 20 percent in the past twelve months' (Hotel Line Special Report 2006). Hospitality management systems have evolved into sophisticated, well integrated, multi-discipline tools capable of helping properties of all types and sizes attract more guests, generate more revenue and reach much-improved levels of efficiency. But still, in certain areas of the world, the main technological factors of the hospitality industry completely have to depend on outsourcing facilities which at times turns out to be more complex operations.