LONDON, June 02, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the online travel agent market, the use of chatbot platforms by online travel agents is trending in the travel industry. Players are increasingly using chatbot platforms to improve customer experiences. Chatbots are software programs that stimulate human conversations using artificial intelligence (AI). Chatbot platforms help the players improve the customer experience by modifying bookings, answering frequently asked questions, and providing instant responses to travelers. According to SITA, a multinational information technology company, 14% of the airlines in the world have already started using chatbots to improve customer experiences. Major companies in the online travel agency industry that use AI chatbots include Booking.com, Skyscanner, and Expedia.
For instance, in February 2018, Skyscanner, a Scotland-based travel agency, reported millions of unique chatbot interactions. Also, Expedia, an American online travel shopping company, partnered with Amazon Alexa to introduce a voice search service. The feature serves Expedia customers by solving their travel-related queries such as booking details, flight reservations, and other travel-related queries.
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The global online travel agent market size is expected to grow from $664.42 billion in 2021 to $761.90 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The online travel booking market size is expected to reach $1002.45 billion in 2026 at a CAGR of 7.1%.
Technology is expected to be a continued driver of the online travel agent market’s growth during the forecast period. This sector will benefit from the greater efficiencies offered by technological advances. Several technologies such as big data, machine learning, and predictive analytics are also being used to increase efficiencies and align business strategies. Big data uses a combination of real-time information, historical trends, and clever algorithms to translate car speeds, weather conditions, and sources of acceleration and deceleration for road operators. Adoption of technology will drive the online travel agent market going forward.
Major players in the online travel agent market are Booking.com, Expedia Inc., Ctrip, TripAdvisor, Trivago, eDreams, Odigeo, Despegar, MakeMyTrip, Lastminute, and On the Beach, Alibaba Group Holding Limited, Hostelworld Group, Hotel Urbano Travel and Tourism SA, Fareportal Inc., Trivago GmbH, ThomasCook Group, Priceline Group Inc., HRS; Agoda, Airbnb Inc., and Hotel.de.
The global online travel agency market research report is segmented by service type into vacation packages, transportation, accommodation; by platform into mobile/tablets based, desktop based; by category into hotel bookings, tickets, others.
Asia-Pacific had the largest region in the online travel agency market share in 2021. Western Europe was the second largest region in the online travel agent market. The regions covered in the online travel agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Online Travel Agent Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide online travel agent market overviews, online travel agent market analyze and forecast market size and growth for the whole market, online travel agent market segments and geographies, online travel agent market trends, online travel agent market drivers, online travel agent market restraints, online travel agent market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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