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. Gamers are increasingly using chatbot platforms to improve customer experience. Chatbots are software that stimulate human conversations using artificial intelligence (AI). Chatbot platforms help players improve the customer experience by modifying reservations, answering frequently asked questions, and providing instant answers to travellers. According to SITA, a multinational information technology company, 14% of airlines worldwide have already started using chatbots to improve the customer experience. The top companies in the online travel agency industry that use AI chatbots are Booking.com, Skyscanner, and Expedia.
For example, in February 2018, Skyscanner, a Scotland-based travel agency, reported millions of unique interactions with a chatbot. Additionally, Expedia, an American online travel shopping company, has 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 size of the global online travel agent market 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 market growth is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing , remote working and closing business activities. which resulted in operational difficulties. The Online Travel Booking Market Size is Expected to Reach $1002.45 billion in 2026 at 7.1% CAGR.
Technology is expected to be a continuous driver for the growth of the online travel agent market over the forecast period. This sector will benefit from the increased efficiency gains offered by technological advances. Several technologies such as big data, machine learning and predictive analytics are also used to increase efficiency and align business strategies. Big Data uses a combination of real-time information, historical trends and smart algorithms to translate car speeds, weather conditions and sources of acceleration and deceleration for road operators. The adoption of technology will drive the online travel agent market in the future.
The major players in the online travel agency 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 mobile/tablet platform, desktop; by category in hotel reservations, tickets, others.
Asia Pacific had the greater region market share of online travel agencies in 2021. Western Europe was the second largest region in the online travel agency market. Regions covered in the Online Travel Agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle- East and Africa.
Global Online Travel Agents Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the Online Travel Agents Market , analyze the Online Travel Agents Market and forecast market size and growth for overall market, Online Travel Agents Market segments and geographies, Online Travel Agents Market trends, drivers of the Online Travel Agents Market, Online Travel Agents Market Constraints, Revenues, Profiles and Market Shares of Top Online Travel Agents Market Competitors in 1000+ Industry Reports, covering more than 2,500 market segments and 60 geographical areas.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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