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Booking Holdings (BKNG) Aids Gen AI Efforts With New Features
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Booking Holdings Inc. (BKNG - Free Report) is leaving no stone unturned to leverage generative AI capabilities to enhance its trip planning and travel booking offerings, which remains the key growth catalyst for the company. Its shares have gained 49.3% in the past year, outperforming the Retail-Wholesale sector’s 33.1% growth.
In this regard, Booking Holdings’ subsidiary, Priceline, added a slew of generative AI-powered features to its Trip Intelligence suite, facilitating the trip planning and booking process for travelers to save time.
Further, the company unveiled several feature upgrades for its generative AI-powered travel assistant, Penny, suggesting customers with properties, travel packages and new destinations based on their travel patterns.
The latest updates also include features like quick itinerary modification, live help agent chat, refund status check, and travel information access through Penny and Gen AI itineraries.
Additionally, the gen AI upgrades allow customers to save coupons, track airline credits, and track flight itineraries in a single location. The Priceline App also offers a price watch, allowing customers to track desired flight itineraries and receive notifications when prices change.
Booking Holdings is expected to gain solid traction across domestic and foreign travelers on the back of its latest move.
Apart from the latest move, the company introduced AI Trip Planner, which offers a new approach to trip planning, allowing users to ask questions and receive personalized recommendations through its conversational booking feature. The tool is based on existing machine learning and large language models from OpenAI's ChatGPT API, enhancing the company's generative AI efforts.
The company’s subsidiary Priceline collaborated with Alphabet's Google Cloud to develop a generative AI-powered travel assistant chatbot. The chatbot will assist customers in various aspects of travel planning and booking journeys, providing assistance from research to trip booking directly within the chat experience.
All the above-mentioned generative AI efforts to enhance the online travel booking experience for customers will enable the company to capitalize on growth opportunities present in the online travel booking and generative AI markets. Per a Customer Market Insights report, the online travel booking market is likely to reach $1.6 trillion by 2032, exhibiting a CAGR of 12.6% between 2023 and 2032.
A Fortune Business Insights report indicates the global generative AI market will reach $667.96 billion by 2030, exhibiting a CAGR of 47.5% during the forecast period of 2023-2030.
Solidifying prospects in these promising markets are expected to drive BKNG’s overall top-line performance in the near term.
The Zacks Consensus Estimate for 2024 revenues is pegged at $23.68 billion, indicating growth of 11.5% year over year.
Intensifying Competition
The latest move is likely to aid this Zacks Rank #3 (Hold) company to strengthen its competitive position against peers like TripAdvisor (TRIP - Free Report) , Airbnb (ABNB - Free Report) and Expedia Group (EXPE - Free Report) . These companies are also leveraging generative AI capabilities to capitalize on growth opportunities present in the online travel booking market.
Notably, Tripadvisor introduced generative AI-powered summaries for travelers to research hotels, providing insights on popular themes and details based on past reviews.
Tripadvisor unveiled several AI-powered updates to its ‘Trips’ planning tool, including the inclusion of hotels, known activities, proximity-prioritized itinerary recommendations and personalized ‘For You’ recommendations based on user saves.
Meanwhile, Airbnb recently acquired GamePlanner.ai for $200 million to leverage generative AI capabilities for an enhanced travel booking experience.
With the acquisition, Airbnb plans to leverage existing large language models of GamePlanner.ai for projects, creating an adaptive interface for generative AI models and personalizing them as a concierge.
Expedia Group introduced new features and products for travelers and supplier partners, including generative AI-powered questions and dynamic travel guides in Expedia, Hotels.com, and Vrbo apps, allowing users to inquire about property amenities and services.
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Booking Holdings (BKNG) Aids Gen AI Efforts With New Features
Booking Holdings Inc. (BKNG - Free Report) is leaving no stone unturned to leverage generative AI capabilities to enhance its trip planning and travel booking offerings, which remains the key growth catalyst for the company. Its shares have gained 49.3% in the past year, outperforming the Retail-Wholesale sector’s 33.1% growth.
In this regard, Booking Holdings’ subsidiary, Priceline, added a slew of generative AI-powered features to its Trip Intelligence suite, facilitating the trip planning and booking process for travelers to save time.
Further, the company unveiled several feature upgrades for its generative AI-powered travel assistant, Penny, suggesting customers with properties, travel packages and new destinations based on their travel patterns.
The latest updates also include features like quick itinerary modification, live help agent chat, refund status check, and travel information access through Penny and Gen AI itineraries.
Additionally, the gen AI upgrades allow customers to save coupons, track airline credits, and track flight itineraries in a single location. The Priceline App also offers a price watch, allowing customers to track desired flight itineraries and receive notifications when prices change.
Booking Holdings is expected to gain solid traction across domestic and foreign travelers on the back of its latest move.
Booking Holdings Inc. Price and Consensus
Booking Holdings Inc. price-consensus-chart | Booking Holdings Inc. Quote
Bolstering Travel Booking With Generative AI
Apart from the latest move, the company introduced AI Trip Planner, which offers a new approach to trip planning, allowing users to ask questions and receive personalized recommendations through its conversational booking feature. The tool is based on existing machine learning and large language models from OpenAI's ChatGPT API, enhancing the company's generative AI efforts.
The company’s subsidiary Priceline collaborated with Alphabet's Google Cloud to develop a generative AI-powered travel assistant chatbot. The chatbot will assist customers in various aspects of travel planning and booking journeys, providing assistance from research to trip booking directly within the chat experience.
All the above-mentioned generative AI efforts to enhance the online travel booking experience for customers will enable the company to capitalize on growth opportunities present in the online travel booking and generative AI markets. Per a Customer Market Insights report, the online travel booking market is likely to reach $1.6 trillion by 2032, exhibiting a CAGR of 12.6% between 2023 and 2032.
A Fortune Business Insights report indicates the global generative AI market will reach $667.96 billion by 2030, exhibiting a CAGR of 47.5% during the forecast period of 2023-2030.
Solidifying prospects in these promising markets are expected to drive BKNG’s overall top-line performance in the near term.
The Zacks Consensus Estimate for 2024 revenues is pegged at $23.68 billion, indicating growth of 11.5% year over year.
Intensifying Competition
The latest move is likely to aid this Zacks Rank #3 (Hold) company to strengthen its competitive position against peers like TripAdvisor (TRIP - Free Report) , Airbnb (ABNB - Free Report) and Expedia Group (EXPE - Free Report) . These companies are also leveraging generative AI capabilities to capitalize on growth opportunities present in the online travel booking market.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Notably, Tripadvisor introduced generative AI-powered summaries for travelers to research hotels, providing insights on popular themes and details based on past reviews.
Tripadvisor unveiled several AI-powered updates to its ‘Trips’ planning tool, including the inclusion of hotels, known activities, proximity-prioritized itinerary recommendations and personalized ‘For You’ recommendations based on user saves.
Meanwhile, Airbnb recently acquired GamePlanner.ai for $200 million to leverage generative AI capabilities for an enhanced travel booking experience.
With the acquisition, Airbnb plans to leverage existing large language models of GamePlanner.ai for projects, creating an adaptive interface for generative AI models and personalizing them as a concierge.
Expedia Group introduced new features and products for travelers and supplier partners, including generative AI-powered questions and dynamic travel guides in Expedia, Hotels.com, and Vrbo apps, allowing users to inquire about property amenities and services.