Automatic Detection of Airline Ticket Price and Demand: A review

Abstract

Prediction of airline ticket prices and or demand is very challenging as it depends on various internal and external factors that can dynamically vary within short period of time. Researchers have proposed different types of ticket price/demand prediction models with the aim of either assisting the customer forecast ticket prices or aid the airline to predict the demand. In this paper, we present a review of customer side and airlines side prediction models. Our review analysis shows that models on both sides rely on limited set of features such as historical ticket price data, ticket purchase date and departure date. A combination of external factors such as social media data and search engine query in conjunction with advanced machine learning techniques are not considered.