Online travel market to witness huge growth: experts

Keeping pace with technological developments and global trends, Bangladesh's travel market is expected to experience an exponential growth specifically in online management of customer needs, speakers said yesterday.

However, this upcoming development needs policy support and strict government monitoring for its proper and healthy growth, they told a seminar on "Travel and technology: emergence of online travel agencies in Bangladesh".

The Bangladesh Monitor, a fortnightly travel journal, with support from City Bank, Eastern Bank and travel tech distribution and reservation systems Sabre Corporation, Galileo and Amadeus organised the event at Pan Pacific Sonargaon Dhaka.

Presenting a session's keynote paper, the publication Editor Kazi Wahidul Alam said online travel agencies started emerging in Bangladesh in 2017 and presently there were over 50, providing a myriad of services such as ticket and hotel booking and visa processing.

Citing a 2019 prediction that online travel agencies would claim a market share of over 45 per cent by 2025, he said it was quite possible considering the 58 per cent internet penetration among the 164.5 million population.

He also cited that the e-commerce market was worth $2 billion in Bangladesh generating 40,000 online orders per day while 685,000 card transactions were being made a day, 1.90 million bank transfers a month and $97.4 million digital payments a year.

Moreover, 9.5 million transactions were being made through mobile financial services amounting to $173.5 million per day, he said.

The other keynote paper on travel and technology was presented by Tina Jabeen, managing director and chief executive officer of Startup Bangladesh.

There were two panel discussions participated by representatives from airlines, global distribution system companies, financial institutions and online travel agencies.

Ibne Fazal Shayekhuzzaman, director of Biman Bangladesh Airlines; Rizwan Rahman, president of the Dhaka Chamber of Commerce and Industry; Monsur Ahmed Kalam, president of the Association of Travel Agents of Bangladesh, and Syed Almas Kabir, president of the Bangladesh Association of Software and Information Services, spoke among others.