Why do we need to predict flight fares?

There are several use cases of flight fare prediction, which are discussed below:

1. Trip planning apps: Several Travel planning apps use airfare calculators to help users find the best time to book flights. Through fare trends, these apps let users make informed decisions on when to buy tickets and get the best deals.
2. Revenue management for airlines: Airlines use airfare forecasting systems to optimize pricing strategies and maximize revenue. By analyzing historical data and market demand, airlines can dynamically adjust ticket prices to reflect changes in supply and demand, ultimately providing they get it up.
3. Corporate travel management: Companies that typically book flights for business travel rely on airfare forecasts to manage travel expenses. By anticipating future fares, corporate travel managers can negotiate better deals with airlines, better budget travel, and optimize itineraries to lower costs.
4. Travel insurers: Travel insurers include airfare forecasts in their services to cover trip cancellations. By monitoring fare fluctuations and anticipating price increases, travel insurance companies can help travellers protect their investments by offering airfare reimbursement, as unforeseen conditions may require cancellation or modification of their policies.

In this article, we will develop a predictive machine learning model that can effectively predict flight fares.