Mobile Ticketing Market to expand at a CAGR of 21.3% by 2024

Posted by Vikas Bahurupi on December 17th, 2018

Increasing preference of customers in order to obtain, order, validate and pay for tickets conveniently has led to an upsurge in demand for mobile ticketing market in the coming years. In addition, reduced distribution and production costs related to traditional ticketing channels based on paper will further fuel growth of the market in the coming years. The global mobile ticketing market is expected to witness a 21.3% CAGR growth over the forecast period, 2016-2024.

Market Dynamics
Mobile tickets can be purchased through secure mobile applications, voice calls, via text messages, online and WAP pages. Attributed to convenient simple and new ways to purchase tickets, the global mobile ticketing market is expected to witness 21.3% CAGR growth by the end of 2024. Moreover, trends such a rapid increase in adoption of smartphones has further fuelled demand for mobile ticketing globally.

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Wide adoption of smartphones has positively impacted growth of the global mobile ticketing market, and the trend is likely to continue in the coming years. Additionally, it is convenient to manage booking a ticket without the need to commute to the ticketing counter due to busy lifestyle. Furthermore, companies are witnessed to gradually partner with ticketing agents to develop online portals for customers to easily log in at any place and time for booking tickets online. Such factors are significantly propelling demand for the global mobile ticketing market in the coming years.

However, apart from improper connectivity, lack of awareness among various end users and vendors regarding application of apps in order to access and book tickets through the online portals is likely to inhibit growth of the global mobile ticketing market in the coming years. Moreover, sensitive information regarding banking and personal details can be misused or stolen, which is further restraining growth of the global mobile ticketing market over the years.

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Entertainment tickets among other travel tickets will witness relatively high Y-o-Y growth rate in the span of next four years. Moreover, travel tickets among others will account for revenues worth US$ 285 Mn, witnessing a steady growth in the coming years.

North America and Europe among various regions will witness various smart city projects that have recently been launched and will further include mobile ticketing for the purpose of transportation. Furthermore, Europe will lose its dominance, and emerge as the major market globally for mobile ticketing in the coming years.Whereas, the mobile ticketing market will witness relatively fast CAGR growth of 25.1% in terms of revenue over the coming years.

Leading companies operating in the global mobile ticketing market include inmodo AB, Masabi Ltd., Gemalto N.V., Margento B.V., Digital Management, Inc., ShowClix Inc., moovel Group GmbH, Rapid Systems, Inc., AEP Ticketing Solutions Srl and Scheidt & Bachmann GmbH.

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Vikas Bahurupi

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Vikas Bahurupi
Joined: March 7th, 2018
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