The better deployment of mobile apps, increased smartphone sales and a rise in the number of internationally-acclaimed sporting events will be the driving forces for the global ticketing market over the next five years.
That’s the conclusion of a new report compiled by global technology research and advisory company Technavio, which assesses the ticketing market’s development between 2017-2021. The report includes the market size assessments and forecasts, drivers, challenges and trends.
Technavio found that the “increasing interest and passion for sporting events among individuals” is reflected by growth in the number of tickets being sold globally each year.
It found that the deployment of mobile applications makes it easier for event organisers to understand the preferences of a buyers. Specifically, it noted marketing aids such as event organisers being able to post user-specific ads offering tickets during live streaming of an event.
In terms of sales via smartphone, Technavio said technology is making it easier to buy, exchange and use tickets. It added that “event managers and organisers are continuously putting in efforts to come up with an advanced and upgraded solutions to offer maximum comfort and benefit to consumers”.
“Mobile ticket sales also help in in-app advertising, which is cost effective compared to the traditional mode of advertising. The increased adoption of smartphones and tablets is expediting the growth of the global ticket market,” said Ujjwal Doshi, a lead analyst from Technavio.
An improved economic outlook will also play its role in growth of the sector.
Doshi said: “The disposable income of people in developing countries has increased in line with economic growth. Worldwide economic recovery, especially in countries such as the US, the UK, Germany, South Korea, China, and Singapore, is driving the global ticket market.”
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