A new report suggests the mobile ticketing market could be worth around $10bn (£8bn/€9.5bn) by 2026.
Compiled by Persistence Market Research, ‘Mobile Ticketing Market: Global Industry Analysis and Forecast 2016 – 2026’ suggests that better mobile applications, improved payments, smartphone penetration in Asian markets and continued growth in Western countries will drive huge growth over the next decade.
TickTechNews spoke to Persistence Market Research about its findings…
TTN : Could you outline the level of mobile ticketing growth that you expect over the next few years?
Persistence Market Research (PMR): Increasing use of smart phones among consumers being the key drivers of market value, the mobile ticketing market is expected to expand at a CAGR of around 20 per cent between 2016 and 2021. Mobile devices have evolved to becoming more user-friendly and feature-rich has augmented the popularity of m-commerce.
Moreover, it is also observed that retailers are continually developing mobile applications owing to the growing use of smartphones in web surfing, online payments and making reservations, among others. This has resulted into advent of mobile wallets for online ticketing systems which is expected to be one of the major trends in the near future.
TTN: How will growth affect different regions?
PMR: Revenue from global mobile ticketing market was estimated to be valued at around $1.5bn in 2015.
Europe followed by North America are estimated to dominate the market for mobile ticketing in terms of market share. Owing to the rise in the number of sports events across major countries in Europe and the increasing adoption rate of m-commerce in the region is expected to contribute to its dominance.
On the other hand, with penetration of smart phones in countries like China and India in the Asia-Pacific region, affordable and better connectivity of internet along with the increasing disposable income of consumers in the region is attributing to the growth of mobile ticketing market in the region.
TTN: What will the ticketing and mobile ticketing market look like in 2026?
PMR: Mobile ticketing market in 2026 is projected to account for a market value of around seven to eight times the value in 2015. Moving forward, beacons and Bluetooth Smart are expected to adopt for ticketing purposes as well as the integration of added value services is expected to contribute to the additional market growth.