Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Market Insight- Global Mobile Ticketing Market
Mobile ticketing refers to a process through which customers can order, pay for, validate or obtain tickets using mobile phones or other mobile handsets without the need for a physical ticket. A mobile ticket contains unique ticket verification code (QR code). Many event-organizing groups choose to sell tickets via smartphone, in order to enhance convenience and accessibility. Mobile ticketing can reduce the production and distribution costs associated with conventional paper-based ticketing channels and enhance consumer convenience by providing a sophisticated way of purchasing tickets. Mobile tickets can be purchased in a variety of ways including online, via text messaging or over the phone from a voice call, WAP page, or a secure mobile application. For repeated purchases such as daily train tickets, mobile applications or text messaging can be used.
The global mobile ticketing market was valued at US$ 1,234.6 Mn in terms of value in 2019 and is expected to grow at a CAGR of 20.5% during the forecast period.
Market Dynamics- Drivers
- Growing adoption of smartphones by end users is expected to drive growth of the global mobile ticketing market during the forecast period
Rising penetration of internet has increased adoption of smartphones globally. Moreover, presence of multiple smartphone manufactures worldwide has decreased the prices of smartphones significantly in the recent past. This, in turn, has led to consumers shifting from ordinary feature phones to smartphones. Mobile ticketing applications can easily be installed and operated in smartphones, which has enhanced the ticket purchasing experience. According to the 2018 UK Digital Market Overview report, around 78% of adults in the U.K. own a smartphone. Hence, these factors are expected to support growth of the global mobile ticketing market during the forecast period.
- Growing need to make ticket booking anytime, anywhere is expected to propel the global mobile ticketing market over the forecast period
Constantly busy schedule of individuals with lack of sufficient time for physical travel to a ticket booking station has increased the adoption of mobile ticketing. Moreover, increasing urbanization has resulted in numerous companies providing an online portal for ticket booking via internet in the efforts to digitally transform operations. Companies are partnering with ticketing agents to create online portals for consumers for easy login, in order to provide enhance accessibility and efficiency for customers. This, in turn, is expected to accelerate the global mobile ticketing market growth over the forecast period.
North America region dominated the global xyz market in 2019, accounting for 33.5% share in terms of volume, followed by Western Europe and Latin America, respectively
Source: Coherent Market Insights
Market Dynamics- Restraints
- Lack of robust internet connection is expected to restrain growth of the global mobile ticketing market during the forecast period
Mobile ticketing system requires seamless and uninterrupted internet connectivity for the completion of entire booking process. However, in many regions, especially in emerging economies, internet connectivity is relative poor or non-existent in some areas. Due to this, ticket vendors in such areas are unable to reach out to a considerably large consumer base, which in turn, is expected to restrain the global mobile ticketing market during the forecast period.
- Low awareness regarding usage of mobile ticketing apps is expected to hinder the global mobile ticketing market during the forecast period
Another major factor hindering the market growth is low awareness regarding benefits of ticketing apps among populace. Moreover, a large volume of consumers is reluctant to use ticketing apps due to perception that their private information such as bank details may get stolen or misused if provided. Many smartphone manufacturers are offering preinstalled ticketing apps. However, process of registering and providing personal information to book a ticket is complex and time-consuming. This, in turn, is expected to hamper the global mobile ticketing market over the forecast period.
- Supportive initiatives by governments for cashless economy are expected to present major business opportunities
Mobile ticketing applications use online transaction through the user’s respective linked bank. This allows users to make payments without withdrawing cash from a bank or ATM. This mode of payment is gaining traction rapidly and is supported by governments of various countries to endorse cashless economies. Therefore, promotion of ticketing apps is expected to present major business opportunities for ticket vendors during the forecast period.
- Mobile ticketing apps for sports and concerts to create significant growth opportunity in the near future
Sports and concerts organizers can use mobile ticketing apps to provide convenient and sophisticated ticket booking, in order to drive their ticket sales revenue. These organizers can provide lucrative offers to consumers on ticket booking where they can book ticket from anywhere. Moreover, it reduces time required for booking, paperwork, human errors, and enhance accessibility. Therefore, adoption of mobile ticketing apps is expected to create major growth opportunities in the near future.
Source: Coherent Market Insights
- Incorporation of mobile ticketing for public transportation is a major trend in the market
Since mobile ticketing apps are gaining traction rapidly, local authorities are integrating them with public transportation vertical. In fact, various countries in developed regions such as North America and Europe have launched smart city projects, which include mobile ticketing for transportation. These applications have made transportation sophisticated and easy for citizens to travel on trains or busses. This trend is expected to continue during the forecast period.
- Mobile ticketing through SMS is another major trend in the market
Various mobile ticketing service providers have started offering ticketing service via SMS. This mode does not require internet connection, which is why it has started gaining popularity, especially in developed countries. Moreover, this trend is encouraging many mobile ticketing vendors to offer SMS mobile ticketing platforms due to gradual popularity and success of this ticketing method.
Value Chain Analysis
Key players involved in global mobile ticketing market are AEP Ticketing Solutions Srl, Rapidsoft Systems, Inc., Masabi Ltd, moovel Group GmbH, Gemalto N.V., Scheidt & Bachmann GmbH, ShowClix Inc., inmodo AB, Digital Management, Inc., and Margento B.V.
- Key companies in the market are focused on product launches, in order to expand their product portfolio. For instance, in January 2017, Masabi Ltd. introduced JustRide Express platform for small and mid-sized transit agencies and private operators to enable Customers to purchase and display tickets quickly and securely on their smartphones.
- Major companies in the market are involved in product launches, in order enhance their product portfolio. For instance, in April 2017, ShowClix Inc. introduced its digital assistant that acts as an always-connected digital assistant by monitoring and responding to events in real time with its rules-based technology.