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Online Event Ticketing Market Expected To Record Substantial Growth In The Near Future
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It enabled a streamlined workflow in supporting management, sales, marketing, and support services to trigger the necessary actions for a seamless customer experience. Sellers have access to tools such as real-time analytics, which allow them to track sales and data in the online event ticketing system. Growing usage of online event ticketing software in theatres, clubs, schools and colleges, hotels and restaurants, and other businesses is propelling the global market for online event ticketing.
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The COVID-19 pandemic has negatively impacted the online event ticketing market. As a result of lockdown measures imposed by governments to control the spread of the virus, many hotels and theaters have shuttered, causing the ticketing business to suffer. However, as the pandemic is better controlled, internet ticketing markets are likely to see significant trends. This, in turn, is anticipated to create significant opportunities for the online event ticketing market during the forecast period.
Global Online Event Ticketing Market: Dynamics
Global Online Event Ticketing Market: Key Drivers
Governments globally have been compelled to encourage digital transactions in order to reduce paper usage and save trees. Online platforms for monetary transactions have been implemented by several banking institutions and telecom service providers. Online movie ticket booking services generate e-tickets that may be delivered through email or text message as a result of the growing popularity of paperless transactions. This is projected to fuel the online event ticketing market.
Furthermore, in response to the huge popularity of the internet, many businesses have worked hard to develop new methods to communicate with clients. E-tickets are intended to offer a wide range of applications by provider services, ranging from e-shopping coupons to concert or sporting event tickets. Proliferation of e-tickets indicates a shift in how traditional ticket purchases are made. E-tickets appear to offer agencies a number of benefits, including cheaper costs and improved operational efficiency. These factors are anticipated to boost the online event ticketing market during the forecast period.
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North America to Account for Major Share of the Global Online Event Ticketing Market
1. In terms of region, the global online event ticketing market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
2. North America is expected to account for dominant market share over the forecast period due to higher per capita income and growing internet proliferation in countries such as the U.S. and Canada. Additionally, mobile movie ticketing services are likely to become an important revenue-generating industry in North America throughout the forecast period owing to the ease and accessibility of purchasing movie tickets.
3. Furthermore, the U.S market is expected to develop significantly in the coming years as a result of a growing number of tech-savvy people with increasing disposable incomes. Also, significant demand for convenient ticket purchasing options exists because Hollywood is a well-known entertainment business in the U.S. This has propelled the demand for online event ticketing in the country.
4. New movie releases result in large lines at theatres for advanced bookings, making India a lucrative market for movie-ticketing service companies. While providing consumers with preferred seating options is typically an optional service in the U.S., it is a requirement in places such as India and China. For instance, according to reports, BookMyShow, a major participant in India, conducts over 35,000 transactions each day and sells over 95,000 tickets in the country.
5. MEA is anticipated to witness considerable growth in the market during the forecast period. Rapid adoption of smartphones and tablets in countries such as the UAE is anticipated to drive the online event ticketing market growth in the region.
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