Press release
Mobile Ticketing Market: Travel Tickets Application Segment Projected to be the most Attractive Segment
Persistence Market Research forecasts the global mobile ticketing market to be valued at nearly US$ 850 Mn by 2017 end and reach nearly US$ 3,200 Mn by 2024, representing a CAGR of 21.3% between 2016 and 2024.
This high demand for mobile ticketing is attributed to the growing trend of rapidly increasing smartphone users as well as increasing usage of mobile ticketing apps in the transportation sector all over the world. The global mobile ticketing market is estimated to represent an incremental dollar opportunity of more than US$ 2,500 Mn between 2016 and 2014.
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There are numerous smartphone manufacturers present at a global level, due to which the prices of smartphones have gradually declined over the past few years. Due to this, an increasing number of customers have shifted from feature phones to smartphones. As a result, customers are well acquainted with the functioning of a smartphone.
Besides, mobile ticketing applications can be easily installed and operated in smartphones. Due to this, wide adoption of smartphones has been positively affecting the growth of the global mobile ticketing market, and this trend is expected to continue over the forecast period.
Due to a busy lifestyle, people don’t have sufficient time to physically travel to a certain location to book tickets for bus, train, airline, and movie or for any other recreational activity. In addition, due to increasing urbanization, several companies have established the provision of an online portal to book tickets or hotels through the internet in order to digitally transform operations.
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With an increasing focus on offering ease of accessibility and efficient services to customers, companies are gradually partnering with ticketing agents to create online portals for customers to easily log in at any place, anytime and make bookings online. This technological evolution is rapidly fueling the global mobile ticketing market.
Besides a lack of proper internet connectivity, a major factor hampering the growth of the global mobile ticketing market is the lack of awareness amongst the vendors as well as end users about how to use apps to access and book tickets through the internet.
In addition, a large number of consumers or end users are reluctant to use ticketing apps, due to the perception that their personal details and sensitive banking information may be misused or stolen if provided online. Also, a majority of smartphone manufacturers offer devices with pre-installed ticketing apps.
In terms of value, the travel tickets segment is projected to be the most attractive segment by application in the global mobile ticketing market during the forecast period. However, the entertainment tickets segment is expected to register high Y-o-Y growth rates throughout the forecast period. In 2015, the travel ticket segment was valued at almost US$ 285 Mn and is expected to witness a steady growth in terms of revenue throughout the forecast period.
About Us
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
Our client success stories feature a range of clients from Fortune 500 companies to fast-growing startups. PMR’s collaborative environment is committed to building industry-specific solutions by transforming data from multiple streams into a strategic asset.
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