Global Mobile Ticketing Market to Rake in US$ 3.17 Bn Revenues by 2024-end

Rising proliferation of smartphones and other multimedia devices has incidentally relieved the world from ticketing hurdles. Lack of management, improper registration and booking delays will no longer be observed as challenges in the years to come. Worldwide acceptance of mobile ticketing services will ensure that travelling to places will become more hassle-free than before. Persistence Market Research’s latest publication delivers key insights on the future of mobile ticketing. According to the forecast report, the global market for mobile ticketing is expected to grow robustly, bringing in an estimated US$ 3,177.3 Mn in revenues by the end of 2024.

In the long run, the global demand for mobile ticketing is likely to gain traction across several applications. The report, titled “Mobile Ticketing Market: Global Industry Analysis and Forecast, 2016-2024,” estimates the US$ 677 Mn global market for mobile ticketing to grow at a stellar 21.3% CAGR towards the end of 2024. During this forecast period, the demand for mobile ticketing is expected to witness an upsurge across entertainment ticketing applications. In 2017 and beyond, seats for concerts, plays, and even movies, will be booked or ticketed through mobile ticketing services. Nevertheless, travel ticketing will remain the largest application of mobile ticketing in the world, procuring a little over 50% share on global revenues towards the end of 2024.

Download TOC of Mobile Ticketing Market@ https://www.persistencemarketresearch.com/market-research/mobile-ticketing-market/toc

Drivers fueling the growth of the global mobile ticketing market

Increasing use of smartphones by end users

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.

Rising need to make bookings anytime, anywhere

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. 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.

Restraints stalling the growth of the global mobile ticketing market

Lack of knowledge regarding usage of mobile ticketing apps

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. However, the process of registering in the app and providing personal information in order to activate these apps on smartphones is complex and time consuming. This is another factor impacting market growth to a moderate extent currently due to language barriers as well as the mobile app user interface not being very user friendly in some mobile devices presently.

Global Mobile Ticketing Market Analysis and Forecast by Application, 2016–2024

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.

Browse Report@ https://www.persistencemarketresearch.com/market-research/mobile-ticketing-market.asp

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This release was published on openPR.