Technavio’s latest research report on the global ticket market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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According to Ujjwal Doshi, a lead analyst from Technavio, specializing in research on internet and e-commerce sector, “The disposable income of people in developing countries has increased in line with economic growth. Worldwide economic recovery, especially in countries such as the US, the UK, Germany, South Korea, China, and Singapore, is driving the global ticket market.”
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The top three emerging trends driving the global ticket market according to Technavio media and entertainment research analysts are:
- Increasing number of sporting events
- Analysing consumer behavior through mobile ticketing apps
- Evolution of mobile ticket sales
Increasing number of sporting events
The passion for sports has led to the development of several sporting events. The Olympics Games, FIFA World Cup, Super Bowl, and Cricket World Cup are some of the most popular sports that are watched by billions of people across the world. Super Bowl, which is an American football game, is played annually and has millions of viewers. Cricket World Cup and FIFA World Cup are played in four-year gaps. Games such as UEFA Champions League, Rugby World Cup, Formula One Racing, and Wimbledon Tennis are some of the other games with the highest individual traction. With the increasing interest and passion for sporting events among individuals, there is an increase in the number of tickets being sold each year. This is leading to the high growth of the global ticket market.
Analysing consumer behavior through mobile ticketing apps
Several types of events are launched every year. To understand consumer preferences, event organizers must come up with innovative ways to track customer behavior and purchase patterns. With the help of mobile applications, it is easier for event organizers to understand the preferences of a buyer in terms of venue, event type, day, and time. This helps event organizers post user-specific ads during live streaming of an event. Such ads attract customers to buy event tickets, which helps to increase the revenue inflow of the event ticket market.
Evolution of mobile ticket sales
As the numbers of event is increasing every year, event managers and organizers are continuously putting in efforts to come up with an advanced and upgraded solutions to offer maximum comfort and benefit to consumers. Mobile ticket sales are one of the major upcoming trends in the global secondary ticket market. Mobile tickets allow users to choose the event and venue using the app. With the help of mobile tickets, individuals can book tickets at their convenience and store them in their devices, eliminating the need for taking or carrying a hardcopy to the venue. In addition, individuals can use mobile apps to resell tickets to others at any time if they do not wish to use them.
“Mobile ticket sales also help in in-app advertising, which is cost effective compared to the traditional mode of advertising. The increased adoption of smartphones and tablets is expediting the growth of the global ticket market,” says Ujjwal.
Browse Related Reports:
- Global Mobile Ticketing Market 2016-2020
- Global Secondary Tickets Market 2016-2020
- Global Event Tickets Market - Market Analysis 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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