A unique kind of platform that allows ticket suppliers to sell tickets online is an online ticketing system for events. The purpose of this app is to serve as a one-stop shop for smartphone ticket booking. Both customers and retailers have profited from the online ticketing system by having some of their obligations reduced. It offered a streamlined process in support of the management, sales, marketing, and support beam, setting off the appropriate actions for an impeccable customer experience. The sellers have tools like real-time analytics to track sales and data thanks to the online ticketing system.
According to SPER market research, ‘Online Event Ticketing Market Size- By Platform Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Online Event Ticketing Market is predicted to reach 107.7 billion by 2033 with a CAGR of 6.53%.
Technological advancements in ticketing software are driving growth in the online event ticketing market. The online event ticketing market is significantly influenced by the widespread usage of the Internet and the increasing reliance on smart devices for ticket bookings. Moreover, during the forecast period, the market is expected to benefit from the expansion of user-centric apps. The online event ticketing sector is expected to provide economic opportunities through the provision of attractive deals and promotions through online ticketing platforms. When combined, these variables show rising awareness and purchasing power, which will fuel demand for online event ticketing and encourage market growth throughout the forecast period.
Stable and widely available internet access is essential for these devices to function properly, which raises difficulties in areas with poor connectivity. In places where reliable internet access is uncommon, the availability of online ticketing systems may be compromised, which would impair accessibility and user experiences. Because the market depends on Internet connectivity, it is not as accessible, which presents challenges for both organizers and participants. Other dangers that put event organizers and ticket purchasers in danger include fraud, hacking, and illegal access. Data breaches and identity theft undermine consumer trust, which prevents online ticketing systems from being widely used.
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Impact of COVID-19 on Global Online Event Ticketing Market
The COVID-19 pandemic caused many events to be postponed, which dramatically decreased demand for online event tickets. Due to collection constraints and social distancing tactics, online ticketing companies reported a decline in revenue. Numerous events were either made virtual or permanently postponed. The decline in online event ticket sales was also attributed to consumer reluctance to attend events and uncertainty.
Online Event Ticketing Market Key Players:
Geographically, North America dominated the market and accounted for the greatest revenue share in 2022, owing to greater per capita incomes and growing Internet penetration in countries such as the United States and Canada. Because buying movie tickets is so convenient for consumers, mobile movie ticketing services are predicted to become a significant revenue-generating market in North America throughout the projected period. Furthermore, Eventbrite, Bigtree Entertainment Pvt Ltd, SeatGeek, Zoonga, Ticketmaster Entertainment LLC, and other well-known companies are active participants in the sector.
Global Online Event Ticketing Market Segmentation:
By Platform Type: Based on the Platform Type, Global Online Event Ticketing Market is segmented as; Desktop, Mobile.
By Application: Based on the Application, Global Online Event Ticketing Market is segmented as; Movies, Sports, Music Events, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Online Event Ticketing Market Outlook
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