At 5.05% CAGR, Global Online Event Ticketing Market to Surpass US$ 112.74 Bn By 2030, Forecast Report By Zion Market Research

Online Event Ticketing Market

According to the report published by Zion Market Research, the global Online Event Ticketing market size was valued at USD 76.14 billion in 2022 and is predicted to reach USD 112.74 billion by the end of 2030. The market is expected to grow with a CAGR of 5.05% during the forecast period. The report analyzes the global Online Event Ticketing market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Online Event Ticketing industry.

Global Online Event Ticketing Market: Overview

An online event ticketing system is a unique platform that allows sellers to vendor the tickets online. It is the kind of software for a one-stop-shop for booking tickets using smart devices.

The online ticketing system has not only eased the burden of buyers but also helped the sellers. It enabled a streamlined workflow in supporting the management, sales, marketing, and support beam to set off the required action for seamless customer experience.

The sellers are enabled with features like real-time analytics to track the sales and data in the online ticketing system.

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Global Online Event Ticketing Market: Growth Factors

The global online event ticketing market is expected to go exponentially with a steady CAGR. The proliferation of internet services and a spike in usage of smart devices had boosted the market growth.

The changing lifestyle of consumers had significantly affected consumer preferences. Nowadays, changing preferences of people, like opting for online ticketing to avoid waiting in long queues, has positively affected the market growth.

Rigorous promotional campaigns had perfectly played with the mind of the users. People are appreciating digital transformations across the world. The service providers are striving hard to provide a user-friendly and seamless online experience to the audience. These strategies brought several innovations like advanced payment modes with artificial intelligence, integration of apps with social media to enhance user interactions, and many more.

Increased confidence of people on the online payment modes for money transactions is the major growth factor in the online ticketing market.

Rising income in developing and under-developed countries has positively affected the market. The increasing interest of customers in leisure and entertainment services had given the market an upward trend line.

Service providers are coming up with attractive offers and discounts to attract users. People save more on online transactions rather than offline ones. Many apps have the VIP subscription model to increase the proximity to customers.

The outbreak of COVID-19 had hampered the global online event ticketing market. But the increased control over the pandemic can see positive trends in online ticketing markets.

Global Online Event Ticketing Market: Segmentation

The global online market is bifurcated into the platform, event type, and region.

By platform, the market is categorized into the smartphones and desktop.

Tickets purchased with the help of smartphones had shown a significant increase in CAGR.

Increased penetration of smartphones with affordable internet services and high-speed 3G & 4G browsing network have boosted the smartphone segment.

The ease of booking online tickets anytime and anywhere with smartphones is the key feature that increased the growth of the smartphone market segment.

With an increase in the number of smartphone users, the service providers are focusing more on improving the user experience on their mobiles.

By events, the market is bifurcated into music, movies, stand-up comedy, opera shows, and others.

Increasing the interest of the audience in sports events is boosting the sports segment.

Several online events like the Olympic games, FIFA World Cup, and the National Football League have massive followings.

There is a significant rise in numbers of online ticketing for stand-up comedy shows.

The on-going trend for live stand-up comedy shows across the globe over the traditional entertainment media boosts the global online event ticketing market.

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Global Online Event Ticketing Market: Regional analysis

North America holds the largest market share in the global online event ticketing market.

The high penetration of internet services and high per capita income in developed countries like Canada boosts the online ticketing market.

The US is forecasted to witness a high growth rate in the coming years.

The choices of advanced bookings and preferred seating in developing countries like India had shown a significant boost in the global online event ticketing market in Asia Pacific region.