New York, NY — (PRESS RELEASE JET) — 10/25/2017 — 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.
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Mobile ticketing is a process through which customers can order, pay for, obtain and/or validate tickets using mobile phones or other mobile devices. Mobile ticketing is convenient as it provides new and simple ways to purchase tickets. In addition, mobile tickets reduce the production and distribution costs that are associated with traditional paper-based ticketing channels. Mobile tickets can be purchased in different ways that include online, via text messaging or over the phone through a voice call, WAP page, or through a secure mobile application. For repeated purchases such as daily train tickets, mobile applications or text messaging can be used. However, there are certain drawbacks associated with this process. They include the vendors losing a substantial amount of their revenue to the mobile operator, and any credit card purchase has to be completed through a web page as SMS has no adequate security for credit card entry, and very few ticket choices can be easily remembered and entered by SMS.
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.
Global Demand for SMS Mobile Ticketing to Witness a Downtrend
A major proportion of global mobile ticketing revenues comes from adoption of mobile ticketing applications for smartphones. Initially and even today, mobile ticketing services were facilitated through messaging services. However, limitations in SMS mobile ticketing have led to their decline in terms of global demand. Between 2016 and 2024, the global revenue share of SMS mobile ticketing is anticipated to drop with a loss of -386 BPS. People will remain more inclined towards mobile ticketing apps that offer a wide range of features and are developed with a focus on user-friendly applications. In the due course of forecast period, mobile ticketing applications are expected to bring in more than US$ 2,000 Mn in global revenues.
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