Sunday, May 19, 2024

    Digital ticketing to be a $1.4trn business globally within 5 years

    The global market for digital ticketing transactions could reach $1.4trn in 2027; up from $768bn in 2022. This growth of 78% over the next five years represents a strong recovery from the heavy impact of the COVID-19 pandemic; driven by the ongoing success of contactless payments.

    However, the research from Juniper Research identified current market fragmentation, where users cannot use the same payment method across different transit and events areas, as a factor limiting growth and user experience quality.

    Digital ticketing enables users to access transit or an event via a ticket on a mobile device, PC or a wearable; allowing streamlined access and purchase journeys.

    Download the free whitepaper: Digital Ticketing ~ Transforming the User Experience

    Metro and bus ticketing fastest-growing segment

    The research identified metro & bus ticketing as the fastest-growing digital ticketing segment, with transaction value in this segment set to rise by over 200% over the next 5 years.

    The report recommends that vendors focus on developing integrated contactless systems for different transit scenarios, such as bus, train and micromobility, in order to break down the fragmentation inherent to the current market.

    Research co-author Damla Sat explains: “Ticketing vendors must pursue strategies, such as account-based ticketing, where any payment type can be linked to a back-office account. By removing barriers, vendors will accelerate the digital transition in ticketing and hasten the onset of Mobility-as-a-Service.”

    Events ticketing to pass $230bn by 2027

    Additionally, the research found that the value of digital events ticketing will exceed $230 billion in 2027, from just under $100 billion in 2022; representing rapid growth of 137%, as events move to contactless entry to improve the on-the-day experience and reduce costs.

    The research recommends that vendors offer added incentives, such as collectable digital ticket stubs minted as NFTs (Non-fungible tokens), to enhance the fan experience.

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