Online Event Ticketing Market: Current Analysis and Forecast (2022-2028)

Online Event Ticketing Market: Current Analysis and Forecast (2022-2028)

Online event ticketing is a platform that allows users to sell event tickets online. It streamlines the process and provides a variety of tools in one place, which is extremely useful when hosting an event that requires ticketing. A one-stop-shop ticketing solution. Users do not need technical knowledge to implement and benefit from online event ticketing.

The online event ticketing Market is expected to grow at a strong CAGR of around 8% during the forecast period owing to the prevalence of smartphones and personal computers. Further on, the rising millennial population, who prefer convenience over physical access to the venue, rising disposable income, and increasing focus on paperless transactions are the main factors driving the growth of the online event ticketing market. In addition, user-friendly and attractive mobile interfaces have been developed by service providers to make ticket booking easier and faster which is further contributing to the growth of the market. For instance, in May 2021, Ticketek launched its new App Clip to allow fans with an iPhone to buy mobile tickets outside venues on the day of an event.Based on the platform, the market is segmented into desktop and mobile. The mobile segment catered to a significant share of the market in 2020. This large share is due to the rising adoption of smartphones and the availability of various apps for the booking of movies, sports, music, and other events. For instance, according to IBM, the number of smartphone users has climbed beyond 3 Bn, and the global mobile workforce is expected to reach 1.87 Bn by 2022By event type, the market is categorized into movies, sports, music, and others. Among these, the sports event type segment accounted for a prominent share of the global online event ticketing market in 2020. Increased viewing of sporting events has led to an increase in online ticket sales for sporting events. The National Football League (NFL), FIFA World Cup, Olympic Games, ICC Cricket World Cup, and India Premier League (IPL) are some of the most popular sports competitions. For instance, in March 2020, the NFL announced that an estimated 208 Mn-plus viewers watched Super Bowl LVI. The figure is based on a survey conducted in conjunction with Nielsen, which adds measurement data to help determine how many people, particularly in group situations, may have seen the gameFor a better understanding of the market adoption of the online event ticketing industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific online event ticketing market is anticipated to grow at a substantial CAGR during the forecast period. This is due to rising disposable income, high smartphone penetration increased internet access, and expanding urbanization. Customers have shown a willingness to pay internet handling fees to skip long lineups, especially in the Asia Pacific region, which has benefited the sectorSome of the major players operating in the market include Atom Tickets LLC, Ticketek Pty Ltd, Cvent Inc., KyaZoonga Inc., Ticketmaster, Eventbee Inc., Eventbrite, TickPick LLC, StubHub, and ThunderTix