Mobile Ticketing Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2573
Mobile Ticketing Market size is driven by the growing adoption of smartphones and the increasing internet penetration across the globe. The customers are rapidly adopting the web-enabled smartphones to perform a wide array of functions ranging from downloading videos, checking emails, obtaining GPS-powered driving directions, and tracking their investment portfolio. As the customers are increasingly spending on their smartphones, companies are scrambling to keep pace by offering applications and mobile-ready content. This encourages the transportation and entertainment service providers to leverage the technology and enable smartphone users to buy and carry electronic tickets for transportation and entertainment purposes contributing towards mobile ticketing market growth.
The rapidly-changing consumer demand is also one of the major factors augmenting the growth of the market. Due to the rapid urbanization, changing lifestyles, and long work hours, customers prefer online platforms to book tickets for transportation, movies, and other recreational activities. Furthermore, increasing competition among the market players also fosters the mobile ticketing market growth. To get an edge over competitors, the companies have established their own online portals and are offering attractive discounts and cashback to increase their customer base. In addition, the growing requirement to provide efficient services to customers and service providers is collaborating with the ticketing agents to develop online portals for customers to easily log in and book tickets online.
However, the data safety and security issues associated with the use of mobile ticketing market solution are estimated to be one of the major factors hindering the growth of the market. The customers are reluctant to use ticketing applications due to the risk of data leakage and theft. Furthermore, the lack of internet connectivity in the emerging economies is also one of the major constraints in the growth of the mobile ticketing market.
Optical Character Recognition (OCR), bar-code, and Near Field Communication (NFC) are the major technologies used in the mobile ticketing solutions. The NFC is estimated to account for the major share in the market owing to the increasing adoption of the technology in smartphones. The growth of the market is attributed to the compatibility of the NFC technology with smartphones. The technology enables smartphones to emulate the smart cards such as travel cards used in the transportation. Furthermore, the numerous benefits offered by the technology to the end users and service providers also drive the mobile ticketing market growth.
Transportation, hospitality, and entertainment service providers are the major end users of the mobile ticketing solution. Transportation dominates the end-users’ market. The increasing adoption of the mobile ticketing solution among the public transportation service providers is the major factor driving the growth of the market. Furthermore, the development of several smart city initiatives across the countries is also one of the major factors augmenting the growth of the mobile ticketing market.
North America is dominating the mobile ticketing market due to the increasing adoption of the mobile ticketing solution in the public railway services. Approximately, nine contracts have been established between January 2016 and May 2017 to integrate mobile ticketing on the transit system across the region. For instance, in 2017, Moovel Group and Caltrain Transit Agency signed a deal to develop, maintain, and host a mobile ticketing solution in San Francisco. Furthermore, the high adoption of smartphones along with the high internet penetration is also estimated to support the growth of the mobile ticketing market.
The major vendors of the mobile ticketing market are Helpshift, Masabi, Zendesk, Airtag, Corethree, Gemalto, Moovel, TickPick, Ace Ticket Worldwide, Alliance Tickets, Proxama, Ticketscript, Coast to Coast Tickets, RazorGator, and StubHub. The market players are collaborating with the service providers to gain the market share and get an edge over competitors. For instance, in 2018, Arriva, a bus operator based in the UK announced that they are collaborating with Corethree, a mobile ticketing solution provider, to develop mobile ticketing applications to serve customers and provide a quick & safe platform for purchasing bus tickets.
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