Event Tickets Market to grow by USD 14.98 Billion during 2021-2025|Market Analysis and Forecasts |Technavio
NEW YORK, April 19, 2021 /PRNewswire/ --
The event tickets market is expected to grow by USD 14.98 billion during 2021-2025, according to the new report from Technavio. This marks a significant market slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic, in the first half of 2021. In addition, the report projects the market to accelerate at a CAGR of almost 6%.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
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Event Tickets Market: Increasing use of mobile apps for booking a ticket to drive growth
The emergence of advanced Internet technologies has changed user preferences and propelled the adoption of mobile ticketing apps. These apps help users create, promote, and sell tickets for various events. Furthermore, with the increased downloading of mobile apps and the rising adoption of mobile devices, most ticketing service providers have developed their own mobile apps. As more and more mobile ticketing apps offer various benefits that attract customers and propel them to install the apps, the demand for event tickets is likely to surge during the forecast period.
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As per Technavio, the growing adoption of marketing strategies to increase event ticket sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Event Tickets Market: Growing adoption of marketing strategies to increase event ticket sales
Event ticket providers are deploying innovative marketing strategies such as applying discount codes for event tickets to lure a larger target audience. Flash sales, Early bird offers, Access codes, Public discounts are some of the marketing strategies followed by the vendors to increase their sales. Also, many vendors in the market are providing additional services to their customers to increase their sales. Furthermore, many vendors provide ticket exchange platforms to increase their market presence and retain their customer base. This will support the growth of the global event tickets market.
"The high popularity of sports events and music festivals will further boost market growth during the forecast period", says a senior analyst at Technavio.
Event Tickets Market: Major Vendors
- Ace Ticket Worldwide Inc.
- AMC Entertainment Holdings Inc
- AXS Group LLC
- Bigtree Entertainment Pvt Ltd
- Cinemark Holdings Inc
Event Tickets Market: Segmentation Analysis
This market research report segments the event tickets market by source (primary and secondary), event type (sporting events, concerts, performing arts, and others), and geography (North America, Europe, APAC, the Middle East and Africa, and South America).
The North America region led the event tickets market in 2021, followed by Europe, APAC, the Middle East and Africa, and South America respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to the rising number of live performances and other outdoor events.
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Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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Website: www.technavio.com/
Report Page: https://www.technavio.com/report/event-tickets-market-industry-analysis
SOURCE Technavio
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