Thursday, 15 September 2022 08:38

Global digital ticketing transaction to hit $2 trillion in 2027: Juniper Research

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Global digital ticketing transaction value will reach US$1.4 trillion ($2 trillion) in 2027 up from US$768 billion ($1.1 trillion) in 2022 recording a 78% growth over the next five years representing a strong recovery from the heavy impact of the Covid-19 pandemic, according to Juniper Research.

The jump in global digital transaction value is attributed to the success of contactless payments.

However, the firm identified that market fragmentation—where users cannot use the same payment method across different transit and events areas—can limit digital transaction’s 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 a more streamlined access.

Metro and bus ticketing to represent fast-growing segment
Metro and bus ticketing is set to rise by over 200% over the next five years.

For vendors to leverage this growth, the research recommend they focus on developing integrated contactless systems for different transit scenarios such as bus, train, and micromobility in order to break down fragmentation.

“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,” said Juniper Research co-author Damla Sat.

Events ticketing to reach over US$230 billion ($353 billion) in 2027
The value of digital events ticketing will exceed $230 billion ($353 billion) in 2027 from under US$100 billion in 2022 representing 137% growth as events move to contactless entry to improve the 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 fan experience.

This first appeared in the subscription newsletter CommsWire on 14 September 2022.

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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