Secondary Tickets Market Outlook
The global secondary tickets market size was valued at USD 11,707.2 Million in 2019 and is projected to reach USD 27,675.8 Million by 2027, expanding at a CAGR of 12.4% during the forecast period, 2020-2027. The demand for secondary tickets is growing as number of events happening around the globe is increasing.
Furthermore, increasing disposable income, penetration of internet and smart-phones in developing regions is fueling the growth of global secondary ticket market. Introduction of new technologies for data security and safe transactions are expected to create lucrative opportunities for global secondary tickets market in the future.
Secondary Tickets Market Dynamics
Penetration of the Internet is growing in developed and developing countries. This has stimulated the growth in the adoption of secondary ticket platforms. These platforms increase allocative efficiency, as they help connect buyers to the sellers of tickets easily. Furthermore, acceptance of these platforms is rising, as they make ticket booking convenient.
Platforms used for secondary ticket sales help buyers and sellers minimize the expenses and time spent on the ticket reselling process. Additionally, online platforms offer various discounts and deals, which is attracting more customers. This, in turn, is fueling the demand for secondary tickets around the globe. Growing use and penetration of the Internet is expected to fuel the growth of the global secondary tickets market during the forecast period.
Additionally, demand for secondary tickets is increasing with growing disposable income in developing countries. Factors such as growth in economy and rise in the standard of living in developing and developed countries are propelling the sale of secondary tickets. People are spending more on buying secondary tickets or tickets available for resale.
Furthermore, secondary ticket selling companies are focusing on research & development activities to understand about people’s buying behavior and improve their offers, discounts, and the deals on secondary tickets. This, in turn, is driving the demand for secondary tickets. Growing disposable income worldwide is anticipated to drive the market during the forecast period.
Although, rise in the use of online platforms for secondary ticket sales has raised several concerns regarding data security. Data security, which several companies focus on increasing, remains a major concern. Data breaches in the past have hampered several the reputation of companies and resulted in the loss of customers.
Registration required for online ticket selling and buying encompasses sensitive personal information of users, including location and money transaction details, increases the risk of data theft, thus hindering the global secondary ticket market. However, several companies are engaged in developing and improving additional data security solutions.
However, the introduction of block chain and artificial intelligence technologies (AI) in the ICT industry has resulted in creating a positive impact among numerous companies in the industry. Although, block chain is still considered as a relatively new concept, increasing number of companies are currently investing in this concept. A few promising platforms are trying to transform the way primary and secondary tickets in the ticket sales sector.
A few businesses are engaged in the development of a decentralized ticket sales platform that are powered by AI and block chain technology. The platform enables buyers and sellers of secondary tickets to communicate through a secure technology medium. These block chain-based platforms are expected to feature a licensed crypto exchange allowing users in to purchase secondary tickets with crypto currencies.
Secondary Tickets Market Segment Insights
Event Types Segment Analysis
In terms of event types, the global secondary tickets market is segmented as sports events, concerts, performing arts, movies, and others. The sports events segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
Sports events are most attended events around the globe, which in turn, drives the growth of the sports events segment. These events draw a crowd of billions of attendees for major international events and a noticeable number of people for national and regional events.
Revenue Streams Segment Analysis
In terms of revenue streams, the global secondary tickets market is bifurcated as online and offline. The online segment holds a major share of the market and is anticipated to expand at a substantial CAGR during the forecast period. Buyers prefer buying secondary tickets from online sources, as these sources make sure to provide authentic tickets, which in turn, fuels the growth of the online segment. Moreover, one can avail attractive deals, discounts, and in case something goes wrong, online ticket venders assure refund.
Regional Analysis
On the basis of regions, the global secondary tickets market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is expected to dominate the global market during the forecast period, owing to high adoption of secondary tickets sales in this region.
North America is expected to hold a considerable share of the market. The presence of key players of secondary tickets in the region and growing number of several different events and participants in the region are key factors propelling the market in North America during the forecast period.
The market in Europe is estimated to expand at a substantial CAGR during the forecast period due to increasing number of people attending events such as sports events and concerts. The market in Asia Pacific is anticipated to expand at a considerable CAGR during the forecast period due to growing penetration of the Internet and smartphones and rising young population in the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global secondary tickets market.
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on global secondary tickets market Performance
Segments
Event Types
- Sports Events
- Concerts
- Performing Arts
- Movies
- Others
Revenue Streams
Regions
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- Viagogo Entertainment Inc
- Live Nation Entertainment Inc.
- TicketNetwork
- SeatGeek Inc.
- Gametime United Inc.
- Ticket City Inc.
- TickPick LLC.
- TiqIQ LLC.
- Vivid Seats LLC.
- Seetickets
- Alliance Tickets
- Coast to Coast LCC
Competitive Landscape
Key players in the market include Viagogo Entertainment Inc, TicketNetwork, Live Nation Entertainment Inc., SeatGeek Inc., Gametime United Inc., Ticket City Inc., TickPick LLC., TiqIQ LLC., Vivid Seats LLC., Seetickets
These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products. The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for secondary tickets.
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