Secondary Tickets Market size to increase by USD 50.14 billion between 2022 to 2027, Market Segmentation by Type and Geography, Technavio
NEW YORK, April 16, 2024 /PRNewswire/ -- The global secondary tickets market size is estimated to grow by USD 50.14 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 20.96% during the forecast period. The secondary tickets market experienced a spike in demand in 2021 due to increased Internet usage and faster speeds. Developing countries like Pakistan, India, and Brazil saw significant Internet speed improvements. Network providers offered affordable data plans, expanding access. However, ethical concerns arose with ticket scalping, fraudulent activities, and inflated prices. Blockchain technology emerged as a solution for authentic ticket ownership and equitable allocation.
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The Type segment emerges as the fastest-growing segment in the secondary tickets market
The secondary tickets market in North America is experiencing significant growth, driven by the popularity of live events such as music concerts, sporting events, and theater performances. The US and Canada are the major contributors to this market, with the US holding the largest share due to its robust media and entertainment industry. However, this market is not without its challenges. Fraudulent activities, including ticket scalping and the resale of tickets at exorbitant costs, pose moral concerns for sincere fans. Dishonest persons use bots and automated software to buy tickets in bulk, leading to risks for consumer trust. Technological changes, such as blockchain technology, aim to ensure ticket ownership and authenticity, offering acceptable prices and equitable ticket allocation in a user-friendly ecosystem. Despite these advancements, consumer complaints persist due to inflated prices and deceptive advertising on third-party platforms. As the market continues to evolve, it is essential to address these challenges through sophisticated security measures, algorithms, and user-friendly interfaces to ensure a fair and transparent market for individual sellers, professional resellers/brokers, and casual sellers alike. The global secondary tickets market commands a significant presence in the entertainment industry, with events in various categories, including concerts, sports events, and special experiences, catering to the growing demands of the middle class and urbanized population.
Commenting on the market trends, a Senior Analyst of Technavio, stated," The secondary tickets market employs dynamic pricing, allowing flexible ticket prices for events based on demand. Factors like holidays, injuries, team records, and weather impact prices. Cut-offs prevent extreme fluctuations. In the global market, urbanization and digital platforms expand access to casual sellers, offering trips, experiences, and entertainment for the middle class. Ethical concerns arise regarding fraud and unfair competition. Dynamic pricing fuels demand for sold-out concerts, big athletic events, and blockbuster theatrical plays, with restricted quantities available on secondary ticket marketplaces."
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Analyst Review
In the Secondary Tickets Market, demand for Sold-Out concerts, Big Athletic Events, and Blockbuster Theatrical Plays often leads to a Spike in Demand and exorbitant costs. Customer Willingness to pay these prices, coupled with Convenience, can create an environment for Fraudulent Activities such as Ticket Scalping and the Resale of Tickets through Unofficial Channels or Third-Party Platforms. Dishonest Persons may use Automated Software, Bots, and Deceptive Advertising to sell Secondary Tickets at Inflated Prices, posing Risks to Sincere Fans. Ethical concerns and Moral Dilemmas arise due to Unfair Competition and the potential for Dishonest Persons to profit from the Restricted Quantity of tickets available. Maintaining Customer Trust and combating Fraud in the Secondary Tickets Market is essential to ensure a fair and transparent experience for all participants.
Market Overview
In the secondary tickets market, fans and enthusiasts can purchase tickets for various events through numerous channels. These channels can include blockbuster events, concerts, or sports competitions. Fraudulent activities, such as counterfeit tickets, can pose a significant threat in this market. Customers must take precautions to ensure the authenticity of their tickets. The use of secure platforms and reputable sellers is crucial. Additionally, consumers should be aware of the consequences of purchasing tickets from unauthorized sources. Deciphering the complexities of the secondary tickets market can be challenging, but with the right knowledge and resources, fans can securely and confidently obtain tickets to their desired events.
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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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Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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