DIGITAL TICKETING TRANSACTION VALUE REACHES US$1.4 TRILLION BY 2027 - JUNIPER RESEARCH

KUALA LUMPUR, Sept 13 (Bernama) -- The global digital ticketing transaction value will reach US$1.4 trillion in 2027; up from US$768 billion in 2022, according to a new study from Juniper Research. (US$1 = RM4.503)

This growth of 78 per cent over the next five years represents a strong recovery from the heavy impact of the COVID-19 pandemic; driven by the ongoing success of contactless payments.

However, the research identified current market fragmentation, where users cannot use the same payment method across different transit and events areas, as a factor limiting growth and user experience quality.

According to a statement, digital ticketing enables users to access transit or an event via a ticket on a mobile device, PC or a wearable; allowing streamlined access and purchase journeys.

The research identified metro & bus ticketing as the fastest-growing digital ticketing segment, with transaction value in this segment set to rise by over 200 per cent over the next five years.

Research co-author Damla Sat said: “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.”

The research recommends vendors focus on developing integrated contactless systems for different transit scenarios, such as bus, train and micromobility, in order to break down the fragmentation inherent to the current market.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.

-- BERNAMA