Global Gambling Market
LONDON--(BUSINESS WIRE)--The gambling market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
- Global Gambling Market Trends
- Global Gambling Market
- Global Gambling Market Size
- Global Gambling Market Size 2019
The global gambling market size is expected to reach revenues of over $525 billion by 2023, growing at a CAGR of around 4% 2017-2023. The global gambling market is driven by increasing penetration of online gaming and betting across the North American and European region. The global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. The high internet penetration and increasing use of mobile phones among individuals for playing online games from their homes and public places are driving the market.
The high penetration of smartphones is one of the major reasons for market growth. The number of smartphone users is expected to cross 3.6 billion by 2023. This increase in smartphone penetration is attributed to the declining average selling price (ASP) of smartphones and developments in communication network infrastructure. Moreover, users are rapidly shifting from desktop to mobile devices for playing casino games. Smartphones are becoming one of the major platforms for online gambling as they provide ease of access to casino games and e-sports betting.
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As per Technavio, the use of AI in online gambling will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Gambling Market: Use of AI in Online Gambling
Enterprises across various industries are implementing AI solutions to improve their business processes. Gambling operators are also incorporating AI technology into their online gambling websites to improve user experience. Land-based casino operators are using AI to analyze the risk appetite behavior of the users, find the most lucrative player, and predict the winners and losers during casino games. This helps in making the decision to provide incentives and freebies to users. Thus, the increasing use of AI is expected to drive market growth during the forecast period.
“Apart from the use of AI in online gambling, other factors such as the use of bitcoins in gambling, and the growing number of mergers and acquisitions will have a positive impact on the gambling market growth during the forecast period,” says a senior analyst at Technavio.
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Gambling Market: Segmentation Analysis
This market research report segments thegambling marketby platform (offline gambling, and online gambling), type (lottery, betting, and casino), and geography (APAC, EMEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, EMEA, and South America respectively. The growth of the gambling market share in North America can be attributed to factors such as the increasing demand for offline and online gambling games, rise in the number of mobile application platforms, and the increase in casinos, sports betting, online lottery, and online horse betting.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
Global Gambling Market Trends
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
Global Gambling Market
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Global Gambling Market Size
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Global Gambling Market Size 2019
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