A leading market research company has released a report projecting significant growth in the casino gaming market over the period from 2022 to 2027. According to the report, the market is expected to witness a robust compound annual growth rate (CAGR) of 4.86%, resulting in an estimated increase of USD 65.63 billion in market size.
To stay competitive in the casino gaming market, vendors are actively employing growth strategies such as promotional activities and increased spending on advertisements to improve the visibility of their services, both from a land-based perspective and in terms of casino sites. Notable players in the market include Abbiati Casino Equipment S.r.l., ADP GAUSELMANN GMBH, AMATIC Industries GmbH, and others, who are expected to emerge as key players during the forecast period.
A report from Technavio provides comprehensive insights into the market's competitive landscape. It includes information on various market vendors, their product insights, recent developments, and market positioning.
The report identifies the growth in the spending capability of customers as a significant driver behind the market's expansion.
With the increase in dual-income households worldwide, per capita disposable income has risen, making high-end services like casino games more affordable. Developed countries, in particular, have witnessed a surge in customer purchasing power, resulting in higher revenues and increased investments in online platform security by service providers. Furthermore, the growing demand for casino games, coupled with an expanding range of game varieties available, further propels market growth.
An emerging trend in the casino gaming market is the increasing utilization of social media marketing. Vendors are leveraging popular social media platforms to promote their casino gaming services, enabling them to reach a wider audience and enhance their market presence.
However, while the market exhibits promising growth, it also faces certain challenges. One of the major hurdles is ensuring secure online payments. As online transactions become more prevalent in the casino gaming industry, establishing robust payment security measures is crucial to maintaining customer trust and sustaining market growth.
In addition to the casino gaming market, the report also highlights the projected growth of the online lottery market. The market is anticipated to expand at a CAGR of 8.45% during the forecast period, resulting in an estimated increase of USD 12,741.16 million in market size. The rising popularity of online lottery games, coupled with increased accessibility through mobile apps and desktop platforms, are the key drivers behind this growth.
The report covers not only the casino gaming and online lottery markets but also the overall gambling market. The gambling industry overall is estimated to grow at a CAGR of 7.1% from 2022 to 2027, with a projected market size increase of USD 260.44 billion. The market growth is primarily driven by the increasing trend of betting on e-sports, reflecting the evolving preferences of modern gamblers.