By 2030, the global gaming industry will be worth $1 trillion
The global online gaming market is predicted to increase at a compound annual growth rate (CAGR) of 12.3% from $64.13 billion in 2020 to $72.02 billion in 2021. The increase is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the effects of COVID-19.
This had previously resulted in operational issues due to tight containment measures such as social separation, remote working, and the termination of commercial activity. At a CAGR of 12%, the market is estimated to reach $112.09 billion in 2025.
888 Holdings PLC, Bet365 Group Ltd Betsson AB, William Hill PLC, GVC Holdings PLC, Kindred Group PLC, Sky Betting & Gaming, Stars Group IncLadbrokes Coral Group PLC, and Paddy Power Betfair PLC are all major competitors in the online gambling business.
The changing gaming behaviour of consumers are projected to drive demand for gambling.
The rising popularity of gambling applications and social gaming will fuel the market’s growth in the future.
By 2020, the global social casino industry is estimated to reach $4.64 billion, with a CAGR of 5%. The demand for online gambling will be driven by the increasing adoption of mobile devices and increased internet penetration, resulting in market development.
The licensees are subject to a tight code of conduct imposed by the established and respectable licencing agencies, who must follow the relevant regulations in order to keep their licences. The market’s expansion is likely to be hampered by tight and inconsistent legislation across countries.
Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines are among the countries covered by the global gambling market, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States of America, Venezuela, Vietnam
Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions included by the global gaming market.
William Hill, MGM Resorts, Las Vegas Sands, Paddy Power, and Betfair Entertainment are among the biggest companies in the worldwide gaming sector.
The worldwide gaming market is divided into three categories:
1) Casinos, lotteries, sports betting, and other forms of gambling
2) By type of channel: offline, online, and virtual reality (VR)
Market Dynamics Trends: One important trend in the market, according to our global gaming software market study based on extensive primary and secondary research, is innovative gaming content and new gaming platforms. New gaming genres, such as MMO (massively multiplayer online) and multiplayer-online-battle-arena, will, on the other hand, be big revenue generators.
Risk Factor: According to the study, one issue in the global gaming software industry is the presence of substitutes such as cloud gaming, which eliminates the need for extra gaming software downloads or purchases. Currently, cloud gaming is in its infancy and does not pose a significant threat in the near future, but as the cloud gaming platform advances, the gaming software business will grow.
Cloud gaming is now in its infancy and does not constitute a significant threat in the near future, but with continued advancements in the cloud gaming platform, the gaming software business may be severely affected by cloud gaming in the next 5 to 8 years.