Growth Adjusted Upward for iGaming Market as Research Looks Towards 2027Published September 9, 2020 by Lee R
Market growth is accelerating with the growth of mobile use, the expansion of unlimited internet to more regions, and ongoing legislative adaptations.
The iGaming market just keeps growing and growing, no matter what challenges come through.
The latest data comes from a Hexa financial market report with data from amidst the Covid-19 epidemic stating expectations of the global online gambling market to reach 647.9 billion USD by 2027.
The 7th edition of the report examines the manner in which the epidemic impacted production and buyer opportunity for 2020-2021 reveals that countries like the USA, Canada, Japan, China, and Europe are positioned to drive sports-betting to an estimated 7.7% CAGR.
Compared to Earlier Study
To put this in perspective, another Hexa Research report from November 2018 projected the global online gambling market size to reach around 73.45 billion USD by 2024, with a well-distributed “ubiquitous” rise projected worldwide.
The global market is generally expected to experience significant growth rates in incoming years with mobile devices driving market growth into triple figures (b), with many iGaming operators reporting
increased rates in share price as directly attributable to mobile phone search engines.
Compared to a 2017 Study
A 2017 Global Online Gambling market study called the total online gambling market of 2016 $44.6 billion, while projecting 10.8% CAGR through 2022, predicting the online gambling industry to reach $81.71 billion by 2022.
The latest projection of $649 billion for 2027 would indicate significant acceleration in an already robust market.
Other factors facilitating growth include more high speed internet access, when many regions of the world are still just realizing the benefits of local fiber-optic lines, as well as increased ownership of online devices, and an uptick in the demographic of female gamblers.
Current challenges still facing the industry according to Online Gambling Market include more appropriate software handling, enhanced cybersecurity, and the adaptation of ongoing and still lingering draconian-type restrictions.
M and A's Continue
The mergers and acquisitions which have been consolidating the industry are expected to continue as well.
All in all, the industry is in sound hands, and despite Covid-19, we can see that the projections of the market size are accelerating as they increase in duration of calculation, which are all signs of sustainability and robustness from available data. Continuing adaptation of regulation models appear to be the most vital and effective infrastructural boost to sustain market growth.