The iGaming industry has been constantly growing in the latest years through active technology implementation. Thanks to the multiple innovations the industry does not stay at the same level. GBC Time has researched the global iGaming market to identify the top 5 technology trends that are driving the sector to more and more achievements.
ResearchAndMarkets.com has studied the iGaming industry worldwide and identified that in 2021, the iGaming market worldwide was valued at $72.42 billion. But the experts expect even higher valuation growth to $81.08 billion in 2022. More specifically, the percentage of CAGR growth is calculated to be around 10.4%. In a long distance, the global iGaming market will achieve even bigger results of $115.13 billion in 2026.
The online gambling market mainly consists of the revenue driven from online gaming activity through mobile users online. The industry is variative and large, but the dominant products with high demand are:
- online bets;
- online casino games;
- bingo;
- lottery;
- poker.
Talking about the most active regions in the iGaming sector, in 2021, this rating was headed by the Asia Pacific. It was one of the largest markets worldwide. In 2022, the experts expect to see Eastern Europe as the fastest-growing market. Generally, online gambling is available in the next markets:
- Asia-Pacific;
- Western Europe;
- Eastern Europe;
- North America;
- South America;
- Middle East;
- Africa.
One of the most important factors for this success and growth was the COVID-19 impact. While the global pandemic hit the land-based casinos and sportsbooks, the iGaming operators were raising for the better.
As you can see, the experts see a lot of perspectives for successful growth and development. Counting the fact that the main source of online gambling activity is the Internet, without high technological support, the industry will fall.
The mobile gadgets use growth is way higher than computer users worldwide. However, mobile gambling regulations in various countries are extremely different. Some legislation systems may totally support land-based casinos, but not online casino websites by launching stricter rules and restrictions. As examples of the most difficult countries in the regulation sense, the exerts mention the US and India.
Despite all the complexities that might be faced in this sector, the total number of online casinos has been growing in direct ratio to the audience.
This article will answer the question of what is driving the whole industry of the iGaming business. Here are the top technology trends that drive the iGaming industry.
Mobile gaming
The first trend that has been definitely pushing the whole industry forward is mobile gaming. Smartphones and other gadgets are already irreplaceable tools for people to communicate, entertain, and get informed. The constant need for gadgets makes people use them for many purposes that include iGaming activity as well.
According to the Statista report, the mobile gaming share of total gaming revenue worldwide is 57%. Only in the US, the total number of mobile gaming users is counted to be over 155.9 million.
The EarthWeb reports the global mobile gaming report, according to which, the number of active mobile gamers worldwide is over 2.2 billion.
The large diversity of mobile games attracts more and more users. The iGaming operators and providers cannot ignore the fact of the extremely high demand for qualified products for mobile gadgets.
Virtual Reality
Modern technologies are aimed to be the same full-fledged world as the real one for people around the globe. Virtual Reality (VR) is the modern days’ technology that provides multipurpose platforms for business running, regular entertainment, etc.
Through the advances in computer and graphics capabilities and tools, virtual reality has become more available to people.
Considering the top industries where VR is making a breakthrough, here are some of them:
- Healthcare;
- Entertainment;
- Automotive;
- Education;
- Space and military;
- Digital marketing;
- Tourism.
The main reason for VR being one of the top trends in the iGaming sector is the whole new level of mobile gaming experience. The users find it more entertaining to play slots or blackjack games using high-graphics technologies.
Moreover, VR technology is special because of the constant tracking system. This feature increases the potential and decreases the spending on information tracking. The indicators that will expectedly become the irreplaceable detail of the VR glasses are able to identify the ethnical belongings of the users, fears, emotions, interests, physical and psychological health, etc.
Artificial Intelligence
Artificial Intelligence (AI) has been developed and brought to a new level. More and more heights are reached thanks to AI technology. A ton of business sectors have already implemented it to reach new achievements, and iGaming is not an exception.
The main advantage of AI technology is an option to operate the casino platform and optimize the work time. Data analysis is the fundamental factor, which allows using the AI technology in various sectors. The NewVantage Partners reports that over 90% of the leading businesses invest in AI development.
Moreover, AI marketing tools allow companies to improve their promotions and make them more effective. The security issue is also closed thanks to artificial intelligence because of high-technological innovations.
“In the next five years, the implementation of AI and machine learning tools across the gambling industry will create a significant number of new jobs and also enable stakeholders to refocus efforts toward more productive, and ultimately job-producing, functions” – said Leigh Nissim, CEO of Future Anthem.
The AI market is expected to grow to $1.394 billion by 2029, the Fortune Business Insights portal reports.
Cryptocurrency
Cryptocurrency payment methods become more habitual on the casino website these days. The high demand for virtual coins is the obvious factor that cannot be ignored by the global iGaming sector.
Crypto coins are used in arts, business, regular life, and online gambling, of course. Among the main benefits are safer transactions, faster operation, and minimum risk of fraud.
Top used cryptocurrencies used the most in iGaming
The Statistics & Data portal has researched cryptocurrency implementation in online gambling. So here are the top crypto coins used in iGaming:
- Bitcoin/Bitcoin Cash;
- Ethereum;
- Litecoin.
Updated Online Gambling Regulations
Online gambling has been becoming a stable part of entertainment around the world. Taking into account the fact that the demand for iGaming is growing and brings in large revenues, governments of countries are trying to regulate the legal framework for online gambling.
Regulatory establishments keep providing more restrictions to avoid money-laundering cases on the market and global fraud popularization.
However, the fully regulated market allows the operators and providers to operate their business without law breaching.
Online gambling is perceived as a more serious sector that can bring significant profit to the global economic system.
