iGaming Projected To Be Worth $648bn By 2027
Hard though it may be to believe, we’re already crawling towards the end of a particularly disastrous year – a definite non-event on the modern calendar. But this obviously also means that we’re now getting to see industry projections running all the way across the next 7 to 10 years. And iGaming, so say market analysts and gaming industry experts, will only continue to thrive and grow from here on out.
A recent Hexa financial markets report predicts the global gambling market to reach a phenomenal US$647.9 billion by the arrival of 2027 – which if of course less than 7 years from now. The recent report, i.e. the 7th edition of its kind, examines several aspects of impact and influence pertaining to the ongoing global health crisis and the years expected to follow immediately after. And notably, the report also predicts that countries such as Japan, Canada, China, and the USA, are already positioned in such a way that they will eventually drive sports betting revenue to an annually estimated 7.7 per cent CAGR.
Comparison Sheds New Light
But in order to really see the bigger picture, it becomes necessary to compare the latest Hexa predictions to those made in the November 2018 edition of the report. Mentioned report as little as two years ago pegged the size of the global online gaming market at US$73.45 billion by the time 2024 rolls around.
As for what is assumed to be creating the exceptional growth rate, industry experts believe an increase in mobile search engines to be forcibly at play. And such is the impact of this particular dynamic, that several iGaming operators have been reporting tiple figure market growth rates.
Then Vs Now
The disparity between what was projected and what is now being projected is particularly poignant when considering predictions made in 2017. A Global Online Gambling market survey performed during that year estimated growth projections of roughly 10.8 per cent CAGR through the year 2022. This while at the time working from a 2016 starting point to the tune of US$44.6 billion.
All of which obviously clearly indicates a significant elevation in terms of the anticipated speed of growth about to be witnessed by an already booming industry.
Other contributing factors include high-speed internet access having become more readily and widely available in recent years, increased ownership of smartphones, tablets, and other online-able devices, and, interestingly enough, increased levels of interest in iGaming products from female gamers.