A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Casinos – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Casino gaming industry over the years been a main source of entertainment for people in several countries, and is governed by strict government regulations. Casino gaming, as part of the commercial gambling market, continues to grow in popularity driven by the development of new destinations and rising prominence on online gambling/casino platforms like www.paynplaycasino.co.
Dynamics of the casino gaming industry are closely linked to the health of the economy, employment levels, and discretionary incomes of people, all which determine the spending levels of casinos market. Online casino gaming constitutes the major driver of growth in the market. Technology has also enabled the development of rich interfaces that are closer to the real world, making even professional gamblers to embrace online casinos. Technological developments such as cryptocurrencies, artificial intelligence, augmented reality, virtual reality, and development in security features are enabling online casinos to augment their offerings.
Amid the COVID-19 crisis, the global market for Casinos estimated at US$123.4 Billion in the year 2020, is projected to reach a revised size of US$153.2 Billion by 2026, growing at a CAGR of 3.7% over the analysis period. Gambling Machines, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$77.4 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gaming Tables segment is readjusted to a revised 3.5% CAGR for the next 7-year period. Slot machines are considered one of the most popular types of gambling machines globally, wherein the pressing of a button results in spinning of multiple reels. The growth of slot machines market is mainly due to the ease of government regulations.
The U.S. Market is Estimated at $70.1 Billion in 2021, While Asia-Pacific is Forecast to Reach $34.6 Billion by 2026
Casinos market in the U.S. is estimated at US$70.1 Billion in the year 2021. Asia-Pacific is forecast to reach a projected market size of US$34.6 Billion by the year 2026 trailing a CAGR of 4.5% over the analysis period. Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 3% and 3.3% respectively over the analysis period. The US remains at the forefront of casino business.
In the US, Las Vegas remains a key attraction for casino players from around the world, and is hence a major contributor to industry revenues in the region. Asia-Pacific represents a promising regional market for casino gaming globally. The rising popularity of casino destinations in Singapore in Macau constitute a major factor driving growth in the region.