American market research firm Global Industry Analysts Incorporated has announced that it expects the world’s online and land-based casino industry to be worth more than $150 billion by the end of 2026.
The San Francisco-headquartered firm used an official press release promoting the benefits of its MarketGlass research platform to detail that the global casino market is currently valued in the region of $129.2 billion. However, the company also explained that it thinks this aggregated figure will increase by a minimum of 3.7% every year to hit approximately $153.2 billion come the start of 2027.
Global Industry Analysts Incorporated disclosed that it believes the entire casino industry of the United States is currently worth about $72 billion while the Asia-Pacific sector is likely to have surpassed the $34.6 billion mark by 2026 thanks to a compound annual growth rate of 4.5%. The analyst moreover asserted that Canada and Europe sit as ‘other noteworthy geographic markets’ and are to see their sectors swell in value every year by at least 3% and 3.3% respectively.
Read a statement from Global Industry Analysts Incorporated…
“The United States remains at the forefront of the casino business. 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 and the rising popularity of casino destinations in Singapore in Macau constitute a major factor driving growth in the region.”
Global Industry Analysts Incorporated furthermore divulged that its research showed that land-based gambling machines should enjoy a compound annual growth rate of 4.1% to be worth something like $77.4 billion globally by the end of 2026. It pronounced that slot games are to simultaneously benefit from ‘the ease of government regulations’ while the lingering impacts of the coronavirus pandemic will probably take the compound annual growth rate for gaming table entertainment down to 3.5% between now and the end of the decade.
In highlighting the findings of its new Casinos: Global Market Trajectory and Analytics report, Global Industry Analysts Incorporated additionally pointed to the growth in innovative technologies as being crucial to ‘shaping the dynamics of the global casino industry’. The California company cited virtual reality, artificial intelligence and 5G mobile telecommunications networks as major factors that should contribute to ‘significant improvements in performance, customization and flexibility’.
The statement from Global Industry Analysts Incorporated read…
“Although the casino industry has been in operation since the 17th century, technology advancements are driving growth in mobile gaming and also fueling new customer-centric adaptations in land-based casinos. Data analytics are contributing towards a considerable change in various industries due to the availability of data collection and processing.”