iGaming Industry – Time For Global Recognition

The scale at which the iGaming industry is making strides across a few countries is becoming more and more visible with time. The number of companies that have ventured into this segment has seen a fair amount of growth both in terms of users and business traction. With so many options to choose from when it comes to game categories, the future looks quite promising.

A quick glance at the statistics from various regions across the world shows the segment headed towards a growth trajectory. As per a reports, the Gaming Market size is estimated at USD 245.10 billion in 2023 and is expected to reach USD 376.08 billion by 2028, growing at a CAGR of 8.94% during the forecast period (2023-2028). The circumstances too support the projected growth with technology and telecom providing an impetus. With a steady adaptation towards 5G network in mobile telephony amongst countries from developed economies, connectivity has become faster and more reliable.

As well as being one of the leading gaming markets in terms of revenue, the United States is also considered by many as the birthplace of gaming as we know it today. In 2022, the video game market size in the United States was estimated to be 97.67 billion U.S. dollars, setting a new all-time industry record.

In 2023, approximately 74.5 per cent of the population in the United Kingdom were active gamers, the highest gaming penetration among the observed markets. France was ranked second with a 63.9 per cent gaming usage reach. According to Statista, as of 2023, there were approximately 51.21 million gamers in the United Kingdom with mobile phones being the most popular devices to game on among UK gaming audiences. Germany followed in second place with 43.92 million gaming users.

The benefits of such large-scale adaptation have a ripple effect on the economy as governments across regions stand to gain from taxation. The sector will continue to experience regulation and this could encourage more participation from new players in this business. Such participation would create employment opportunities in game development and make the market more competitive.

Mr. Ajay Bhatiwal, the CEO of ABC World Media, an organization catering to the needs of igaming clients feels very optimistic about the growth of this category. He said that even emerging markets of Asia have seen a significant progress in the gaming segment. Countries like Philippines, Indonesia, Malaysia and the Indian sub-continent are showing a remarkable participation in this segment. With internet penetration on the rise and use of smartphones becoming overly prevalent, everyone wants to try their luck. This is where he opined that a common gathering place of industry players is a much-needed activity. Quoting the example of Sigma World, who he said is creating a serious marketplace for this sector; he recommended this to be a regular exercise in the emerging market countries. Having experienced their last event in Manila, Philippines; he said that opportunities in this segment are still far and wide and we only seemed to have touched the tip of the iceberg till now. He said that he was overwhelmed by the extraordinary community of professionals from across the globe and the level of preparation each of the participating organizations had done in presenting their ideas and products.

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