TMCnet Feature
May 02, 2022

The global in-game gambling and loot boxes market is growing



With a CAGR growth expected to be of a value of around 5.6% between now and 2032, and the gambling industry going from US$ 18.9 million to US$ 32.7 million in the space of a decade, it is hardly a surprise that so many are focusing on the global in-game gambling and loot boxes market.



Indeed, there has been a growing desire for high-end real-life sports gaming experiences worldwide, which is why the industry has seen a significant amount of growth being driven. Additionally, new trends and innovations, as well as advancements, within the sports and gaming industries are also only expected to help further increase demand, although there are concerns about payment data security that could stifle the rate at which it grows.

Of course, payment solutions have become a key talking point for many in recent years, as it has been widely recognized that traditional and conventional fiat currency is not as secure as it ought to be, with it seemingly being left behind in regard to technology.

Naturally, with the emergence of cryptocurrency and gambling platforms that accept a vast number of digital tokens, many have already started to play their favorite wagering titles at crypto casino online and bet on their favorite sports using virtual currency. Many have instantly recognized that their data is more secure and is private when using the blockchain ledger that is involved when using crypto, whilst they are protected with a level of anonymity that makes it difficult for hackers to try and steal from.

A number of drivers encouraging the growth of in-game gambling and loot boxes market

Nonetheless, there are a number of drivers that are continuing to really encourage the growth of the in-game gambling and loot boxes markets, with expanding digital transformation, as well as rising internet and mobile platform usage being experienced around the globe.

A recent market study by Persistence Market Research has also revealed that it expects the deployment of IoT, edge computing, 5G, and real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) to help improve the in-game markets, whilst the improvement in cloud technologies should also play a key role.

Indeed, there has been a huge shift in the way players continue to play their favorite games, with many more using internet platforms than they previously did, thus having a significant impact on the in-game and loo boxes market.

It was found that consumer interest in online gambling platforms has since increased due to the restrictions that sports events had once been placed under, whilst a number of operators had turned to digital platforms after being forced to close many of their physical establishments. This subsequently led more consumers to change their habits and play their favorite games online instead, therefore resulting in a beneficial market impact.

Because of the shift that has been experienced, it is believed that the online betting industry will be the fastest-growing market in the medium term, especially as technological advancements including artificial intelligence and machine learning took over.

Furthermore, the shift that has been experienced by consumers should also have an impact on the demographic breakdown, too. It has been projected that the industry will see more female players enjoying themselves at casinos, whilst there will also be a new level of convenience as cashless payment options should thrive in the future.

Operators are already looking to try and make the most of the change, too, as they continue to provide new bonuses for new players to obtain, whilst also creating a number of tournaments to try and keep their members as incentivized as possible.

What were the key takeaways from the report?

There were a number of key takeaways from the report that was created, with the following perhaps some of the biggest:

  • Changing behaviors are expected to drive demand for gambling, with in-game gambling and loot boxes expected to grow in the future.
  • The Asia Pacific region was the largest region in the gambling market as it accounted for 38% of the worldwide total in 2020. North America was second as it accounted for 29%.
  • Football betting continues to retain a substantial market share with operators looking to find new ways of meeting client needs and acquiring a competitive edge.
  • The in-game gambling and loot boxes market has been projected to grow at a CAGR of 5.6% rate between 2022 and 2032, with the mobile segment expected to grow at 4.8%.


Final Thoughts

Indeed, the next decade looks set to be a rather fruitful one for the in-game gambling and loot boxes market, therefore it would not be a surprise to see a number of operators look to take advantage over the next 10 years and ensure they get a slice of the pie that is seemingly available.


 
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