Millions of individuals from all walks of life have become involved with the online gaming (iGaming) community in recent times. While this form of entertainment is a great deal of fun, it also represents a massive global marketplace. What growth trends should we expect throughout the remainder of 2022?
Increased Access Due to 5G Connectivity
One of the main reasons why the iGaming sector is expected to perform well involves user access. A growing number of regions are now beginning to support 5G wireless communications, so remote connectivity will become much more streamlined. Whether referring to the best gambling sites or portals dedicated to MMORPG platforms, players are provided with a wealth of opportunities at their fingertips.
Technology Trends Set to Influence the Remainder of the Year
Another reason why this industry is predicted to perform quite well is associated with technological innovations that players can now enjoy. Developers are expected to invest a significant amount of capital in order to leverage the momentum of these trends. Not only can this strategy help to keep existing players loyal, but it will likely result in the ability to target a much wider audience.
Post-COVID Rollover Effects
Most experts currently believe that the worst of the recent pandemic is now behind us. While life is indeed returning to a sense of normalcy, habits developed during previous lockdowns may very well remain in place for extended periods of time. This is particularly relevant when referring to the iGaming industry.
As an unprecedented number of individuals sought home-based forms of entertainment, the online gaming sector saw a massive influx of users who were keen to take advantage of such opportunities. Due to social distancing measures that lasted for months at a time, many one-off visitors soon became loyal customers. These factors helped online operators supersede the volatility that was rife throughout traditional market sectors (such as travel and tourism).
Robust Growth Due to More Streamlined Payment Methods
Another major trend that has been witnessed in 2022 involves the rise of crypto-based gaming platforms. A growing number of sites are beginning to support currencies such as Bitcoin and Ethereum. This is beneficial for a handful of reasons:
- Cryptocurrencies are not directly tied to the fiat marketplace.
- Blockchain technology helps to reduce (if not entirely eliminate) instances of fraud such as duplicate transactions.
- Users can enjoy superior levels of security and anonymity.
These types of integrated payment solutions are expected to become popular alternatives to traditional methods such as bank transfers and credit cards.
Projected Revenue Generation in 2022
Now that we have examined some of the main factors that are set to provide this industry with continued growth, what fiscal predictions have been cited by the experts? One observation serving to underpin the strength of the iGaming community involves its predicted value by the end of 2022. Analysts believe that its current net worth may exceed $200 billion dollars for the first time in history. It is also expected that this market will be comprised of more than three billion global players.
These predictions are important for several reasons. First, they indicate that the iGaming community is currently in a bullish trend while global markets may be headed towards a recession. This illustrates the relatively independent nature of the online gaming community. Here are some other interesting takeaway points associated with such meteoric growth:
- Well-established firms should be able to enjoy a high return on investment (ROI).
- Increased competition is set to drive innovative technologies.
- Players will be offered more possibilities than ever before.
Let us also remember that the number of mobile apps related to iGaming is on the rise. When we then take into account new technologies such as wearable devices, the future looks bright indeed. This sector should therefore enjoy the same sense of momentum that was already witnessed throughout the first half of 2022.
A Watershed Year for the iGaming Community
Online gaming has become one of the most popular forms of entertainment. From virtual casinos and multiplayer platforms to engaging offline mobile apps, it does indeed appear that the (digital) sky is the limit. It should therefore not come as a great surprise that this sector may very well be worth in excess of $200 billion dollars by the end of the year. The only question involves whether or not such amazing levels of momentum can be maintained throughout 2023 and beyond.