The transition toward online gaming is expanding and is fueled by artificial intelligence
The expectations for the iGaming segment continue to grow, and the latest analysis of the gaming industry shows why. According to Fortune Business Insights (FBI), a business analysis firm, online gaming is going to be worth $158 billion in just a few years, far outpacing the growth of brick-and-mortar operations. Much of that growth is attributed to artificial intelligence (AI) and innovations, such as blockchains.
The FBI released a report last week, Online Gambling Market, 2021-2028, explaining how the iGaming segment is changing. Much of the growth has been found as operators have been forced to rethink how they conduct business because of COVID-19, but the transition to virtual gaming over physical gaming had begun even prior to the global pandemic. Now, however, the transition is speeding up, and the iGaming segment is growing at a compound annual growth rate (CAGR) of 15%.
Last year, spending on online casinos increased by as much as 67% in some countries because of the pandemic, and, with more gamblers now accustomed to participating in virtual activities, a wider acceptance of iGaming over the alternatives is expected. The FBI adds, “Advanced, intelligent technologies, such as artificial intelligence (AI) and blockchain, are being increasingly employed by online gambling platforms to ensure a secure and safe space for enthusiasts. Heralding this trend are startups that are developing and offering novel gambling platforms powered by smart technologies… The incorporation of new-age solutions in digital gambling is, thus, opening new pathways of development for this market.”