Online gambling market continues to achieve the double digit growth

Online gambling market achieved a double digit growth size and surpassed 55 billion dollars in 2019 and is anticipated to grow at 16.5% CAGR between 2020 and 2026. With the advent of several new technologies, such as AI, VR, cyborg, and machine learning, will drive the growth of online gambling. As more and more people are now willing to gamble online, the global online gambling market is now one of the biggest and it is expected to grow up to 127.3 billion US dollars by 2027 with a CAGR of 11.5%.

The world is still dealing with the pandemic and people are now trying to stay safe in their homes. Many land casinos and bookies remain closed but gambling activities continue. This year, it is likely that people will continue to gamble online instead of traveling. Mobile has become the key influencer to online gambling, as online gambling has become more accessible because of mobile technology. Because of mobile devices, people can now play their favourite casino games wherever they are in the world. Gambling companies are also shifting their focus towards the mobile market and many more games and gambling apps are expected to release this year.

While the present 4G connection is already good enough for gaming and browsing, it just keeps getting better as the 5G network is expected to start in 2021. With an extremely fast internet connection, the gaming experience is going to get much faster and better.

Growing concerns related to cybercrime will hamper the market growth. Manipulation of internet sites through fake apps and app-based hacking, leads to high risks for individuals providing credit card information. A report says, a group of professional Chinese hackers targeted and hacked companies that run online gambling & online betting websites in Southeast Asia. Furthermore, the dramatic increase in the usage of online gambling by minors due to easy accessibility to the internet is restricting the market growth. The players are shifting to online gambling and signing up to their favorite online casino sites, during Covid as many are not advised to visit the physical gambling or casino zones.

The work from home milieu has prompted more companies to give a push to their gender diversity agenda. The data shows a 22% increase in WFH job opportunities exclusively for women professionals in 2020. It further influences the growth of the IT/ITES sector and has been one of the prime advocates of digital adoption. Traditional legacy based security setups and tools like VPNs are increasingly becoming more and more inadequate in securing cloud applications, hence increasing new security risks and challenges for the gamers too.