Caption: A recent report projects major growth in the global sports betting industry, breaking it down by platform and geography.
According to a recent report by Technavio, the global sports betting market will potentially grow by $144.44 billion USD during the forecast period of 2020-2024. Entitled Sports Betting Market by Platform and Geography – Forecast and Analysis 2020-2024, the 120-page report breaks down the rapid expansion of the market by several factors. It provides in-depth analysis of growth by both geographic location and betting platform type, as well as a detailed analysis of key market drivers and trends to watch out for.
Market Analysis by Geographic Location
The Sports Betting Market by Platform and Geography report breaks down sports betting market size and growth specific to participating geographic regions of the world. These include Europe, North America, South America, APAC (Asia-Pacific), and MEA (Middle East-Africa).
Among several interesting points, findings are that the APAC region will experience 49% of overall market growth, with China and Singapore being the largest markets of the region. Growth here will be more rapid than that of other markets, with major brands adopting new technology to focus innovation and expansion in the area.
The report also discusses each region in-depth, giving insight into which ones could emerge as major players. For example, the United States is shaping up to be a highly competitive market in its own right. The plethora of established sports betting sites available in Nevada coupled with the widespread legalization of sports betting across the nation could mean vast growth for this segment as well.
The report breaks down:
- Segmentation & comparison of geographic regions
- APAC market forecast
- Europe market forecast
- North America market forecast
- MEA market forecast
- South America market forecast
- Countries which are leading market growth
- Market opportunities by geographic region
Market Analysis by Platform
The report also breaks growth down by platform use through analysis of data on both online and offline sports betting platforms. Key findings conclude that online growth is projected to grow at a much more rapid rate, largely because of the increased availability of connected devices and recent innovations in the field.
Caption: Online growth of the betting industry is projected to expand at a much more rapid rate than offline betting, as customers value the speed and convenience of betting from connected devices.
The offline market has been flagging in recent months, but new drivers indicate that it is also expected to expand. The development of self-service betting kiosks will significantly aid growth in this sector, as it will spark new interest and allow consumers to have a more convenient portal for offline betting.
The report breaks down:
- Market segments to consider
- Comparison on platform placements
- Offline sports betting market size and forecast
- Online sports betting market size and forecast
- Market opportunities for each platform
Analysis of Key Betting Industry Trends & Drivers
The report also focuses on several key industry drivers and market trends investors and developers should consider. Moving forward in 2020 and beyond, we can expect technological developments to grow with leaps and bounds. In the report, readers will learn how the most cutting-edge tech trends will impact the growth of the sports betting market from 2020-2024. These include:
- Artificial Intelligence (AI)
- Machine learning tools
- Virtual reality
Furthermore, the report details how changes in legislation will have a large impact on the sports betting market, driving the industry towards growth spurts in affected regions. It discusses how countries like Singapore and the United States will fare in the upcoming years with less restrictions, and how this will affect investors and developers.
Overall, Sports Betting Market by Platform and Geography offers a window into the future of sports betting across the world. Readers will be able to understand which factors are driving growth, where the hotspots in the market are, and ultimately be able to use this information to understand where opportunities will emerge. Anyone picking up this report will come away with a comprehensive knowledge base on the future of sports betting, making it a valuable resource for investors and developers in the field.