With the year drawing to a close, it is time to look ahead to what 2022 has in store. For many, this will mean a new direction for their business, or perhaps starting a new one. Perhaps you are considering developing products for the gaming industry, but are unsure if it is a worthwhile investment? Here are some reasons why it’s a good move.
The sector is booming and stable
If you are thinking of developing products for the gaming industry, it is a sensible choice. The sector is expected to be worth $72.02 billion by the end of this year. Not only that, it will continue to grow at a rate of 12.3%, reaching $112.09 billion by 2025. This is just the online sector.
The offline gambling sector is worth over $350 billion, and much offline business is starting to make its way online. The gambling market is one of the few that managed to survive the pandemic relatively unscathed.
Land-based gambling, which did suffer, was instead forced to embrace digitalisation instead. For those looking to provide services in this area, there are several niches to consider. These include serving the online sector or providing assistance with businesses transitioning from land-based to online. Either way, the industry is growing quickly but also at a stable pace. This should provide assurances that investment in this area is a wise decision.
Plenty of operators
There is no shortage of operators in the online gambling sector. For those considering developing products for the gaming industry, this is excellent news! The market is not saturated, there are plenty of gambling sites and businesses to use your services. While it is difficult to calculate just how many gambling operators and brands there are out there, it is likely to be over 3500. Many of these will have multiple sites, apps, and products available. This means there is even more opportunity for business collaboration.
All you need to do is find and understand your niche and then figure out what kind of gambling operators you will target. In short, there is plenty of business opportunities out there for you if you decide to go ahead.
Lots of innovation
The online gambling sector has fully embraced innovation in various forms. Cryptocurrency is widely used to wager, and blockchain technology keeps track of player activity and certifies fairness. AI is onboarding players and authenticating users, as well as providing valuable data on preferences. Virtual reality and augmented reality are changing the face of casino games, including live dealer. We are even seeing the Internet of Things come into play with bets being placed via wearables or home assistants.
In addition to all that, games are getting faster, better looking, and payment times are more diverse. All of this innovation means there is a lot of scope for developing products for the gaming industry. The great thing is, we expect to see innovation continuing as players demand more high-tech solutions and offerings. Who knows where we will be ten years from now!
We can summarise from looking at the online gambling sector that demand for services will remain high. A good level of growth, combined with the demand for innovation and technological solutions, means security for ancillary services businesses. If you are developing products for the gaming industry, there are many opportunities for you. This demand is unlikely to diminish. The sector has survived and flourished during the pandemic, and many experts believe it’s pretty future-proof and can withstand various shocks. When it comes to the entertainment sector, online gambling services provision is a pretty safe bet.
Ready to start developing products for the gaming industry?
Fast Offshore has worked in the gaming sector since 1998. We also have over 24 years of experience assisting entrepreneurs with establishing and running their businesses. During this time, we have developed a full portfolio of services to meet every need. From company incorporation and structuring to licensing compliance, and payments. Our team of professional and responsive staff can take you through the entire process and help with ongoing maintenance. To find out more about developing products for the gaming industry, contact us today!
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