Casino Management System Market Is Predicted to Reach US$ 31.6 Billion by 2033: Fact.MR Analysis
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Casino Management System Market Is Predicted to Reach US$ 31.6 Billion by 2033: Fact.MR Analysis
Rockville, Jan. 30, 2023 (GLOBE NEWSWIRE) --Fact.MR – A Market Research and Competitive Intelligence Provider: The global casino management system market is slated togrow at a prolific CAGR of13.1% through 2023& beyond. Growth in the market is predicted to rise on the back of rising online gambling solutions in casinos across the globe. With increasing popularity of leisure activities such as gambling, the demand for casino management systems to manage the cash overflow and reduce criminal activities will drive the demand.
These systems aid the business in handling financial services, cashless ticketing, table slot management, and others. Fraudulent activities in gaming and gambling witnessed an incline of nearly 35% as per the research, especially with license and policy agreement violations. Surging incidence of fraud, cash, and data theft, the casinos are adopting management systems for security and surveillance.
A per Fac.MR, with growing digital development and use of social media & online gambling apps, the fraud attempts across the globe are skyrocketing. Hence, key players are developing casino management systems with high-tech features such as facial recognition and with big data analytics.
Some of these players are also developing systems that have behavioral analytics with bulk of data stored to reduce these cheating practices. On the back of these factors, the analytics segment is expected to record growth at an impressive 16% CAGR through 2033. Further, integration of technology such as natural language processing (NLP), machine learning (ML), and artificial intelligence (AI) will increase the growth in the market.
Regionally, North America is expected to witness remunerative growth opportunities in the casino management system market. Growth in the region is primarily underpinned by growing number of casinos in the U.S. As per the study, sales in North America are expected to expand by 3.2x over the upcoming decade.
Key Takeaways:
- Over 64% of revenue is expected to be contributed by North America and Europe, collectively, in 2033.
- Demand for casino management systems in South Asia & Oceania is predicted to burgeon at 17% CAGR during the forecast period.
- East Asia is expected to witness impressive growth at 16% CAGR over the upcoming decade.
- The U.S. and Mexico are expected to be the most remunerative countries in the casino management system market.
- In terms of application, the security & surveillance segment is expected to account for over 25% of sales in the market.
Growth Drivers:
- Surging need for security and surveillance in casinos and hotels to reduce the criminal activities is expected to drive the demand in the market.
- Integration of advanced technology such as facial recognition, big data, and artificial intelligence in these systems will propel the growth in the market.
- Increasing number of casinos in the U.S., Japan, and China will improve the adoption of casino management systems.
Restraints:
- Growing popularity of online gambling apps and platform might limit the demand in the market.
- Decline in the revenues of casino and operations due to rising awareness towards obsessive gambling is likely to hamper the sales.
- Lack of skilled IT professionals and high cost of these systems might impede the growth in the market.
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Competitive Landscape:
Key companies profiled in the market are focusing on developing digitally advanced and virtual management systems to gain competitive edge in the market. They are also integrating advanced technologies such as disruptive block chain technology, machine learning, and real-time big data analytics to provide accurate and unique data and gain revenue.
For instance,
- In April 2022,Acres Manufacturing Company, a global casino loyalty and technology developer, announced the launch of its bonusing platform, Precision Bonusing, compatible with any slot machine which is connected to the company’s casino management system.
- In May 2022,leading gaming giant International Game Technology PLC announced the launch of its IGT advantage casino management system and partnered with NUSTAR Resort and Casino in Cebu, Philippines.
Key Companies Profiled by Fact.MR
- Konami Corporation
- Agilysys Inc.
- Bally Technologies
- Casinfo Systems
- International Game Technology (IGT)
- LGS (Lodging and Gaming Systems)
- Micros Systems Inc. (Oracle Corporation)
- Honeywell International Inc.
- Next Level Security Systems Inc.
- Aristocrat Leisure Limited.
In the latest study, Fact.MR offers a detailed study on global casino management system market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of casino management system through detailed segmentation as follows:
By Application:
- Security & Surveillance
- Analytics
- Accounting & Cash Management
- Player Tracking
- Property Management
- Marketing & Promotions
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Covered in theCasinoManagement SystemMarket Report
- What will be the projected value of the casino management system market in 2023?
- At what rate will the global casino management system market grow until 2033?
- Which are the factors hampering the growth in the casino management system market?
- Which region is expected to dominate the global casino management system market?
- Which are the factors driving the casino management system market during the forecast period?
- Which is the chief application of casino management systems?
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