VR Gambling Market to grow by USD 1.74 billion
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NEW YORK, Dec. 20, 2021 /PRNewswire/ --Technavio's latest market analysis report on the VR Gambling Market offers a comprehensive analysis on new product launches, the latest trends, and the post-pandemic impact on businesses.
The VR gambling market potential growth difference will grow by USD 1.74 billion, as per the latest report by Technavio. The report also identifies the market to register an accelerating growth momentum at a CAGR of 53.13% during the forecast period. A comprehensive analysis on the various factors influencing the market's growth positively and adversely will also be covered in this report.
Market Dynamics
The increased adoption of online gaming platforms has boosted the VR gambling market. The advent of online casinos is one of the key factors that will drive the adoption of VR technology in the online gambling segment. The online gambling segment has undergone certain advances in the last decade, including 3D graphics, live dealer casinos, and mobile gaming. VR is the next milestone in the evolution of internet gambling. In addition, other factors including an increase in esports betting and liberalization of the regulatory framework will also boost the VR gambling market growth during the forecast period.
However, the high cost of VR headsets is one of the key factors that will curb the growth of the VR gambling market. The global VR headset market for gaming applications has progressed to the growth stage of the product lifecycle. However, the initial high cost of the device hinders its adoption. The vendors in the global VR headset market offer their products at high prices. The high cost of VR headsets will result in their low adoption among consumers. Furthermore, privacy concerns with regard to VR headsets and ban on gambling in many countries will also restrict the market growth during the forecast period.
Competitive Analysis
The competitive scenario provided in the VR gambling market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
Company Profiles
The VR gambling market report provides complete insights on key vendors including 888 Holdings Plc, Caesars Entertainment Corp., DraftKings Inc., Evolution Gaming Group, Golden Nugget, GVC Holdings Plc, Kindred Group Plc, Mr Green, SlotsMillion, William Hill Plc, and others. The VR gambling market is fragmented and the vendors are delivering numerous gaming options to compete in the market. Market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
- 888 Holdings Plc- The company operates through key business segments including B2C and B2B. The company offers virtual reality games for gambling games such as casino.
- DraftKings Inc.- The company operates in key business segments including Daily Fantasy Sports and Sportsbook. Through this segment, the company offers VR gambling games such as casino and many other games.
- GVC Holdings Plc- The company operates in key business segments including Online, UK Retail, European Retail, and Other Segments. The company offers VR gambling games under the brand name of Bwin.
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Market Segmentation Analysis
- By Type, the market is classified into casino, betting, and lottery. The casino type segment led the VR gambling market share in 2020 and will continue to account for the largest market revenue throughout the forecast period.
- By Geography, the market is classified as North America, Europe, APAC, MEA, and South America. North America was the largest revenue-generating segment of the market in 2020. The region is expected to account for 43% of the market's growth during the forecast period. The regional growth can be attributed to the rise in the popularity of gambling in the region, coupled with the increased adoption of VR technologies. In addition, the increasing demand for offline and online gambling games will also drive the market growth.
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