Latest Technavio research predicts that online gambling will grow globally to US$ 129 billion by 2022
The research company Technavio‘s latest study on gambling posits that the use of VR (virtual reality) as a cure for gambling addiction is one of the key emerging trends in the global VR gambling market.
In the gambling sector, VR is used as a technique to cure gambling addiction, and is seen as a secure virtual environment for gambling addicts. It provides an environment conducive to replicating the cravings of addicts, and assists therapists to study the behaviour and determine the progress of their individual subjects, researchers claim.
Technavio explains: “Therapists are authorised to provide gambling addicts with a VR environment which caters to the needs of their subjects. Addicts with strong cravings are gently ushered into a VR world where the noise levels, number of slot machines, and number of players is reduced, thereby reducing the intensity of the environment. Therefore, VR is used as a tool to cure gambling addictions.”
It is expected that the global VR gambling market will post a CAGR (compound annual growth rate) of close to 55 percent over the period 2018-2022, although the growth momentum of the market is expected to decelerate owing to an anticipated decrease in the year-over-year growth.
The Technavio report notes that online gambling remains a key factor driving the gambling industry, observing that the increased adoption of online gaming platforms has boosted the global gambling market.
The online segment of the global gambling market was valued at around US$ 71 billion in 2017 and is expected to reach US$ 129 billion by 2022, Technavio reports.
The new study shows that in overall global gambling terms the Americas led the market with the largest share in 2017, accounting for close to 43 percent of the market, followed by EMEA and APAC.
The dominance of the Americas can be attributed to the rise in popularity of gambling in the region, coupled with the increase in adoption of VR technologies.
APAC is expected to witness the maximum increase in market share over the forecast period owing to increasing popularity of gambling in Southeast Asia.