North American Gaming Equipment Market to Grow at a CAGR Rate of over 5% from 2018 to 2024
Online casino games, from online slot games to live dealer titles, are considered the most popular offerings in online casinos. Available in various themes and gameplay, these online game solutions help power the popularity of online casinos in different regions and jurisdictions. Although online casinos are setting the pace when it comes to innovation, the traditional brick-and-mortar gaming environments are not far behind. The traditional gaming hubs and casinos are still popular and the standard casino games are as popular as ever.
This is validated by one market study released recently suggesting that the gaming equipment market in North America is still growing. According to a market report filed this October 2019, the North American market which includes Canada is expected to grow at a compound annual growth rate of more than 5 percent in the next 5 years (2018-2024).
According to this latest market report on the gaming industry, several factors help boost the steady and decent growth of the industry. Specifically, the popularity of Augmented Reality and Virtual Reality, innovations in video slots, and the increasing requirements for gaming tables help fuel the demand for the gaming equipment.
North America Including Canada Help Power the Industry
This study focuses on North America and this choice of subject is understandable. According to other studies, the continent contributes the biggest bulk in the revenues of vendors and designers of gaming equipment and machines. And according to these reports, the expansionary and replacement activities of casinos are expected to drive the growth of gaming machines in Canada and the US. Specifically, the growth of the industry can be attributed to increasing demands for gaming tables, slot machines, gaming chips, and popular poker machines. This is especially true for the highly popular slot machines which are standards in top brick-and-mortar casinos. Slot machines continue their growth in the market due to automation and the availability of new technologies and innovation. Also, the shift from manual to automatic help in driving the growth of the slots machine segment of the industry.
Ottawa Takes the Lead in Casino Revenues
The US and Canada are the two countries that are profiled in the latest market research. The Canadian market is still second to the US in terms of market share but there’s no denying its growth and increasing popularity. Today, gambling is legal and regulated in Canada and the oversight is through provincial governments. As of 2018, the province of Ottawa is considered as the main driver of gaming growth which contributes more than 43% to its revenues. This ‘high revenue’ can be explained by the fact that this province has the largest population. Aside from Ottawa, other provinces that contribute to the gaming revenues are British Columbia and Quebec.
In terms of the key vendors and popular software studios, companies like Ainsworth, Aristocrat, IGT, and Incredible Technologies lead the pack in the design and delivery of gaming machines.
Written for Online-Casino.ca by Paul Lucas - Published on 2019-10-26