Industry News
Skill Gaming Market Size to Surpass USD 85.34 billion by 2030, exhibiting a CAGR of 13.3%
The global skill gaming market size was USD 30.99 billion in 2022 and is projected to reach USD 85.34 billion by 2030 at a CAGR of 13.3% during the forecast period. Fortune Business Insights presents this information in their latest research report titled “Global Skill Gaming Market Forecast, 2023-2030.”
Gamers and developers are attracted to skill-based games for mental challenges, social interaction, and competitive opportunities. The scope of this study includes the platforms and games which require the players to compete and utilize real currency with other players. Such games are considered into casino games, board games, sportsbooks, puzzle games, word games, and poker.
Key Industry Developments:
March 2023: Dream11 in partnership with Legends League Cricket as the Official Fantasy Partner for the LLC Masters tournament. The tournament featured three teams – Asia Lions, India Maharajas, and World Giants.
Key Takeaways
- Skill Gaming Market size in North America was USD 8.77 billion in 2022
- Rise in Gaming Applications Usage during the Pandemic Led to Market Growth
- Rising Demand for Advancement in Internet Technology to Drive the Market Growth
- Board Based Segment to Dominate due to Consumers’ Tendency to Switch to Alternative Board Games
Discover the Leading Players Featured in the Report:
“Companies leading the global Skill Gaming Market are Skillz, Inc. (U.S.), Arkadium, Inc. (U.S.), AviaGames, Inc. (U.S.), GameDuell GmbH (Germany), GSN Games (U.S.), Junglee Games (U.S.), Big Fish Games (U.S.), Sporta Sports Technologies Private Limited (India), Triumph LLC (U.S.), Game Taco Inc. (U.S.)”
Report Scope & Segmentation
Report Coverage | Details |
Forecast Period | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR | 13.3% |
2030 Value Projection | USD 85.34 billion |
Base Year | 2022 |
Skill Gaming Market Size in 2022 | USD 30.99 billion |
Historical Data for | 2019 to 2021 |
No. of Pages | 120 |
Segments Covered | By Skill Type, Game Genre, and Region |
Drivers & Restraints
Turbocharging Gaming Speed of the 5G Network Augments the Development of Skill-based Games
Unlimited internet facilities and emerging 5G coverage are progressively becoming the new norm globally, subsequently complementing mobile gaming. 5G offers better download speeds and lesser latency during gaming.
Legislation and rules regarding different industries vary from country to country in various regions. When it comes to skill-based games, they are also often confused with gambling, which is restricted in several countries.
Segmentation
By Game Genre
- Card Based
- Board Based
- Dice Based
- Tile Based
- Word and Number Based
- Puzzle-Based and Animated Games
By Skill Type
- Physical
- Mental
By Industry
- BFSI
- Cloud & Data center
- Government
- Energy & Utilities
- Healthcare
- Automotive
- Others (Gaming, Retail & Consumer Goods, and others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America Dominated the Market Owing to Increasing Demand for Mobile Devices
North America led the market share in 2022. North America witnessed an exponential growth owing to the production of mobile devices and the availability of new consoles in the North America market.
Europe is estimated to grow with a noteworthy CAGR during the projected period. The growth of the gaming sector has led to the development of new gaming platforms, such as subscription-based services and cloud gaming, that give players access to skill gaming.
Competitive Landscape
Prominent Key Players Focusing on Partnerships and Acquisitions are Expanding their Product Offerings
Skill gaming companies form strategic collaborations and alliances to enlarge the technologies, business, products, and other offerings with year-on-year revenue growth. Mergers, partnerships, and collaborations differ as per the business requirements, such as the enlargement of the product portfolio, which helps grow their presence and acquire a new customer base.
FAQs
How big is the Skill Gaming Market?
The Skill Gaming Market size was USD 30.99 billion in 2022. It is expected to reach USD 85.34 billion by 2030.
How fast is the Skill Gaming Market growing?
The Skill Gaming Market will exhibit a CAGR of 13.3% during the forecast period, 2023-2030.
Industry News
Play’n GO Honoured at Corporate Star Awards Ceremony
Play’n GO, the world’s leading casino entertainment provider, was honoured as a global leader in Environmental Social Governance (ESG) practices at the prestigious Corporate Star Awards held in Amsterdam. The company was the only iGaming company shortlisted at the ceremony, and was nominated for the Best ESG Report award, placing it among renowned organisations such as Globo, EVS and SONY Entertainment, who won the category overall.
The Corporate Star Awards are known for recognising excellence in corporate reporting and sustainability, and Play’n GO’s nomination for the Best ESG Report Award is testament to its commitment to transparency and responsible business practices.
Play’n GO’s ESG Report provides comprehensive insights into the company’s environmental initiatives, social impact and governance practices, and showcases Play’n GO’s commitment to reducing its carbon footprint, promoting diversity and inclusion, and maintaining high ethical standards throughout its operations.
The Corporate Star Awards recognise organisations that go above and beyond in their commitment to ESG practices, setting a benchmark for corporate responsibility. Play’n GO’s inclusion among the shortlisted companies underscores its position as a global leader in the iGaming industry and its dedication to sustainable business practices.
Johan Törnqvist, CEO and co-founder of Play’n GO, said: “We are truly honoured to be recognized as a global ESG leader at the Corporate Star Awards. This nomination is a testament to our unwavering dedication to sustainability and responsible business practices. We believe that a strong ESG framework is essential for the long-term success of any organization, and we are proud to be at the forefront of this movement. We look forward to participating in next year’s awards, and to furthering our own ESG initiatives.”
Industry News
Amusnet Releases Speed Baccarat, a New Addition to its Live Casino Portfolio
Amusnet is presenting its newest Live Casino release – a fresh look and feel for a true casino classic that has become one of the most popular card games – Speed Baccarat.
The latest addition to the company’s portfolio mesmerises with Asian elegance and promises a lifelike gaming experience to anyone who wants to have a taste of this all-time casino favourite. Fast rounds are available, which adds to the excitement and thrill which the game brings.
Amusnet’s Speed Baccarat is played with eight standard decks of 52 cards, and it is available 24/7 with a live dealer hosting the game. It offers immersive real-time streaming with ultra-low latency. The objective of this Live Casino game is to predict the winning hand closest to 9, which could be the Player’s hand, the Dealer’s hand or there could be a Tie.
A variety of Main bets and Side bets is available, along with several in-game features to guarantee an engaging and thrilling gameplay, such as Re-bet, Double the Bet, Scoreboards and Game Statistics. A live Chat is also at players’ disposal, providing them with the chance to communicate with the dealer and the rest of the players.
Jackpot Cards
The Jackpot Cards bonus game is triggered at random during the gameplay to allow players to win impressive jackpots.
Industry News
A deep dive into generative AI
Nick McDonald, Account Director at Fujitsu, takes a closer look at the revolutionary technology and says it should not be feared if used in the right way.
The topic of AI is dominating conversations across the industry right now.
Businesses understand that it can have a seismic impact on all aspects of their operations, from internal processes and procedures to the solutions, tools and services they provide to customers.
Of course, that impact can be both positive and negative, and while there has been a lot of hype around the potential of AI concerns have been raised, too.
This has left many organisations – and, indeed, the global markets – a little nervous about AI and unsure how they should approach the technology.
It’s important to understand there are different types of artificial intelligence, with each type having its own use cases. This includes but is not limited to:
- Narrow AI
- General AI
- Super AI
- Reactive machines
- Limited memory
- Theory of mind
- Self aware
The category of AI that most are interested in is Narrow AI and in particular, the Generative AI that sits within this category of artificial intelligence.
But what do we actually mean by Generative AI?
Generative AI – a simple definition:
Generative AI can create new data including texts, images, videos and more. It does this by learning the structure and patterns of its training data to generate new ideas with similar characteristics.
It can be training to understand human language, programming languages, art, chemistry, biology, law and countless other complex subjects.
Large AI models power Generative AI. Often referred to as foundation models, they can perform a wide variety of tasks including summarization, classification and answering queries.
This makes it ideal for things like chatbots, creating media assets, design and product development.
ChatGPT catapulted Generative AI into the mainstream:
ChatGPT is the most well-known example of how Generative AI can be used.
Its rise has been nothing short of meteoric, reaching 100 million users in just two months (Facebook took 54 months to reach the same milestone).
ChatGPT is essentially a chatbot that runs on the foundation of large language models (LLMs), trained on vast amounts of data to produce texts that humans can understand.
Users ask a question and ChatGPT breaks down the query into smaller components to analyse their meaning and to determine what the user is really asking it to do.
It then returns words and sentences it predicts will base answer the query, based on the data it has been trained on.
Generative AI – the risks:
While ChatGPT may seem like a useful tool that, if nothing else, is great fun to use, it also highlights some of the concerns surrounding Generative AI.
This includes the accuracy of the outputs being generated, inconsistent output, bias, a lack of explainability and even threats to security, privacy and intellectual property.
There’s a growing number of examples of people using tools like ChatGPT and finding themselves in hot water but one of my favourites is that of a lawyer who used it to search for legal precedents in a case they were working on.
The lawyer typed their query into ChatGPT – thankfully being smart enough to not include specific information about the case – and it returned information showing that there were legal precedents.
They then instructed ChatGPT to compile the information in a document to submit to the court.
The issue was that the information ChatGPT returned was false, something the judge picked up on after reading the document submitted by the lawyer and undertaking their own research into the legal precedents presented.
When the judge was unable to find any such cases, they put this to the lawyer who came clean about using ChatGPT to search for legal precedents, but then not checking what it returned.
The lawyer was ultimately struck off – the best possible result because had they included information about the case in their ChatGPT search, they would have faced a lengthy prison sentence for breaching confidentially.
This is because ChatGPT is a public service that consumes information as well as shares it.
Don’t fear Generative AI:
But this shouldn’t stop organisations from embracing the power of Generative AI and the clear benefits it can bring to their operations.
From streamlining game development to improving customer support, there are many ways online gambling businesses can harness its potential to drive growth.
The way we have gone about this is to create a chatbot similar to ChatGPT that organisations can use with confidence. It works similarly to ChatGPT but instead of using publicly available data, it sits on top of the company’s data warehouse.
This allows teams and employees to ask questions and queries and have answers generated based on the proprietary data that foundation models have been fed on.
This data can be siloed within the warehouse, with individuals and teams given specific levels of access – the marketing team doesn’t need to be able to ask questions of the same data sets as the CFO and CEO, for example.
The use cases for a Private GPT are endless but include being able to ask any question, chat with company data, find new answers and insights, foster deeper collaboration, jointly generate insight and evaluate results and decision support systems.
Of course, this is just one way that Generative AI can be used but demonstrates how its capabilities can be harnessed safely and without any negative repercussions.
But as the industry gets to grips with the technology, many more will emerge and undoubtedly change the game for all stakeholders.
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