The global amusements market reached a value of nearly $511.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.5% since 2014 and is expected to grow at a CAGR of 6.3% to nearly $652.6 billion by 2022.
Growth in the historic period resulted from the growth in the experience economy, favorable visa policies and initiatives, growth in emerging markets, rapid urbanization, the rise in mobile gambling, and increased number of female gamblers.
Factors that negatively affected growth in the historic period were high tax rates on casinos, and unpredictable weather conditions. Going forward, legalization of gambling, global economic growth, increasing use of social media, and changing consumer gambling habits will drive growth.
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The top opportunities in the global amusements market will arise in the gambling segment, which will gain $116.1 billion of global annual sales by 2022. The top opportunities in the global gambling market and the global amusement parks and arcades market will arise in the offline lotteries segment and the theme parks segment, which will gain $48.1 billion and $21.1 billion of global annual sales by 2022 respectively.
The amusements market size will gain the most in the USA at $25.0 billion. Market-trend-based strategies for the amusements market include using IoT technology to improve efficiencies, using augmented reality (AR) and virtual reality (VR) for enhanced guest experience, introducing cost effective retractable roofs in water parks, offering platforms to the patrons for booking rides or tickets with the help of mobile technologies, adopting advanced security measures for online gambling, investing in branded slot games and gambling apps for smart watches, and using large-format slot machines and big data analytics.
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Asia-Pacific is the largest market for amusements, accounting for almost 32.9% of the global market. It was followed by North America, Western Europe and then the other regions. Going forward, Asia-Pacific and Africa will be the fastest growing regions in this market.
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This post was originally published on The Market Plan