How Technology is Revolutionising the iGaming Industry

Technology and iGaming Industry: With the world moving more towards the virtual space and with smartphones and Internet connectivity having a default presence in everyone's life, iGaming is here to stay and thrive.

Coupled with all this is technology advancement in supersonic speed and migration to high-speed 5G network that is leading to impressive growth figures in the iGaming industry.

The iGaming scene completely transformed post Covid-19. With people being pushed behind closed doors, they took to gaming in a big way and changed its growth trajectory once and for all.

As per Fortune Business Insights, the global gaming market is projected to grow from $229.16 billion in 2021 to $545.98 billion in 2028, at a projected CAGR of 13.20% between 2021-2028. Also what has changed recently is the increasing engagement of young gamers in the age group of 13-17 years.

According to a Bains & Company report, young gamers spend about 40% more time on iGaming than any other media/social media engagements. The older gamers too are more comfortable spending time on iGaming and playing online games with their friends than meeting them in person.

What has propelled this spike in iGaming is the latest technology trends and regular advancement. New technologies such as Blockchain, Augmented Reality (AR), Artificial Intelligence (AI), Metaverse and Cloud Technology have all transformed iGaming like never before.

Technology has changed the way people are gaming. With the use of these technologies, one can play the games anywhere and everywhere, and across platforms.

No longer does one have to be saddled to a PC for a great gaming experience, it has become a 'mobile' space. The games have become more immersive, engaging and alluring because of the seamless experience that technology has enabled.

Also, the coders are leaving no stone unturned in making iGaming a more rewarding experience. Today, right from simple puzzles and word games to action-packed role-play combats, there is something for everyone across ages and gender.

Technology advancement has transformed the way people are consuming gaming content. It has given gamers more control over the way they want to play, where they want to play and with whom they want to play.

Gamers can customize their games and their virtual world to their convenience and liking - and this was never possible before. They are not restricted to any one platform, and with a high-speed 5G network it has become most convenient to stream games on the go. Technology has and is continuing to make games and gamers smarter and more agile.

Another game-changer is payment security which technology has made possible. Gamers today have a wide payment options including credit/debit cards, e-wallet and even cryptocurrency. This confidence has spiked online betting and casino games like never before.

Another big development is iGaming becoming a very lucrative earning option. Young gamers from across the world are taking iGaming as a career option, something which was completely alien a few years back. And to give the technology its due credit, it has transformed iGaming and in the process changed lives in more ways than one.

Authored article by Dmitry Belianin, CCO Parimatch International