LONDON--(BUSINESS WIRE)--The lottery market in US is expected to post a CAGR of almost 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The penetration of smartphones in the US has significantly increased over recent years. This is due to the declining average selling price of smartphones coupled with the developments in communication network infrastructure. This has led to a rapid shift in the user preference from desktop to smartphones for playing casino games. To capitalize on this trend, market vendors are launching new lottery apps for smartphones that allow users to win jackpots in a faster, easier, and convenient way. In addition, the integration of mobile-based payment solutions with lottery apps is allowing users to fund and withdraw money more conveniently. Therefore, the high penetration of smartphones is one of the key factors fueling the growth of the lottery market in the US.
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As per Technavio, adoption of advanced technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Lottery Market in US: Adoption of Advanced Technologies
Vendors in the market are adopting emerging technologies such as VR, AI, big data, IoT, and others to make traditional lotteries more attractive and appealing to customers. For instance, several vendors are leveraging VR and AI to provide a more realistic and omnichannel experience as well as to understand the buying and playing patterns of customers. Similarly, big data can be used to predict trends, forecast demand, target customers based on their habits and preferences, and determine the appropriate content to be showcased. The adoption of such technologies is enabling vendors to expand their customer base and gain a competitive advantage.
“Increasing strategic alliances and a rise in organic growth led by the launch of new games and tickets will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Lottery Market in US: Segmentation Analysis
This market research report segments the lottery market in the US by type (scratch-off games, terminal-based games, and sports lotteries) and platform (traditional and online).
The traditional platform segment led the lottery market in 2019, followed by the online platform segment. During the forecast period, the traditional platform region is expected to register the highest incremental growth due to factors such as the expansion of lottery retailers, increasing lottery prize money, and liberalization of government regulations.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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