As tourism is increasing in developed and developing countries the major share of the economy is depending on tourism which in turn boosts the growth of casinos. Moreover, with the governments permitting casinos in their countries attracts more interested folks towards them, which in turn increase the demand of casino management system in the casinos.
Games in casino involve lots and lots of currency transactions, which can tempt other customers and staff members to cheat and steal. To avoid such kind of frauds and cheatings, casino invests good amount of money to make the gaming environment safe and sound. In addition, rising demand for casinos and increasing social acceptance for casinos are other factors fueling in the demand for casino management system (CMS).
Casino management system is a system which monitors processing and recording of all operational and serviceable transactions throughout a casino. The casino management system consists of different types of management tools and analytic software which help in surveillance of all operations taking place in the casinos; including understanding customer’s behavior, employee’s behavior and also help in predicative analyzing the probability of win or lose in the game. These features are boosting the casino management system market and are anticipated to grow with a CAGR of 16% over the forecast period 2020-2028. The casino management system market is segmented by purpose and by end user.
On the basis of purpose the market is further bifurcated into accounting & handling, security and surveillance, hotel management, analytics, player tracking, media management, marketing and promotions, out of which, security and surveillance segment is anticipated to hold the largest market share on account of increasing fraud and spoofing in the casinos and the increasing loss borne by casino owners for such heinous crimes. CLICK TO DOWNLOAD SAMPLE REPORT
On the other hand, the end user is segmented into small, medium and large casinos, out of which, the large and medium casinos are estimated to hold the large market share on account of high footfall. To manage high footfall requires more security which in turn increases the demand of casino management system.
The rapid increase of online games and casinos has challenged the market growth of casino management system. As people are enjoying and find it more comfortable to play the online gambling games at their homes in comparison to going out to casinos. In addition, the requirement of more initial investment is other restraint factor to inhibit the market growth of casino management system.
Our in-depth analysis of the casino management system market includes the following segments:
Based on regions, the casino management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
At present, North America is the chief region for the casino management systems market owing to the high unemployment which in turn has triggered the legalization of casinos.
Asia pacific to witness the highest market growth as it is becoming the emerging market of casino. The casino industry in Macau and Singapore is expected to grow which in turn increase the casino management market in Asia Pacific at a robust CAGR over the forecast period.
The casino management system market is further classified on the basis of region as follows:
July 2020: International Game Technology PLC announced that its casino management system, IGT Advantage, has been chosen by Emerald Queen I-5 Casino.
January 2020: Konami Gaming, Inc. announced that its casino management system, SYNKROS® has been selected by lifestyle brand, Virgin Voyages, for its luxury ships.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.