NEW YORK, March 8, 2023 /PRNewswire/ — The lottery market is projected to increase at a CAGR of 6.96% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests the statistics about the market size that will grow by USD 182.44 billion. Increasing popularity of online lottery, rising prevalence of lottery for its low-cost adoption and easy availability, and the adoption of social media marketing to promote lottery are projected as some key factors leading to the lottery market share growth.
Technavio has announced its latest market research report titled Global Lottery Market 2023-2027
For more such market analysis updates, historic (2017 to 2021) and forecast market size (2023 to 2027), request for the sample PDF report.
New Business Opportunities – Market Segments and Key Regions Analysis
As per Technavio’s analysis, there are two market segments classified including offline and online in the lottery market.
Among these market segments, the offline segment is projected to record the highest market share growth during the forecast period. It was valued at USD 350.74 billion in 2017 and continued to grow significantly by 2021.
Considering the geographical regions for market share growth, APAC is projected at top of the list. 36% of the total market share growth will originate from the APAC by 2027.
North America would be another leading region in terms of market share growth.
Technavio further suggests, several governments in the region are promoting the lottery as an activity that supports a good cause, that is also driving the demand for offline lotteries. Hence, these factors lead to the offline segment growth, and it is also expected to grow during the forecast period.
For more detailed segments analysis and geographical business distribution, historic (2017 to 2021), and forecast market size (2023 to 2027), get the exclusive sample PDF report.
Key Market Driver, Trend, and Challenge
The increasing popularity of online lottery is significantly driving the lottery market growth.
Technavio also suggests, increasing usage of lottery money to accomplish noble causes will emerge as a primary market trend for growth in the lottery market from 2022 to 2027.
As an emerging market challenge, socio-economic impact of lotteries may impede market growth as per Technavio’s report.
What’s New?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the full report.
Key Market Vendors
There are a few key vendors operating in the market, mentioned in the report such as:
Arizona Lottery
International Game Technology plc
Agento N.V.
Colorado Lottery
China LotSynergy Holdings Ltd.
Florida Lottery
Camelot UK Lotteries Ltd.
Gaming China
Georgia Lottery Corp.
Avail the Technavio’s subscription to get lifetime access to 17,000+ market reports and world-class market intelligence.
Key Data Covered in this Lottery Market Report
Projected CAGR of the market during 2023-2027
Detailed statistical information on the major market drivers of the lottery market during 2023-2027
Market size analysis of the lottery market size and its association with the parent market
Relevant predictions about upcoming market trends and detailed consumer behavior analysis
Market share growth analysis across North America, APAC, Europe, South America, and the Middle East and Africa
Detailed market’s competitive landscape and key information about market vendors
Comprehensive analysis of various market challenges
Related Reports
The lottery market in US is projected to increase at a CAGR of 6.61% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 39.39 billion.
The online gambling market is projected to increase at a CAGR of 11.03% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 150.5 billion.
|
Lottery Market Scope |
|
|
Report Coverage |
Details |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.96% |
|
Market growth 2023-2027 |
$ 182.44 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
6.56 |
|
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 36% |
|
Key countries |
US, China, Italy, France, and Spain |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Agento N.V, Arizona Lottery, Berjaya Corp. Berhad, Camelot UK Lotteries Ltd., China LotSynergy Holdings Ltd., Colorado Lottery, Florida Lottery, Gaming China, Georgia Lottery Corp., International Game Technology plc, INTRALOT SA, Jumbo Interactive Ltd., Lotto NZ, Maruhan Co. Ltd., New York State Gaming Commission, Scientific Games LLC, STRATACACHE, Tabcorp Holdings Ltd., The California State Lottery, and The Hong Kong Jockey Club |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio