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Technavio’s market research report foresees the lottery market in Mexico to grow at a CAGR of nearly 10% during the forecast period. One of the primary driving factors of the market’s growth is the high potential ROI. In the lottery market, the rewards are offered in the form of physical goods and monetary benefits based on the price and scheme of the lottery. Compared to China, the maximum winning jackpot has no limit in Mexico and the chances are winning low, but the ROI is high. The increasing investment by consumers in lottery tickets with hope for winning the jackpot is one of the main driving factor that fuels the market’s growth.
One of the latest trends in the lottery market in Mexico that will gain traction is the increasing popularity of electronic devices such as smartphones and tablets. The conventional lotteries are rapidly being digitized so that they can be accessed through mobile apps. This helps increase offline sales of the tickets. On the other hand, mobile devices allow users to compare ticket prices and find nearby stores for purchasing the tickets. Users now can pay for the lottery tickets from their mobile devices with the mobile wallets, thus, driving the lottery market for the next four years.
The changing consumer preferences, extreme competition, and quick improvements in the technology are the some of the risk factors for the vendors looking to establish themselves in the lottery market in Mexico. Most of the leading players are adopting extreme marketing tactics and are investing in revamping, innovating, and widening their current product lines. This, in turn, facilitates the market’s growth by allowing the entry of new players in the online lottery market to attract new customers and hold a large market share. Moreover, lottery number providers need to find strategies to beat the competition and distinguish their product and services to stay updated with the current trends.
Key vendors in the market are:
In 2016, the draw-based lottery segment led the market and is the most common type of lottery in the country, which is expected to dominate the segment for the next four years. There are multiple variants of draw-based lottery such as Lotto, Powerball, sports and instant, where instant lottery is the fastest-growing segment in the online lottery market.
As per the Technavio’s market report, the offline lotteries segment market holds the highest share and is foreseen to lead the lottery market during the next four years. Factors like the rise in disposable incomes of the people and popularity of the offline lotteries among low-middle and low-income population augments the growth of the online lottery market in Mexico.
One of the widely-used promotion strategies for the lottery companies to attract a large number of users is social media. Companies post the winning prizes on social networking sites like Facebook, Twitter, and Google+, which in turn has led to a rise in the sales of various lottery tickets. Moreover, the lottery vendors and winners have increasingly started adding Twitter feeds to promote jackpots.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the lottery market in Mexico. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by type
PART 07: Market segmentation by revenue distribution
PART 08: Market segmentation by platform
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Appendix
Tags: media and amp; entertainment industry reports, media and amp; entertainment market trends, media and amp; entertainment market outlook, slot machines, interactive games, lottery games, gaming industry,
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