Enjoy complimentary customisation on priority with our Enterprise License!
The global slot machine market size is estimated to grow by USD 5.05 billion, at a CAGR of 14.17% between 2023 and 2028. The market landscape is shifting with the growing involvement of companies, the legalization of gambling, and the expansion of casinos. These dynamics collectively shape the gaming and entertainment sectors, fostering growth and innovation. As more vendors enter the market, competition intensifies, driving the diversification of products and services available to consumers. The legalization of gambling opens up new opportunities for operators, attracting investment and driving market expansion. Furthermore, the expansion of casinos, both online and offline, reflects the increasing demand for gaming experiences and entertainment options. Together, these factors contribute to the evolution of the market, creating a vibrant and dynamic environment for businesses and consumers alike. The report also includes a thorough analysis of historical market data from 2018 to 2022.
Get Additional Information on this Report, Request Free Sample in PDF
The slot machines industry continues to flourish with innovations in gambling machines technology. Traditionally operated by coin or token, modern machines now incorporate barcode and button controls for convenience. These machines feature various visible symbols on reels, offering diverse probable outcomes for players. Research from CMI delves into consumer preferences and the impact of demographic changes on this sector. Legal frameworks shape the landscape for casino gaming devices, with software developers driving advancements in online slots and mobile applications. Augmented reality enhances the gaming experience, intensifying the rivalry among providers. As the market evolves, understanding consumer habits remains pivotal for sustained growth in this dynamic industry.
The growing vendor involvement in the market is notably driving the market growth. The market's vendors are taking advantage of the numerous opportunities presented by the increase in casinos by offering products and solutions to facilitate casino gambling. Market players are putting more and more emphasis on launching new products to diversify their product offerings. For instance, in January 2020, Scientific Games launched the Ultra Hot Mega Link slot game.
Launching new products aids slot machine vendors in boosting sales, which aids in growing their market share. By releasing new slot machine variants with enhanced features, the market's vendors hope to draw in more customers. Vendors are also spending more money on R&D in order to offer customers products that are cutting edge, of the highest quality, and satisfy their changing needs. Thus, the introduction of new models helps increase sales, which will positively influence the growth of the global market during the forecast period.
The use of bitcoins in gambling is an emerging trend in the market. A decentralized, digital currency known as Bitcoin is used for online transactions. High levels of anonymity are offered, and central banks are not in charge of overseeing it. Users who use bitcoins for gambling are not required to provide any personal information. Compared to traditional currencies, bitcoins have a number of benefits, including international payments, simple deposits and withdrawals, reduced fraud risk, quick payments, and no transaction fees. Some of the casinos supporting Bitcoin transactions are Golden Gate and D Las Vegas in Las Vegas, the US. These casinos accept digital currency and convert bitcoins into dollars immediately. The patrons are then provided with coins or tokens to be used in slot machines.
As gambling is becoming more and more popular, it is likely that the trend of using bitcoins for gambling will grow during the forecast period. Furthermore, customers and vendors will be encouraged to use bitcoins for gambling games, like slot machines owing to the high monetary fluctuations and taxes on the gambling industry. Hence, these factors will drive market growth during the forecast period.
The rising number of fraud cases is a major challenge impeding the market growth during the forecast period. Illegal activities pose a serious threat to the entire gaming and gambling industry because they could drain sizable amounts of bets from the regulated gambling sector. Slot machine tampering is very common among casino owners. To remove all betting options other than the maximum and minimum bet amounts, casino owners also modify IGT Blue Chip gaming machines.
Additionally, instances of gray machines, or unregulated slot machines, have been documented. Gas stations, veterans' homes, union halls, and fraternal lodges all have these machines installed. Due to their exclusion from the gambling industry, these machines are not subject to any gambling taxes or fees. Hence, the gambling industry's ability to generate revenue is threatened by the presence of gray machines. Government revenue will be also reduced if people choose to use the machines rather than play the lottery or visit a casino. Therefore, such factors are expected to negatively affect the expansion of the global market during the forecast period.
The market share growth by the casino segment will be significant during the forecast period. The casino sector is where slot machines are used the most frequently. Since slot machines are the most popular casino game, market analysts anticipate significant market growth during the forecast period.
Get a glance at the market contribution of various segments Request Free Sample
The casino segment was valued at USD 3.99 billion in 2018. The expansion of casinos as entertainment venues and the casino industry in regions like North America, Europe, and APAC are factors driving the demand for slot machines. Furthermore, the release of cutting-edge slot machines with features like virtual reality, touchscreens, and mobile connectivity is also contributing to the market's growth. By utilizing these technologies, players' gaming experiences are being enhanced, which is also increasing the number of visitors to casinos. Additionally, it is expected that the legalization of online casinos in several countries and the rising popularity of online gambling will increase demand for slot machines in the casino industry. Hence, these factors are expected to augment the demand for slot machines from the casino application segment and hence, will drive the growth of the market in focus during the forecast period.
Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Samples
European nations like the UK, Germany, Italy, Spain, Sweden, Poland, the Netherlands, Morocco, and Ireland are primarily responsible for the market's expansion. The shifting regulatory environment in European nations is primarily responsible for driving the slot machine market. To loosen gambling laws, European governments have created a number of rules and regulations. For example, the European Union (EU) lays out regulations that its member states must follow to ensure that gambling is carried out fairly and openly and that customers are protected from fraud and exploitation. The introduction of new gambling services, such as slot machines, in Europe, is another factor in the rising demand for gambling. A number of market players are introducing new services and growing their brands in nations like Portugal, the UK, Sweden, Germany, and Spain. Therefore, owing to such factors the regional market is expected to grow during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
The slot machine industry thrives on innovation and regulation. These gambling machines, whether found in pubs, clubs, or government-regulated casinos, are governed by certified systems. With machine handle and random number generator, they deliver winning or losing results based on mathematically-based programs. Machine types vary from multiple-coin to single-coin and beyond, enticing players with progressive jackpots and multi-game options. CMI research illuminates consumer behavior, guiding casino gaming device development. Revenue flows from slot machine tax revenues to social welfare programs, offering employment opportunities and bolstering the local economy. Online gaming platforms like SlotsMillion leverage virtual reality integration and responsible gaming practices. Notable players in the market include Konami Gaming, Ainsworth Game Technology, and Multimedia Games, contributing to the diverse landscape of this dynamic industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.17% |
Market Growth 2024-2028 |
USD 5.05 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.12 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, China, UK, Italy, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accel Entertainment Inc., AMATIC Industries GmbH, APEX pro gaming s.r.o, APOLLO SOFT s.r.o., Aries Technology LLC, Aristocrat Leisure Ltd., Aruze Gaming America Inc., Eclipse Gaming Systems, Everi Holdings Inc., Incredible Technologies Inc., Inspired Entertainment Inc., Interblock dd, International Game Technology plc, JPM Interactive Ltd., Konami Group Corp., NOVOMATIC AG, PlayAGS Inc., Recreativos Franco SAU, Scientific Games LLC, and Universal Entertainment Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 the market 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.