The market for AI technology is surging in 2020. A study by Tractica found that the size of the AI market was $9.5 billion in 2018 and expected to increase 1,200% by 2025.
Many factors are driving the market. The reliance of AI by certain industries is one of the biggest factors. The punting industry is among the biggest driving forces for market growth.
Punting Industry is Spurring New Demand for AI
In July, Towards Data Science published a compelling article on the state of AI in the modern gaming industry. The article highlighted how the role of AI in gaming has evolved over the years. As the range of games expands, AI will become more significant.
Make no bones about it – artificial intelligence (AI) is already delivering intelligent solutions for the thriving iGaming industry, helping to improve the trust of customers by providing fair and transparent gameplay for all.
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AI might seem like the future, but it’s already having a transformational effect on the scene as we speak. Just like in several other sectors, there are many interesting trends occurring in the marketplace thanks to AI. Consider the following your proof that it’s not just Elon Musk that can have all the automated fun.
Improved customer satisfaction with smart assistants
As consumers, and often as professionals, many of us are becoming increasingly dependent on smart assistants. AI-influenced smart assistants come in a variety of forms, with the best-known being the Amazon Alexa, Apple’s Siri and Google Assistant. Some people now trust the responses of these assistants so much that the lines are being increasingly blurred between the digital and offline world.
As machine learning continues to evolve and improve in its efficiency, iGaming operators are expected to soon be able to utilize their own, purpose-built smart assistants. AI smart assistants will be able to curate targeted content that does everything from teaching beginners how to play new casino games to making customers aware of new promotions and rewards. Active within each platform, smart assistants will help to foster greater engagement and loyalty towards brands among consumers. They will almost act like virtual pit bosses, acting like a digital arm around the shoulder of players to make sure they are clued up and, more importantly, having fun.
The personalization of customer engagement and marketing
There is a definite expectation that 2020 will be the year that AI helps to transform customer relationship management (CRM) for iGaming brands. As the industry becomes increasingly competitive, the ability to interpret big consumer data via AI will improve the player journey, giving operators the ability to leverage the legal data they have on their customers to personalize communications and, in turn, help to improve conversion rates and revenues.
For online casinos, it will be all about utilizing CRM to better understand their customers’ passions and preferences, how they like to play and the kind of offers and bonuses that get their attention. AI-influenced CRM will be able to monitor a player’s traits at the tables, spotting their favored table games or sports to bet on, which in turn can enable brands to offer more bespoke offers that keep customers happier for longer.
Replacing live casino dealers
Live-streamed casino games have had a transformational impact on the world of iGaming. With table games played out in real time, it’s often the closest gaming experience to standing on a real-life casino floor. This type of gameplay is largely available thanks to the use of optical character recognition (OCR) technology, which helps convert physical, real-life materials like card values into digital formats. Abbyy’s learning center guide to OCR technology is useful for those looking to understand more about the way the data is converted in this context. Platforms like Betway offers high-definition streams that put players in the thick of the action, with the ability to clearly watch the games unfold and communicate with professionally trained human dealers and croupiers via chat boxes and digital interfaces.
However, the expense of training and employing human dealers is an undoubted strain on the bottom lines of iGaming operators. Considering that, it’s not beyond the realms of possibility that brands could look to implement AI dealers in their place in the years ahead. After all, some industries are already replacing human servers for AI alternatives, such as the tourism sector. Royal Caribbean’s biggest cruise liners now have AI bartenders and mixologists, crafting delicious cocktails for the ships’ guests. The fact that AI dealers have already been a hot topic in iGaming as far back as the Global Gaming Expo of 2017 suggests the industry is already thinking long and hard about implementing such technology.
Industry experts in a Forbes report on AI suggest that AI and machine learning will improve economic growth of up to 16 global sectors by 1.7% per sector, on average. iGaming is most definitely one of those. In this sector, we are increasingly seeing that AI can and the new wave of digitalization is resulting in the end of human interaction and engagement. Many casino ‘purists’ will hope that live dealer casino games aren’t quickly consigned to the history books in favor of utilizing robotic replacements, destroying the personality of the casino industry as a result.
Nevertheless, there is a genuine feeling that AI can helping iGaming to scale new heights in the next decade. When you consider how far the industry has come in the last ten years, it’s hardly possible to imagine the possibilities for online gambling in 2029.
AI is Transforming the Digital Gaming Industry
The digital gaming industry is undergoing major changes in 2020. AI is becoming more important than ever. This is great news for professional punters and developers alike.
