Allied Market Research published a new report, titled, ” Gamification Market Size Growing at Exponential 25.6% CAGR by 2030 Hit USD 95.5 Billion by 2030.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Gamification is the application of game elements and digital game design techniques for non-game problems, such as business and social impact challenges. Gamification leverages natural tendencies of people for competition, achievement, collaboration, and charity. Tools employed in game design, such as rewarding users for achievements, “leveling-up,” and earning badges are carried into the real world to help motivate individuals to achieve their goals or boost performance.
The global gamification market size was valued at $9.9 billion in 2020, and is projected to reach $95.5 billion by 2030, growing at a CAGR of 25.6% from 2021 to 2030.
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Gamification MarketMarket Segmentation Gamification Market
The gamification market is segmented on the basis of component, deployment model, enterprise size, application, industry vertical, and region. On the basis of component, it is divided into solution and service. Depending on deployment model, it is segmented into on-premise and cloud. As per the enterprise size, it is studied across large enterprises and small and medium-sized enterprises (SMEs). By application, it is fragmented into marketing, sales, support, product development, human resource, and others. By industry vertical, it is fragmented into retail, education, IT & telecom, BFSI, manufacturing, media & entertainment, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key factor that drives the market includes rewards and recognition to employees over performance to boost the employee engagement and providing lucrative offers to the customers and consumers boost the growth of the gamification market. In addition, gamification yields higher ROI positively impacts the growth of the market. However, complexities in developing gamification application and short lifecycle of gamification hinders the market growth. On the contrary, adoption of AI for processing and showing personalized results is expected to offer remunerative opportunities for expansion of the gamification market during the forecast period.
Key Players in Gamification Market
The key players that operate in the gamification market forecast are Ambition, Axonify Inc., Bunchball Inc., callidus Software Inc., Cognizant Technology Solution Corp, Cut-e GmbH, G-Cube, Iactionable Inc, Microsoft Corporation, and MPS Interactive Systems Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the gamification industry.
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Region wise, the gamification market size was dominated by North America in 2020, owing to increase in adoption of gamification in healthcare and rise in number of technology launches. In addition, gamification is primarily useful for behavioral changes, incentivizing people to increase their wellness by performing game-like tasks and receiving rewards. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increase in awareness related to significant advantage of gamification among developing nations.
The service segment is expected to witness significant growth during the forecast period, owing to high demand of gamification services across various industries for improving the ability of the workers and to provide enhance customer experience, which in turn is expected to propel the market growth.
Depending on component, the solution segment holds the largest gamification market share as it offers numerous features, including maintenance management, space management, asset management, move management, and real-estate portfolio management. It reduces complication rate and expenses associated with space management. Furthermore, it extends lifespan of assets and reduces energy related expenses. This positively impacted the gamification market.
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Top Impacting Factors Gamification Market
Rewards and Recognition to Employees Over Performance to Boost the Employee Engagement : Rewarding and recognizing efforts of employees lead to greater employee engagement, which increases retention and helps create a more positive overall workplace. Moreover, incorporating rewards and recognition programs help increase employee engagement, leading to many benefits for companies, such as rise in productivity and increase in employee retention.
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