The Global gamification market size was US$8.14 Billion in 2019 and is expected to reach US$34.29 Billion by 2027; This converts into a compounded annual growth rate (CAGR) of 19.7% for the forecast period.
The use of game mechanics, behavioural elements and design techniques in non-game contexts to achieve a certain objective can be referred to as gamification. It involves the utilization of key elements that drive engagement such as challenges, achievement, leader boards, badges, etc. among users. Gamification, from a larger perspective, is about expanding the implementation of an already existing experience or process rather than the creation of something new.
Improving employee engagement, productivity, performance, recruiting, etc. are a few issues that organizations are grappling to deal with. Gamification addresses these issues in a manner that achieves the objective while developing interest among users. As a result, the growing demand and increasing affordability will drive the gamification market forward.
The proliferation of mobile devices and preference for smartphones over stationary devices are encouraging the development of mobile-based gamification solutions and therefore driving the market forward. Also, the growing use of gamification for crowd-sourcing may provide lucrative opportunities for the market to flourish. Contrarily, complexities involved in developing solutions that maintain user interest over a long-time and avoid a generic interface is a major challenge for the market.
1) SAP SE launched SAP S/4HANA virtual board game in November 2020. The game is designed to examine business objectives that help enterprises succeed.
2) In February 2020, LevelEleven collaborated with Geopointe to establish a joint venture ‘Ascent Cloud’. The company aims to address challenges faced by sales and customer-leaders by integrating the products of the two companies.
3) BI Worldwide entered into a partnership with Vitality in January 2020. The partnership amalgamates BI’s recognition system with Vitality’s One program to improve overall employee health.
On of the oldest and conventional deployment type, on-premise is extensively used in organizations. The segment hence held a little under 70% of the market, accounting for over USD 5.5 billion in revenues, in 2019. Being one of the oldest deployment types and having a well-established network, it is preferred among corporations. Therefore, the on-premise segment is also expected to register a 25% CAGR between the forecast timeline.
Large-scale enterprise segment captured approximately 65% of the market in 2019. The segment’s lead can be attributed to the higher demand generated as compared to SMEs. It accumulated nearly USD 5 billion in revenues. However, rising awareness regarding the solution’s benefits along with its increasing affordability is driving the SME segment’s growth. It is projected to display close to 30% CAGR between 2020 and 2027.
The other industrial vertical segment led the market securing nearly 20% of the market. However, gamification solutions are improving the learning and educating process substantially. The education & research segment is thus anticipated to witness a high CAGR of over 30% during the forecast timeline.
The North American gamification market is positively influenced by factors such as growing investments in the technology, surge in number of smartphone users, active deploying of these solutions within companies and the rise in solution providers. All these factors may have led to North America’s dominance in the market, however, Asia-Pacific, is predicted to expand at the fastest CAGR during the forecast years. The European market is estimated to display a moderate growth on account of the initiatives taken by local players and government to increase awareness. Latin America and Middle East & Africa will progress at a slower rate.
Some of the key players operating in the global gamification market include, but not limited to:
Faya Corporation; MPS Limited; Microsoft Corporation; Callidus Software Inc. (SAP SE); cut-e GmbH (AON PLC); Axonify Inc.; IActionable Inc.; Verint System Inc.; Ambition; Gamifier Inc.; Bunchball; Centrical.
A few key players of the gamification market include, but not limited to: Faya Corporation, MPS Limited, Microsoft Corporation, Callidus Software Inc. (SAP SE), cut-e GmbH (AON PLC), Axonify Inc., IActionable Inc., Verint System Inc., Ambition, Gamifier Inc., Bunchball, Centrical."