The global gamification market is valued at US$ 5.1 billion in 2018 and is projected to grow at a CAGR of 27.3% during the forecast period. Gamification is an application that helps in problem-solving, where game mechanic is used in non-game situations for the purpose of engaging users. The goal of gamification is to target human beings, in order to increase their performance through inspiration and competitive fun ideas, which makes it similar to playing a game.
For offering a situation similar to a game, it uses ideas of points, badges, avatars, ranks, levels, and many more. These are usually used in combination with one another to increase motivation. However, gamification is also a method of marketing that is used for engaging consumers with a specific brand, which is known as customer gamification. When gamification app is made to focus towards employees for strategies about the enterprise it is called employee gamification.
Consumer gamification helps in increasing purchases and referrals, while employee gamification helps in motivating employees towards organizational strategies, and in decreasing attrition and increasing productivity. The growing use of internet, along with the rising adoption of advanced technologies such as mobile, web, and social media, has complemented the growth of cloud-based gamification procedures. The existence of gamification solutions on the cloud helps small and medium enterprises to implement these gamification methods without increasing their budgets.
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Key Developments/Recent News:
The rising penetration of smartphones has expanded opportunities for gamification immensely. The shift of employees and consumers from desktop to mobile phones and internet devices has provided a lucrative platform for banks to capture consumer interest and create a greater chance of usage/conversion. The gamification market growth is also supported by the rising implementation of gamification systems to enhance productivity, innovation, or engagement among consumers or employees.
The use of gamification systems has extended far beyond the traditional method of marketing. It is broadly used in advanced applications, such as crowdsourcing. However, the market potential is being hampered due to the absence of knowledge about the gamification system. In addition to this, designers are failing to deliver unique and suitable designs every now and then, and this is projected to hinder the growth of the gamification market during the forecast period.
CPs & CI
The major players operating in the global gamification are Leveleleven, Microsoft Corporation, SAP SE, Salesforce, Faya Corporation, Badgeville, Inc., Gigya, Bunchball, Bigdoor, Inc., and Arcaris Inc., among others.
The major players operating in the market are emphasising on new product development, product launches, and several other strategies such as mergers and acquisitions, in order to grab the attention of a greater number of customers.