Global Gamification Market Poised for Robust Growth: Estimated to Grow at a CAGR of 21.7% by 2027
Published | April 2021
A recent study conducted by the strategic consulting and
market research firm, BlueWeave
Consulting revealed that the global
gamification market was worth USD 8.73 Billion in the year 2020. The market is estimated to grow at a CAGR
of 21.7%, earning revenue of around USD 35.12 Billion by the end of 2027. Gamification targets the human
psyche by giving them a sense of achievement through reward points and bonuses.
It's a perfect way to attract people's attention to a brand and increase the
possibility of them becoming customers. What’s more, Gamification is also an
effective way of retaining customers.
Because of COVID-19, the global gamification market is expected to grow significantly during the forecast period. People nowadays are rapidly adopting internet-based services, resulting in a boom in the gamification industry. Gamification is currently used in a variety of industries, including retail, banking, healthcare, education, etc.
Continuous Implementation of Gamification Solutions by Key Players Driving the Gamification Market
The established market players hold the largest share in the market. The key market players have been investing a lot of money to create and maintain customer loyalty towards their brands. Since gamification has already proved its potential in increasing brand awareness and revenue generations, companies are spending a lot of their resources on providing gamification solutions. Thus, the gamification market is growing at a great pace. Additionally, each company wants to offer uniqueness in its services and stay ahead of its competitors. For this, they are always working on applying innovations, which will further push the market in the forecast period.
Growth in the Usage of Smartphones and Mobile Devices will take the Market Forward
The majority of people nowadays spend a large amount of time on the internet. The amount of time they spend on their mobile devices is increasingly rising. These figures have risen dramatically as a result of the COVID-19 epidemic, as people now have more time to spend on social media. Due to these factors, service providers and brands are constantly competing for offering improved gamification solutions to grab the lead’s attention towards their brands. People are also enticed towards earning rewards, therefore companies are giving them what they want, i.e. more rewards and bonus-earning opportunities through gamification. This factor will play a major role in taking the gamification market forward during the forecast period.
The Retail Segment is Driving the Market Forward
The retail segment in the gamification market targets the end-user of their products or services. As a result, they're making heavy use of gamification solutions to raise brand awareness within their target audience. According to reports, gamification receives 5% more interest than conventional approaches. Thus, enterprises, especially the larger ones, are increasingly integrating gamification into their offerings, propelling the industry to new heights in the forecast era.
Global Gamification Market: Regional Market
Geographically, the global gamification market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. North America is leading the gamification market amongst all regions, followed by Europe. This is because the leading business giants are mostly based in these regions. Business giants are increasingly implementing gamification solutions for their brands to draw consumers' interest, as well as in their businesses for workforce management, thereby, providing the market a huge boost. However, developing economies like India and China are also coming up as a potential market for gamification.
Impact of Covid-19 on Global Gamification Market
With the outbreak of COVID-19 and the abrupt imposition of lockdown in every country, people were forced to stay at their homes. The coronavirus spawned a global work-from-home culture. As a result, the screen-time of employees increased exponentially as people began to use the internet for almost everything. Moreover, organizations have started embracing gamification software for boosting the morale of their employees working from home so as to motivate them to complete the assigned tasks. This has given a huge opportunity for the growth of the gamification market.
Gamification of education is also booming in the post-pandemic period, as students and educational institutions have moved to online learning as schools are closed due to lockdown. Through rewards and leaderboards, and the application of AR and VR technologies, institutions can ensure continuous student attention and interaction so that their academics do not get affected.
The leading players in the global gamification market are Microsoft Corporation, Influitive Corporation, Khoros, LLC., SAP, SE, Verint Systems, Mambo Solutions Ltd., MPS Interactive Systems Ltd., BI Worldwide, G-Cube, IActionable Inc, Axonify Inc., Bunchball Inc., and other prominent players. Partnerships and mergers are very common in this market, especially amongst business giants and gamification-service providing companies. Big companies are investing heavily in gamification startups, which are helping to accelerate their businesses and the gamification market as a whole. However, owing to the extensive technology involved, the gamification industry is still dominated by larger businesses. Therefore, it is a tough market for new entrants.
Don’t miss the business opportunity of the global gamification market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global gamification market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global gamification market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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