July 19, 2024

Rising Technology Adoption To Augment Growth Of The Global Gamification Market

The global Gamification Market is estimated to be valued at Us$ 18.5 Bn in 2023 and is expected to exhibit a CAGR Of 24% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Gamification is the process of incorporating game elements and game design techniques in non-game contexts like retail, wellness, and learning to motivate and engage users. Gamification utilizes elements like point scoring, achievements or badges, competition with others, leaderboards, virtual goods, time constraints, and interactive challenges to influence individual behavior and drive engagement with products, services, and brand. Gamification enhances user experience by making repetitive tasks fun and rewarding through competition and collaboration. Its application spans across various industries like healthcare, education, entertainment, retail, field services, corporate training, and social networks among others. Gamification addresses important needs like customer engagement, workforce motivation, productivity enhancement, behavioral modification, brand loyalty, and recreational usage.

Market key trends:

One of the major trends fueling the growth of gamification market is the increasing adoption of technology across industries. With rapid digitalization and changing consumer preferences, companies are shifting their focus towards interactive and immersive digital experiences. Gamification techniques are being incorporated into content and services to increase user retention and engagement. For instance, online learning platforms are utilizing gamification to make learning fun through rewards, points systems, and rewarding completion of modules and assignments. Similarly, healthcare and fitness apps are incentivizing daily activities and healthy behaviors through virtual badges and leaderboards. Furthermore, social media giants are relying on gamification of newsfeeds and content discovery to keep users glued to platforms for longer durations. In addition, rising popularity of e-learning, mobile learning, and use of serious games in healthcare, corporate training is expected to further accelerate adoption of gamification activities over the forecast period.

Porter’s Analysis

Threat of new entrants: The gamification market has moderate threat of new entrants due to high capital investments required for R&D along with established presence of existing key players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and differentiated offerings from various vendors.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as gamification solutions require significant R&D which limits number of technology providers.

Threat of new substitutes: Threat of new substitutes is low as no direct substitute exists for gamification solutions which rely on advanced technologies like AI, Analytics etc.
Competitive rivalry: Intense competitive rivalry exists among key gamification vendors to increase their market share and service portfolio.

Key Takeaways

 

The Global Gamification Market Size is expected to witness high growth, exhibiting CAGR of 24.% over the forecast period, due to increasing need for engagement and motivation of customers and employees.

The global gamification market size was valued at US$ 18.5 Bn in 2023 and is anticipated to reach over US$ 120 Bn by 2030. North America dominated the market owing to growing adoption of digital technologies across industries in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with rising investments by Chinese and Indian enterprises towards advanced customer engagement solutions.

Key players operating in the Gamification Market are Cisco Systems, Inc., Microsoft, SAP, Facebook, Inc., BI WORLDWIDE, Verint, Risk Management Solutions, Inc., hoopla, Mambo Solutions Ltd., Centrical, LevelEleven, MPS Interactive Systems Limited, Influitive, Launchfire Interactive Inc., 2020 Gamifier, Inc., Actionable, Xoxoday,NIIT, Cognizant, Tango Card. Inc., and Khoros, LLC. Cisco Systems offers a comprehensive gamification platform with robust analytics and social tools to boost employee productivity and customer loyalty. Microsoft also provides gamification capabilities through its Dynamics 365 solutions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it