Gamification Market

Gamification Market Size & Growth Analysis (2022 - 2027)

The Gamification Market was worth US$ 9.1 billion in 2021, and it is estimated to reach a valuation of US$ 30.7 billion by the end of 2026, expanding at an annual growth rate of 27.4% between 2021 and 2026. The increasing use of number of smartphones and mobile devices is a factor that is expected to lead the Gamification market during the forecast period.

The Gamification makes use of the human tendency to influence their own behaviour which was based on their experiences while receiving the rewards and playing games, reading novels by engaging the users in becoming effective problem solvers even in the real world.

Recent Developments

• Microsoft Company has added new features and applications for the Dynamics 365 by adding the AI driven insights in the month of September 2019 in which the product enhancement will empower the organizations to take informed actions and also to improve the customer experiences.
• SAP company has acquired Qualtrics company which was an experience management software provider in the month of January 2019 in which this acquisition helped SAP to deliver exceptional customer, employee, product and brand experiences whereas this acquisition will also accelerates SAP’s new experience management category by combining the Qualtrics experience data with operational data from the SAP software.
• In the month of August 2019, Verint Company has partnered with the authorities of city of Barrie, Ontario whereas this partnership has helped Barrie city to simplify, modernize, employee satisfaction.

DRIVERS

Several benefits such as increasing efforts by companies to enhance their engagement with the customers is expected to play an essential role in the growth of market of Gamification across the globe. Another factor such as rising focus on monitoring level progress as a result of the company’s efforts to better engage with customers and improve the performance of the employees which influence the growth of Gamification market during the forecast period. Productivity or engagement, integration with the social media has allowed users to share their experiences with friends, acquaintances, which in turn increasing the reach and effectiveness of the platform, Increasing recognition of gamification systems as a method to architecture human behaviour in order to induce innovation are some of the major driving factors which promotes the growth of the revenue rate of Gamification market during the forecast period.

RESTRAINTS

Competition from other market players is one of the important barriers to market growth.

Market Segmentation

The Gamification market is segmented based on solution, based on deployment, based on application and based on end user.

By solution, the Gamification Market is divided into enterprise driven and consumer driven. The consumer driven solution segment held the prominent share in terms of revenue and is predicted to remain at the forefront throughout the forecast period since most of the companies are mainly focussing on good customer engagement for the gamification.

By deployment, the Gamification Market is divided into on premises deployment mode and cloud deployment mode. The cloud deployment mode segment holds the major share of the market and this region is expected to hold the dominance during the forecast period due to the increasing demand for configurable gamification platforms which helps to get the most return on investment.

By application, the Gamification Market is bifurcated into marketing, sales, product development, human resources, analytics and e-commerce. Among these segments, the marketing segment held the prominent share and it is predicted to remain at the forefront in the upcoming years since the companies are strongly focusing on enhancing the data collection for strategic planning, better the consumer engagement for higher and more regular sales raising the brand awareness.

By end user, the Gamification Market is divided into government and financial services, banking, insurance, IT and telecom, healthcare, retail, education and other verticals. The retail services segment held prominent share of the market among the other segments due to the factors such as high adoption of gamification solutions by retailers to augment their sales and brand loyalty by engaging with customers in a best possible way.

Regional Analysis

On the basis of region, the Gamification market is segmented into Asia Pacific region, Europe region, Latin America region and Middle East and Africa region, North America region.

North America region hold the prominent share of the market due to the factors such as increasing number of gamification start-ups, heavy investments in IT sector. Furthermore, earlier penetration of the technology for marketing and product development, surging requirement for gamification solutions which were equipped with artificial intelligence helps the growth of the market in the region especially in some of the countries such as US, Canada. The North America region is expected to hold the dominance during the forecast period.

Asia Pacific region is also expected to increase the market growth due to high adoption of customer based solutions and enterprise based solutions, rising demand for cloud based gamified solutions among the enterprises due to its low implementation cost promotes the growth of the market in Asia Pacific region.

Europe region is also expected to increase the market value followed by North America region and Asia Pacific region due to the factors such as high penetration of internet and smartphone users which has led greater usage of gamification for marketing, especially by using the social media integration tools.

Key Players

Key market participants of Gamification market are Hoopla (US), Centrical (US), Mambo.IO (UK), MPS Interactive Systems (India), Influitive (Canada), Microsoft (US), SAP (Germany), BI WORLDWIDE (US), Verint (US) Aon (UK), LevelEleven (US), Ambition (US), Axonify Inc. (Canada), Scrimmage (US), Xoxoday (India), Tango Card (US), and NIIT (US), Gamifier (Latin America), IActionable (US), Khoros (US).

Impact of COVID 19 on Gamification Market

Unlike the other industries, the gamification market has gained a lot of revenue during the COVID since most of the users are addicted to online games during the lockdown restrictions and due to this, there is upsurge in revenue of the gamification market when compared to other markets and this gamification market will get impeccable growth rate in the upcoming years to come.