Gamification Market

According to Stratistics MRC, the Global Gamification Market is accounted for $16.36 billion in 2023 and is expected to reach $86.24 billion by 2030 growing at a CAGR of 26.8% during the forecast period. Gamification is the application of game design elements and gaming concepts in non-game situations. It might also be seen as a collection of procedures and techniques for dealing with problems by exploiting or utilising the qualities of game elements. In addition, games and game-like elements have been used to teach, enthral, and engage people for thousands of years. Traditional game elements include things like badges, leaderboards, and points. In order to motivate and encourage people, gamification adds game aspects into a variety of situations, including businesses, workplaces, online communities, customers, employees, vendors, and partners.

According to the data from the US Census Bureau, total retail sales in the United States increased from USD 4728.12 billion in 2015 to USD 6594.81 billion in 2021.



Market Dynamics:

Driver:

Adoption to mixed reality, augmented reality, and VR technologies

Businesses today are making significant investments in immersive technologies like augmented reality (AR), virtual reality (VR), and mixed reality. Businesses provide gamification services that make use of this immersive technology. For instance, the key companies in the retail sector, like as Amazon.com, Inc. and Walmart, are revolutionising the shopping experience by utilising AR, VR, and mixed reality technology. These businesses employ virtual reality showrooms to exhibit their products while utilising immersive technologies. Additionally, Walmart is funding the gamification of augmented reality to promote its products. Retailers are now able to utilise this technology to engage customers both inside and outside of physical locations. Gamification and technologies can help to sell items more effectively and improve the shopping experience for customers thus enhancing the growth of the market.

Restraint:

Undesirable results of poor design/application

Designing with gamification in mind is essential to achieving the desired results. However, it has been noted that designers frequently struggle to provide innovative, cutting-edge designs that satisfy the requirements of every organisation. The market's adoption of solutions may be slowed down as a result. Even if a solution is designed for a certain organisation, it won't deliver the desired outcome for other audiences, making the development process cumbersome. Therefore, a correctly designed design and its effective implementation are essential to achieving the desired result; failure to do so will compromise the results and hinder market expansion.

Opportunity:

Adoption of gamification solutions powered by artificial intelligence (AI) and cloud-based

The growing popularity of gamification solutions built on an AI platform is one of the major factors fueling market expansion. For deep employee insights, large organisations are implementing AI-based solutions and cutting-edge technology. AI-based gamification models offer precise answers by removing the ambiguity of employees' motivations and assisting them in more effectively achieving goals. The market's major players are concentrating their efforts on funding the creation of AI-based solutions. These cloud-based solutions are tailored to the demands of SMEs while taking into account the allocated budget. The market's increasing SMEs, particularly startups, will also accelerate the use of cloud-based solutions.

Threat:

High development costs

The creation of games requires more time than conventional instructional design. Money is time. Due of the increased pressure on time, budget overruns are easy to cause and the price of the extra materials utilised to improve the game play. It costs money to use animations, graphics, stock images, films, music, and sound effects. Games are expensive to maintain in addition to expensive to design. Cool games that were released a few years ago quickly start to seem out of date. Employees can wonder if the material is obsolete if the game is old. The game's reference value is yet another drawback which hinders the growth of the market.

Covid-19 Impact

Every industry in the world was touched by the COVID-19 virus's expanding reach. At the moment, businesses are concentrating on raising employee morale and inspiring people to finish the work at hand. Gamification software helps organisations motivate their staff during these situations. In a similar vein, businesses might use this opportunity to offer training and online courses to the employees. Gamification provides modules that are simple to understand and learn which might enable the employee to learn more about the business and its procedures. This can benefit businesses help mentor new hires and provide experienced workers with new skills. As a result, the Gamification Market is anticipated to develop significantly both during and beyond the pandemic.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth, due to a range of services that are broken down into the following categories such as consultancy, installation, support, and maintenance. These services provide clients services for the creation of gamification solutions as well as for the simple installation, rollout, and upkeep of continuing solutions. Some service providers help clients design customised solutions for their businesses. These service providers handle the deployment of solutions, such as specialised solutions, that are made to meet the business operations.

The cloud segment is expected to have the highest CAGR during the forecast period

The cloud segment is anticipated to witness the highest CAGR growth during the forecast period, due to organisations is likely to employ cloud-based gamification solutions in light of recent technological improvements. To provide customers with collaborative experiences, a number of significant organisations in sectors including retail, e-commerce, BFSI, education, and others are using cloud-based infrastructure. The customer may benefit from advantages like simple software installation, maintenance, and upgrades thanks to cloud-based solutions. During the projection period, key advantages such cheap implementation costs are anticipated to increase demand for cloud-based solutions.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to use of the internet to interact with partners and customers through a variety of channels. The region's strong communication infrastructure and rising demand for tailored solutions are projected to support the market growth there. The largest number of online gamers is likewise located in North America. Online gaming solutions are being used by new companies in developed nations like Canada and the US to boost culture and morale. Regional market growth is anticipated to be fuelled by the rising number of mobile phone users and online traffic in the retail and e-commerce industries. The increase would facilitate the deployment of technology for marketing and consumer contact.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to strong growth throughout the projected period. Conferences and events are being organised by important players and governments in countries like the United Kingdom, Germany, France, and others to increase awareness of gamification solutions. For instance, the Europe Gamification Conference was hosted in December 2019 to assist organisations in learning about and comprehending the available tools and solutions. Additionally, as retail and healthcare sectors grow, countries like Germany and Spain are predicted to gain ground. The demand for software among end users is increasing as key market players concentrate on offering cutting-edge solutions to enhance employee engagement, boost sales, and create a better customer experience.



Key players in the market

Some of the key players profiled in the Gamification Market include Cognizant Technology Solution Corp, Microsoft Corporation, Bunchball Inc, Ambition, MPS Interactive Systems Limited, SAP SE, Axonify Inc., Aon plc, IActionable Inc, G-Cube, Verint Systems, BI Worldwide, Influitive Corporation, Khoros, LLC, Hoopla Software, Inc, Mambo Solutions Ltd, Gamifier, Scrimmage, Tango Car and NIIT

Key Developments:

In January 2019 SAP SE acquired Qualtrics International Inc. an experienced management software provider. SAP along with its new acquisition will offer business exceptional customer, employee, product, and brand experiences

In May 2018 SAP SE launched a capability & value discovery gamification approach for customers and partners, SAP S/4HANA. The card game is an experimental learning application to accelerate business value, innovation adoption, solution awareness among others for teamwork engagements.

In April 2018, BI Worldwide acquired Bunchball Inc.an innovator gamification solution. The customer will get benefit from the expanded and innovative offering of both the companies.

Components Covered:
• Services
• Solution

Deployments Covered:
• Cloud
• On-Premises

Enterprise Sizes Covered:
• Small & Medium Enterprises
• Large Enterprises

Platforms Covered:
• Open Platforms
• Closed/ Enterprise Platforms

Applications Covered:
• Sales
• Marketing
• Human Resource
• Product Development
• Support
• Analytics
• Other Applications

Industry Verticals Covered:
• Education & Research
• BFSI
• IT & Telecom
• Retail
• Media & Entertainment
• Manufacturing
• Government
• Other Industry Verticals

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances