The global gamification market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for effective customer and employee engagement as well as enhancement to the users’ or consumers’ experience of particular product or brand.
Gamification can be referred to a process of problem-solving method, which has a wide applications in various industrial sectors. This method is derived from the concepts related to "game mechanics" and "game thinking" and these methods are applied in non-game or real circumstances of business organization to offer effective engagement with consumers.
A key objective of adopting this process is to enhance the overall performance of employees by deploying several methods such as rewarding and competitive entertaining ideas to achieve certain targets. Based on the experience of playing a virtual game, the method uses the notions of badges, points, avatars, levels, ranks, and so on to offer a promotional setting for employees as part of motivation and encouragement for achieving high rewards and performance.
At its core, gamification is a marketing approach that offer effective engagement to customers for a specific brand. Customer gamification can be understood when the method is used to engage and encourage customers to a particular brand using several attractive and promotional offers. This type of process helps to boost recommendations and purchases of products whereas employee-based process of gamification can be used to motivate employees to follow corporate strategies, disciplinary plans, and assignments, resulting in lower attrition and higher productivity. Owing to its certain merits, the gamification is extensively used in various industries such as entertainment, retail, education, healthcare, and financial services. Humans have the ability to alter their own behavior as a result of their experience in playing games, reading literature, and earning rewards among other things. The gaming method takes advantage of the human predisposition to influence one's own thinking process through games in order to engage people in real-world issue solving.
Market Trends, Drivers, Restraints, and Opportunities
• Increasing demand for effective customer engagement and employee encouragement solution across various industries are expected to boost the market expansion during the forecast period.
• Rising digitalization and technology adoption of business operations are likely to drive the market growth in the coming years.
• Improper use of these games and long duration for achieving the results using the methods are projected to hamper the market growth.
• Extensive researches are being pursued to understand human behavior and psychology and its implications on business stimulation. This is projected to offer immense opportunities for the market expansion.
Market Segment Insights
Entertainment segment is expected to grow at a rapid pace
Based on industry verticals, the gamification market is divided into entertainment, education, BFSI, media & publishing, healthcare, public sector, consumer goods, and retail. The entertainment segment is expected to expand at a rapid pace during the forecast period owing to the wide applications of the method in the entertainment industry. The entertainment sector requires several platforms to attract customers and retain their loyalty. Meanwhile, the retail segment is anticipated to constitute a major market share during the projected period owing to rapid expansion of retail shop and increasing e-commerce platforms across the globe. On the other hand, the healthcare segment is projected to exhibit a high CAGR during the projected period owing to rising demand for healthcare expenditures and rapid expansion of hospitals and clinics, which require a better platform for patient care and hospitality.
Europe is anticipated to dominate the market
On the basis of regions, the gamification market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to expand at an impressive CAGR and is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to wide adoption of gaming techniques for business applications and extensive research to enhance employees’ motivation method working in a business organization.
Key players competing in the global gamification market include Badgeville, Comarch, 500Friends, Dopamine, and Gigya. Many of these players are widely engaged in business activities such introducing the concept of gamifying business processes to new organisations or consumers to expand their business operations.
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