DUBLIN--(BUSINESS WIRE)--The "Gamification Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global gamification market was valued at USD 7.98 billion in 2019, and it is estimated to witness a CAGR of 25.10% over the forecast period (2020-2025).
The exponential growth in the number of smartphones and mobile devices has directly created a vast base for the gamification market. This growth is also supported by the increasing recognition of gamification systems as a method to architecture human behavior, in order to induce innovation, productivity, or engagement. The use of gamification systems has also extended beyond its traditional scope of marketing. As now, they are extensively used in advance applications, like crowdsourcing.
The growing penetration of smartphones has vastly expanded the opportunities for gamification. Americans are known to check their phones 80 times a day, on an average. The shift of both consumers and employees from desktop to mobile phones/internet devices offers a lucrative platform for banks to capture consumer interest, with a stronger chance of conversion/usage.
Furthermore, the integration with social networking platforms has allowed users to share their experiences with friends, acquaintances, and co-workers, thus, increasing the reach and effectiveness of this platform. Another advantage is that mobile apps enable brands to issue surveys, even as short as a single question, allowing them to gather firsthand data from their target audience members and tailor their efforts accordingly.
A study on the utilization of gamification in companies observed that it is usually done in the most generic of ways. They use point systems, leaderboards, and badges onto any process, without creating thoughtful experiences that balance competition and collaboration. This negligence of creating the meaning of this approach is anticipated to result in 80% of the efforts in companies that have employed them.
Another issue with this approach is that it incentivizes winning over other objectives. For training and corporate learning, employees who know how to ace a test, but don't necessarily know what they've been taught, are not wanted. Working in a corporate environment has traditionally been a relationship of exchanging time and effort for money, and this naturally leads to a lack of motivation in the long term, especially for millennials, who want to be engaged in meaningful work.
Thus, there is a growing need to design thoughtful programs, which some companies have failed to consider before taking up this approach. Thus, while gamification has the potential to revolutionize the entire process of recruiting, onboarding, corporate leadership training, and HR compliance, the game design is crucial for achieving the best results.
Key Market Trends
The Retail Segment Holds the Largest Share in the Market
The retail industry is an emerging industry, growing at a significant rate. Retail sales growth has been increasing steadily since 2012, at a healthy pace, as customers seek experiences and products that reflect the personal brand they promote on social media.
While gamification can add entertainment and drama to a retailer's marketing or engagement strategy, without diverting the core idea of the business, it can also provide positive behaviors from customers and employees, leading to a rich brand experience and higher sales.
Retail gamification is an e-commerce trend that is growing at a tremendous pace. Online retailers will want to continue creating interactive experiences for customers to drive higher sales growth in their stores. Gamification apps have proven to improve leads and sales for several retailers. Gamification can also drive new and recurring customers to a store, while offering insights into how shoppers engage with a brand.
The gamification market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- Sep 2020 - Cognizant acquired Tin Roof Software in order to expand Digital Engineering Services .Tin Roof offers software design, development, DevOps, and delivery services for clients increasingly dependent on software for a competitive edge.
- Apr 2020 - Axonify Inc strategically partnered with AVEVA, a global leader in engineering and industrial software, to offer an adaptive AI- microlearningpowered by Artificial Intelligence (AI) as part of AVEVA Unified Learning. This strategic partnership with Axonify makes AVEVA the first leading digitalization company to deliver microlearningsolutions for industrial operations staff.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Mobile-based Gamification Gaining Momentum
4.2.2 Crowdsourcing Seen as a Major Opportunity in Innovation and Development
4.3 Market Restraints
4.3.1 Manufacturing Complications and Lower ROI
4.4 Industry Attractiveness Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.2.1 Small and Medium Enterprises
5.2.2 Large Enterprises
5.3.1 Open Platform
5.3.2 Closed/ Enterprise Platform
5.4 End-user Vertical
5.4.5 Education and Research
5.4.6 IT and Telecom
5.4.7 Other End-user Verticals
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cognizant Technology Solution Corp.
6.1.2 MPS Interactive Systems Limited
6.1.3 Microsoft Corporation
6.1.4 Callidus Software Inc.
6.1.5 cut-e GmbH (AON, PLC)
6.1.6 Axonify Inc.
6.1.7 IActionable Inc
6.1.8 Bunchball Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/pdmds4
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900