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Gamification Market to Reach US$ 38.3 Billion by 2027

Gamification Market to Reach US$ 38.3 Billion by 2027 - Coherent Market Insights

Publish In: Dec 15, 2020

The global gamification market was valued at US$ 7.6 Billion in 2019  and is expected to surpass US$ 38.3 Billion by 2027, registering a CAGR of 24.9% during the forecast period (2019-2027), according to the Global Gamification Market Report, By Component (Solutions and Services), by Deployment Type (On-premise and Cloud-based), By Organization Size (SMEs and Large Enterprises), By End-use Industry (IT and Telecom, Government, BFSI, Healthcare, Retail, Education and Research, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.

The increasing adoption of artificial intelligence-based gamification solutions is expected to drive the market growth during the forecast period. Large enterprises are adopting artificial intelligence-based solutions and advanced technologies to get deep insights about their employees and customer’s behavior. AI-based gamification models provide an accurate solution by eliminating the ambiguity of employee motivation that help clients to achieve desired outcomes. For instance, Cisco System, Inc. incorporated gamification in their social media training program. This program includes various levels of certification such as master, specialist, and strategist. This training program is helpful for employees to improve their social media expertise. Through gamification, people enjoy facing challenges and learn new skills, and also get rewarded for it. The key players in the market are also investing in the development of artificial intelligence-based solutions.

Moreover, small and medium enterprises are also adopting AI-based solutions to increase employee motivation, engagement, and participation. The rising adoption of AI-based solutions help organizations to attain transparency and collaborative engaging culture leading to the market growth. For instance, AI-based SaaS platform provides digital employee communication, recognition, and engagement tools that enhances transparency and collaborative culture in the enterprises. Furthermore, the venture capitalist companies are investing in new startups to provide AI- based SaaS-based platform. For instance, in October 2018, Inventus Capital Partners, a Bengaluru-based venture firm and Ideaspring Capital, a Bengaluru-based company, invested in Worxogo Solutions Pvt. Ltd., a Bengaluru-based artificial intelligence startup, which provides SaaS-based applications for employees. This solution provides personalized information about every employee’s daily performance. Furthermore, Quodeck, a Mumbai-based startup company, launched artificial intelligence or machine learning-based SaaS product that uses gamification to get insights about learner’s behavior and provide them information regarding their progress. Companies are adopting AI-based artificial intelligence solutions in various operations such as marketing, sales, and HR to increase link between employee productivity and company’s objective.

Global Gamification Market - Impact of Coronavirus (Covid-19) Pandemic

Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is a significant impact on the gamification market as well. Companies are utilizing this crucial time to provide training and e-learning courses to their employees. The gamification offer modules that are easy to learn and help employees to gain insights about the company and its processes. This solution can help an organization to guide new employees and offer advanced skills for permanent employees. Moreover, rising investment in business strategies such as collaboration, product launch, acquisition, and partnership is expected to drive the market growth during the forecast period. For instance, in June 2020, IBM Corporation announced a collaboration with GOI to launch a free digital learning platform during the pandemic. The SkillsBuild Reignite platform provides online courses to entrepreneurs in order to expand their businesses. This increases demand for gamification and in turn, drives the market growth.

To know the latest trends and insights prevalent in this market, click the link below:

Browse 150 market data tables* and 90 figures* on “Global Gamification Market- Global forecast to 2027”

Key Trends and Analysis of the Global Gamification Market:

  • North America held dominant position in the global gamification market in 2019 and is expected to retain its dominance throughout the forecast period. This is owing to the increasing adoption of gamification solutions in the region. Moreover, countries such as the U.S. and Canada are focusing on adopting advanced gaming technologies to enhance their marketing activities such as branding, advertising, selling, customer interaction, and others. For instance, in June 2018, Facebook, Inc. launched a new gameshow platform with interactive video. This new platform adds quizzes, polls, and challenges so that the players can be removed from the game for wrong answer. Furthermore, rising demand for cloud-based solutions among large enterprises due to low implementation cost is driving the market growth.
  • Asia Pacific is expected to show significant growth over the forecast period. Countries such as India and China are more focused on the development of gamification solutions in order to provide sustainable user experience. Moreover, rising number of SMEs in emerging economies such as China and South Korea is expected to drive the market growth. These gaming solutions provide additional features such as reward point and membership card to extend customer loyalty towards organizations.
  • Among organization size, large enterprise segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is owing to the adoption of solutions and software in the region. Various large companies such as Oracle, Microsoft, IBM Corporation, and Google, Inc. are focusing on investing in the development of advanced solutions. Various organizations are adopting gamification technology based on cloud to monitor and handle workforce. For instance, in May 2018, SAP launched a new gaming approach for its customers. This gaming approach is a new learning application to increase business growth and provide solution awareness among teamwork engagements. The new gaming approach is available on cloud and on-premises.
  • Major players operating in the global gamification market include 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

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