The Global gamification market was valued at $ 6.8 billion in 2018 and is projected to grow at an impressive CAGR of 32% to reach $ 40 billion by 2024 on account of growing demand for customer experience enrichment and improved engagement of employees.
In a business context, gamification refers to the integration of game mechanics into an internal business process, website, or marketing campaign so as to encourage the participation of the target audience.
The increasing number of smartphones and mobile devices is positively influencing the growth of the market. Moreover, social media platforms are further contributing to the growth of gamification market as they allow users to share their experiences with friends and co-workers, thereby elevating the effectiveness of the platform.
The Global gamification market can be categorized based on the solution, deployment, organization size, application, end-user vertical and regional analysis. In terms of a solution, the market for gamification can be bifurcated into enterprise driven and consumer driven.
The demand for the consumer-driven solution is increasing as companies catering to the various field are introducing various gamification techniques such as discounts and loyalty point in order to retain consumers, due to which the segment is expected to witness the fastest growth during the forecast period. Based on the deployment, cloud segment is expected to grow at the fastest pace as it allows small and medium enterprises to implement gamification without incurring extra cost.
The market for gamification is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa.
North America and Europe are the leaders in the global gamification market owing to early adoption by economies such as the US and UK to enrich their marketing activities with better customer interaction and advertising.
Major players operating in the global gamification market include Microsoft Corporation, SAP SE, Salesforce.com, Inc. Leveleleven LLC and Bunchball Inc., among others.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.
For instance, Microsoft launched Microsoft Dynamics 365 that enables employees to participate in individual and team-based competitions that motivate them to achieve certain pre-defined KPIs (Key Performance Indicators) by offering prizes, awards, privileges, and recognition. Other competitive strategies include mergers & acquisitions and new product developments.
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