Portland, OR, Aug. 07, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global serious games market was pegged at $3.20 billion in 2017 and is projected to reach $9.17 billion by 2023, registering a CAGR of 19.2% from 2017 and 2023.
Rise in need for better user engagement platforms, significant adoption of virtual reality in training and development activities, growing use of mobile-based education games, and improvement in learning outcomes are the major drivers for the growth of the global serious games market. However, lack of awareness regarding advantages and usage of serious games and unsuitable games designs hamper the market growth. On the contrary, an inclination of the organization toward interactive advertisements and large-scale digitization, and the emergence of social networks are expected to create lucrative opportunities in the near future.
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The global serious games market is divided on the basis of user type, application, industry vertical, and geography. Based on user type, the market is segmented into enterprises and consumer. The consumer segment held the largest share in 2017, contributing more than half of the market. However, the enterprises' segment is expected to register the fastest CAGR of 19.9% during the forecast period.
On the basis of application, the market is bifurcated into advertising & marketing, simulation training, research & planning, human resources, and others. The simulation training segment held the lion’s share in 2018, accounting for more than two-fifths of the market share. Moreover, the segment is projected to manifest the fastest CAGR of 19.4% during the forecast period.
Based on industry vertical, the market is divided into healthcare, aerospace & defense, government, education, retail, media & entertainment, and others. The education segment held a significant share in the market in 2017, garnering nearly one-fifth of the market and is expected to portray the fastest CAGR of 20.2% through 2023.
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The global serious games market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-pacific region dominated the market, contributing around two-fifths of the market in 2017. However, the market across Europe is estimated to register the fastest CAGR of 20.3% during the study period.
The global serious games market report includes an in-depth analysis of the major market players such as BreakAway, Ltd., DIGINEXT, Designing Digitally, Inc., Intuition, IBM Corporation, Nintendo Co., Ltd., Learning Nexus Ltd., Revelian, Promotion Software GmbH, and Tata Interactive Systems.
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