Global Gamification Market Size to Reach USD 168.98 Billion in 2032 | Emergen Research

Vancouver, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global gamification market size was USD 11.69 Billion in 2021 and is expected to register a revenue CAGR of 27.4% during the forecast period, according to latest analysis by Emergen Research. Use of Artificial Intelligence (AI) for processing and showing personalized results and rapid digitization of businesses to generate new revenue avenues are factors driving gamification market revenue growth.

To gain deep insights into their staff, large enterprises are implementing Al-based solutions and cutting-edge technology. Al-based gamification models give correct answers by removing uncertainty in employee motives and assisting employees in meeting objectives more effectively. For instance, since Cisco Systems gamified its social media training program, over 650 Cisco Systems workers have received accreditation for over 13,000 courses. Small and Medium-sized businesses (SMEs) are implementing Al-based solutions to improve employee motivation, engagement, and involvement. General acceptance of Al-based solutions will contribute to development of transparent and cooperative cultures, leading to market expansion. As an illustration, effective SaaS solutions built on Al technology provide digital employee interaction, engagement capabilities, and recognition, enhancing organization's accessibility and collaborative culture. Venture capitalists are also funding emerging businesses that offer SaaS platforms based on Al technology. Worxogo Solutions Pvt. Ltd., which offers a SaaS application for employees, has received investments from companies such as Ideaspring Capital and Inventus Capital India. The service offers tailored feedback on employees' daily performance.

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However, gamification comes with multiple challenges, such as complexity challenges, integration challenges, and narrative challenges, among others. Games are diverse artifacts and game engineering is a complicated process requiring programming skills, design, and psychology. Gamification, such as games, strives to create engaging experiences for users. However, because gamification context is governed by operational restrictions that limit unbounded design space of games, building gamified features is much more challenging than designing games, which can restrain market growth. In addition to complexity challenge, there is a larger concern, which is integrating gamified parts into pre-existing processes and platforms. Gamification is most effective when it adjusts to the company's and customers' usage habits, marketplaces, and social trends, therefore integration should be a major goal.

Scope of Research

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Major Companies and Competitive Landscape

The global gamification market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective gamification solutions. Some major players included in the global gamification market report are:

• Microsoft
• SAP
• BI WORLDWIDE
• Verint Systems Inc.
• Aon plc
• Hoopla
• Centrical
• Mambo Solutions Ltd.
• MPS Interactive Systems
• Influitive

Strategic Development

• On 6 June 2022, Insert Coin, a B2B SaaS supplier of gamification technology, knowledge, and engagement data located in Scandinavia, announced a USD 4.57 million investment round led by Evolution Gaming creator Fredrik Osterberg through Fros Ventures and others. Insert Coin seeks to assist organizations with digital products in creating high engagement and maintaining consumers.
• On 6 June 2022 Agrotools, a Brazilian-based technology and intelligence company for agribusiness received USD 21 million, valuing the company at roughly USD 94 million. The funds will be used to grow its operations in the U.S., Latin America, and other regions, as well as to create technologies such as Ai, blockchain, gamification, technological democratization, and satellite data sources.

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Some Key Highlights From the Report

• The solution segment accounted for largest revenue share in 2021. Gamification is popular among learners because it combines "entertainment" with serious learning. Organizations recognize advantages of using it for sticky learning, on-the-job application, practice and nudges to mastery, and achieving necessary behavioral change. There is a high rate of adoption of gamification solutions in corporate world owing to various advantages, such as it provides stickier learning experience, since learner is completely involved in numerous activities and challenges, as opposed to passive learning method provided by a more typical eLearning approach.
• The cloud-based infrastructure segment is being used by many big businesses in areas, such as BFSI, e-commerce, education, retail, and others, to build collaborative experiences for users. Cloud-based solutions assist users with features, such as simple installation, maintenance, and software upgrades, among others which is driving revenue growth of this segment. 
• The retail segment accounted for a significant revenue share in 2021. Gamification is not a new marketing approach and many firms have used it to acquire new consumers. Gamification is widely used in the retail industry, from lotteries and quizzes to game applications designed to promote brand and encourage sales. The firm creates a game that sells its product, but it effectively incorporates advertising within gameplay. With a multiplayer advergame, business marketing chances expand significantly, as consumers seek out competitive partners, persuading friends and family to download the game and ultimately, purchase product, which is driving revenue growth of this segment.

• The Asia Pacific market accounted for second-largest revenue share in 2021. Larger user base of smart mobile devices ensures a larger user population for any gamified approach. Access to smartphones and smart tablets is becoming more convenient across Asia. This is mostly due to the fact that competitive manufacturers around Asia are already ahead in discovering shortcuts to make their products more inexpensive, hence more accessible to general population, which is expected to drive market growth in the region.

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Emergen Research has segmented the global gamification market based on component type, deployment type, vertical, and region:

• Component Type Outlook (Revenue, USD Billion; 2019-2030)
  • Solution
  • Services
• Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
  • Cloud
  • On-premises
• Vertical Outlook (Revenue, USD Billion; 2019-2030)
  • Education
  • Healthcare
  • Banking, Financial Services and Insurance (BFSI)
  • Retail
  • Manufacturing
  • Telecom
  • IT
  • Hospitality
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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