Recording around US$10 Bn revenue in the year 2020, global gamification market is on a continuous upswing and will observe an impressive growth outlook in future, majorly influenced by the widening penetration of AR and VR.
Innovations in EdTech and its Proliferation to Bolster Growth of Gamification Market
Since the recent past, colossal changes are being witnessed across various industries. While the COVID-19 pandemic had a negative impact on businesses, the crisis also resulted in accelerated digitisation. Education sector underwent a complete transformation as education technology gained high steam. While colleges, schools and educational institutions were shutdown during lockdown situation, the demand for virtual or online learning spearheaded. Advent of technologies such as AI, machine learning, IoT, and big data has pushed the use of gamification solutions. By using the concept, learners can retain the information and knowledge and apply those concepts in real world. There has been an increasingly developing perception about how gamification can make the experience of learning more effective, and efficient.
With EdTech witnessing rapid innovations, gamification is expected to shape the industry’s future in turn influencing growth of gamification market. As individuals turn toward digital and online learning solutions, EdTech and smart classrooms have leveraged advanced cutting edge technologies to bring innovative new concepts such as gamification. Gamification is being looked upon as a new perspective in the education sector making learning more interactive and engaging. The pandemic condition provided a significant boost to online learning as educational institutions and other EdTech platforms shifted toward online and hybrid learning models.
Widespread Use of AR and VR Technologies to Bode Well for Gamification Market
Increasing investments in technologies such as augmented reality (AR), virtual reality (VR), and other mixed reality technologies continue to influence growth of global gamification market. Companies offering gamification solutions are leveraging such advanced technologies to provide a better experience to customers. For instance, e-commerce companies such as Walmart, and Amazon are using AR and VR to enhance the shopping experience of their customers. In addition, Walmart is also investing in gamification to promote its products. Using these technologies, customer engagement becomes possible within and outside of retail stores. By leveraging such immersive technologies, marketing of products becomes convenient and effective alongside enhancing customer experience and improving overall customer journey.
Furthermore, companies are adopting AR and VR technologies in training programs. For instance, Walmart, and Strivr Labs Inc. partnered to offer training to employees with the help of VR technology. Likewise, Strivr Labs Inc., and Tyson Foods collaborated to provide hazard awareness and safety training to employees using VR. By adopting such technologies, the incidences of injuries can be eliminated along with providing a pleasant experience to employees in less time, which advocates the growing ubiquity of AR and VR adoption, in turn favouring the growth of gamification market in the coming years.
Cloud-based Deployment to Complement Revenue Growth of Gamification Market
From the deployment standpoint, cloud is gaining high ground on the back of various functional and operational advantages. Growing demand for reliable and secure solutions among small and medium size businesses has propelled the adoption of cloud deployment. Several organisations in the e-commerce, retail, BFSI, education, and other sectors are shifting toward a cloud-based infrastructure to develop and provide collaborative experiences to consumers. Moreover, ease in installation, upgradation, low implementation cost and maintenance of cloud infrastructure is fuelling the adoption of cloud-based gamification solutions, in turn complementing growth of the gamification market.
North America Poised to Continue Leading the Pack in Global Gamification Market
Developed nations across North America are expected to account for a significant revenue share in global gamification market. This is mainly attributed toward a well-developed and established communication network, and inclination toward adoption of novel technologies. In addition, rising number of smartphone users and growing Internet traffic in the e-commerce, and retail sectors in the region will significantly boost gamification market expansion. Moreover, strong economic growth coupled with increasing technology firms in the region is expected to complement the demand dynamics of gamification. Furthermore, presence of huge consumer-centric companies such as Cisco Systems, Oracle, and Salesforce is driving the use of gamification in North America. In this backdrop, the North America region is expected to lead the gamification market apropos to revenue and volume in the forthcoming years.
Gamification Market: Competitive Landscape
Collaborations and partnerships have been adopted by key players to strengthen their position in the gamification market. For instance, in 2020, AVEVA and Axonify Inc. entered a strategic partnership to provide adaptive micro learning as a part of AVEVA Unified Learning powered by AI. With this partnership, AVEVA will gain high traction as a leading company that leverages digitisation to offer micro learning solutions for customers. Likewise, same year in September, Tin Roof Software was acquired by Cognizant to expand its digital engineering services.
A few of the major players in gamification market include Cognizant, Callidus Software Inc., MPS Interactive Systems Limited, cut-e GmbH, Microsoft Corporation, Hoopla, SAP SE, Xoxoday, BI Worldwide, Khoros LLC, Verint Systems, Mambo Solutions Ltd., and Centrical.
The Global Gamification Market Is Segmented As Below:
By Deployment Model
By Size of Enterprise
By Industry Vertical
Key Elements Included In The Study: Global Gamification Market
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