Gamification Market is Estimated To Witness High Growth Owing To Integration in Education Sector
The Gamification Market is estimated to be valued at US$ 7.6 Bn in 2023 and is expected to exhibit a CAGR of 24.9% over the forecast period 2020 to 2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gamification refers to application of game design and game mechanics to non-game contexts to engage users and solve problems. It has been widely adopted across various industries like education, corporate, healthcare to enhance user experience and engagement. Gamification aids in motivating users and driving desired behaviors through reward systems, achievements and leaderboards.
Market key trends:
One of the major trends fueling growth of gamification market is increasing integration of gamification in education sector. Educational institutes are leveraging gamification techniques to enhance student engagement and learning outcomes. Gamification helps in keeping students motivated through rewards, points, levels and virtual badges. It also adds element of fun and competition to otherwise mundane learning activities. Further, it allows individualized and adaptive learning based on student progress. Growing adoption of gamified e-learning and m-learning applications is expected to offer numerous opportunities over the forecast period.
Porter's Analysis:
Threat of new entrants: Low barriers to entry allow new players to enter the market easily. However, established players have strong brand recognition and economies of scale.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and concentration of buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative suppliers and differentiated products.
Threat of new substitutes: Threat of substitutions is high due to availability of alternative engagement and retention tools.
Competitive rivalry: Intense competition among existing players to gain market share.
SWOT Analysis:
Strengths: Gamification helps enhance customer engagement and build loyalty. It offers an engaging user experience.
Weaknesses: Requires high investment for implementation. Dependence on technology which can increase operational costs.
Opportunities: Growing adoption of digital technologies and demand for engagement platforms. Expanding e-learning industry offers new growth avenues.
Threats: Privacy and security concerns associated with user data collection. Change in preferences can negatively impact demand.
Key Takeaways
The Global Gamification Market is expected to witness high growth, exhibiting CAGR of 24.9% over the forecast period, due to increasing demand for engagement and retention tools. North America dominated the market in 2019 with a share of over 35%, owing to high adoption of gamification across verticals such as education and corporate in the US.
Regional analysis
Asia Pacific is anticipated to register the fastest growth over the forecast period supported by increasing digitalization and growing young demographic in countries such as India and China. Countries in the region are actively promoting digital technologies and e-learning providing impetus to market growth.
Key players
Key players operating in the Gamification market are 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. These players are focusing on new product launches and partnerships to expand their global reach.