Gamification Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast

Gamification Market Gamification Market

Global gamification market is set to reach $22,913.0 million by 2022, according to P&S Intelligence.

The study analyzed that the overall global gamification market valued at $1,698.7 million in 2015, and expected to grow at a CAGR of 41.8% during 2016-2022. North America had been the leader in worldwide gamification market, however, its share is expected to decrease amid the forecast period because of expanding share of the developing regions. The share of Asia-Pacific is expected to rise and the region is likely to witness the highest CAGR, amid 2016 – 2022.

There are a few gamification technologies and strategies of customer engagement, including level progress, points and scores, real time performance feedback, progress bars, activity feeds, competition with friends, virtual gifts, being part of story, avatars, and virtual currencies. According to the report, around 30% of the gaming participants are seen to incline towards level progress, among all gamification strategies. Level progress alludes to crossing the trouble levels to achieve the following level. Likewise, the expanding electric vehicles market in the developing regions, for example, Asia-Pacific is expected to give noteworthy growth opportunity to this market. The growing prerequisite of gamification in the private establishments is additionally expected to boost its demand in coming years.

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One of the significant esteems that a gamification configuration can impart is enhancing engagement with the organization’s focused on group of onlookers, including its users, customers, workers, and different partners. Motivators and prizes are critical variables for customer engagement. Social networks are a standout amongst the most prevalent utilities of web that draw in individuals from various gatherings.

Gamification has a few advantages; be that as it may, the absence of mindfulness among a few imminent customers and users obstructs the market growth of this innovation. There are a few dynamic users on social network; however, just few of them are occupied with playing online games. The instructive foundations and in addition corporates in the developing nations are likewise slow in the selection of gamification. These components are hindering the growth of the market.

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The general threat of new entrants for the established players is medium in the gamification market. The high economies of scale influence the threat of new entrants to low, as the organization needs to contribute moderate measure of money to coordinate gamification stages inside its administration offerings. Some of the major players in this market include Badgeville Inc., Gigya Inc., Bunchball Inc., Kuato Studios, SAP SE, Cisco Systems Inc., Microsoft Corporation, BigDoor Inc., Knewton, and Lithium Technologies Inc.

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