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(Wireless-NewsWire.Com, June 08, 2018 ) The gamification market is estimated to grow from USD 1.65 Billion in 2015 to USD 11.10 Billion by 2020. The is expected to grow at an impressive Compound Annual Growth Rate (CAGR) of 46.3% because of increasing need of gamification solutions and applications in consumer and enterprise brands. Other significant factors driving this market are increasing Return on Investment (ROI) and enhanced overall user experience.
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The enterprise driven gamification solution market size is expected to hold the largest market share and dominate the market from 2015 to 2020, as the need to retain the employee as well as to keep them satisfied at the workplace is boosting the growth of the market. These solutions are termed as flexible and user-friendly tools that are focused on augmenting employee motivation as well as customer loyalty towards the products across all industries. Improved employee motivation helps in driving the overall employee productivity in enterprise driven gamification solutions.
Marketing is one such field in which gamification is being implemented rigorously. It is the fastest-growing application type in the gamification applications market as it benefits organizations with a foolproof roadmap to maintain and uphold the brand name and image by various methods. Gamification solutions play a vital role in the marketing field as these are demanded by organizations to motivate individuals who are doing marketing for their organizations. This helps them in increasing the prospective clients for the company. A significant part of marketing remains gamifying the overall consumer experience. Smart gamification elements motivate consumers and ensure consumer loyalty that brands look out for to sustain in this competition.
The gamification solutions are being increasingly adopted in various verticals, such as media and publishing, entertainment, and e-commerce, which have led to the growth of the Gamification market across the globe. The media and publishing sector is expected to grow at the highest CAGR from 2015 to 2020
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North America is expected to hold the largest market share and dominate the gamification market from 2015 to 2020. The higher adoption rates are expected to streamline business operations in North America. Asia-Pacific (APAC) offers potential growth opportunities, as there is a rise in the adoption of Bring Your Own Device (BYOD) among small and medium enterprises (SMEs) and enterprises to enhance employee satisfaction and consumer retention.
However, the low level of awareness regarding the advantages of gamification restricts the market growth. The gamification market also needs a common framework or platform on which all services and devices can interoperate and scale, and be efficient and widely available across diverse spectrum of industries. The major vendors in the market include Microsoft, Salesforce, Badgeville, Bunchball, Arcaris, Gigya, SAP SE, Bigdoor Media, LevelEleven, and Faya Corporation. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and business expansions to cater to the needs of the market.
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