Global gamification market was valued at more than $ 9.80 billion in 2019 and is projected to grow at an impressive CAGR of over 32% during 2021-2026, on account of growing demand for customer experience enrichment and improved engagement of employees. In business context, gamification refers to the integration of game mechanics into an internal business process, website, or marketing campaign so as to encourage the participation of target audience. Increasing number of smartphones and mobile devices is positively influencing the growth of the market. Moreover, social media platforms are further contributing to the growth of gamification market as they allow users to share their experiences with friends and co-workers, thereby elevating the effectiveness of the platform.
Global gamification market can be categorized based on the solution, deployment, organization size, application, end-user vertical and regional analysis. In terms of solution, the market for gamification can be bifurcated into enterprise driven and consumer driven. The demand for consumer driven solution is increasing as companies catering to various field are introducing various gamification techniques such as discounts and loyalty point in order to retain consumers, due to which the segment is expected to witness fastest growth during forecast period. Based on the deployment, cloud segment is expected to grow at the fastest pace as it allows small and medium enterprises to implement gamification without incurring extra cost.
The market for gamification is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. North America and Europe are the leaders in global gamification market owing to early adoption by economies such as US and UK to enrich their marketing activities with better customer interaction and advertising.
Major players operating in global gamification market include Microsoft Corporation, SAP SE, Salesforce.com, Inc. Leveleleven LLC and Bunchball Inc., among others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. For instance, Microsoft launched Microsoft Dynamics 365 that enables employees to participate in individual and team-based competitions that motivate them to achieve certain pre-defined KPIs (Key Performance Indicators) by offering prizes, awards, privileges, and recognition. Other competitive strategies include mergers & acquisitions and new product developments.
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