Gamification Is Estimated To Witness High Growth Owing To Growing Adoption Across Corporate Training And Development
The Gamification Market is estimated to be valued at Us$ 18.5 Bn in 2023 and is expected to exhibit a CAGR Of 24.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gamification refers to the application of game design elements and game mechanics to non-game applications to improve user engagement and loyalty. It incorporates point scoring, achievements/badges, competition with others, virtual goods, and social engagement to motivate and reward users. Gamification is used across various applications such as corporate training and development, employee motivation, healthcare, education, and more. It helps to motivate learners and users with the help of game mechanics and game design elements.
Market Dynamics:
Growing adoption of gamification across corporate training and development is expected to aid the market growth over the forecast period. Corporatehouses are increasingly adopting gamification technology to conduct training programs as gamification helps the employees to retain and learn more effectively compared to traditional learning practices. It incorporates elements such as avatars, points, badges, leaderboards which makes the learning process more engaging. According to Brandon Hall Group's HR certification and learning report, gamification increases content retention by 75% and employee engagement by over 80%. Thus, growing adoption of gamification by corporates is expected to fuel the market growth.
Further, rapid digitalization across various industry verticals is also expected to contribute to market growth between 2023 and 2030. With growing internet and smartphone penetration, many industries are adopting digital and online training models which is increasing the scope of gamification adoption. The COVID-19 pandemic further propelled the need for advanced digital and remote learning tools including gamification and this trend is likely to continue in the post pandemic era as well.
SWOT Analysis
Strength: Gamification offers an enjoyable learning experience that drives user engagement. It stimulates competition and collaboration while boosting skills and creativity. It provides insights into user behavior through predictive analytics.
Weakness: Initial setup and maintenance costs can be high for companies. Success depends on choosing the right incentives that suit every user persona. Inappropriate game design may negatively impact productivity or learning outcomes.
Opportunity: Growing adoption of mobile and digital technologies provides an opportunity to expand gamification across more industries and applications. Integration of augmented reality, virtual reality and AI can enhance immersive experiences. Gamification helps companies evaluate and improve training programs.
Threats: User fatigue from excessive push notifications, badges or leaderboards. Shift in user preferences towards emerging game formats like social features, brain training apps pose a threat. Data privacy and security risks if user information is not handled properly.
Key Takeaways
The Global Gamification Market Size is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period, due to increasing user engagement and business productivity. Gamification helps organizations draw more users, keep them engaged for longer periods, gain actionable insights into behaviors while boosting productivity.
Regional analysis: North America dominates the global gamification market currently, accounting for over 35% share due to widespread adoption across industries like education, healthcare, banking, retail etc. The Asia Pacific region is expected to grow at the fastest pace owing to increasing mobile gaming trends and investments in digital transformations in countries like India and China.
Key players: Key players operating in the Gamification market are Cisco Systems, Inc., Microsoft, SAP, Facebook, Inc., BI WORLDWIDE, Verint, and others. These companies are focusing on partnerships, mergers and acquisition strategies to expand their gamification platforms across various industries and geographies. They are also investing in AI, VR and analytics capabilities to enhance personalization and immersive experiences.
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