by The Global Gamification Market is estimated to be valued at US$ 7.6 Bn or Mn in 2023 and is expected to exhibit a CAGR of 24.9% over the forecast period 2023 to 2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The gamification market refers to the application of game mechanics and game design techniques to engage customers and solve problems. Companies are using gamification techniques to improve user engagement, loyalty and consumer purchase intent for their products and services. For example, allowing customers to earn points and badges for certain behaviors that can then be redeemed for rewards. Gamification provides customers with a sense of achievement and competition which drives repeat usage of applications and websites. The growing need to engage customers through innovative digital solutions is a key factor driving adoption of gamification across industries.
Market key trends:
One of the key trends in the gamification market is the use of predictive analytics. Gamification platforms are increasingly incorporating predictive algorithms and machine learning capabilities to understand customer behavior patterns. This allows companies to provide highly customized and adaptive gameplay. For example, dynamically adjusting difficulty levels, providing timely feedback or nudges based on an individual’s performance. Another trend is the integration of augmented and virtual reality technologies with gamification. By incorporating AR/VR elements, companies are able to create immersive brand experiences and visually engaging gamified content. This enhances customer engagement on digital platforms.
Porter’s Analysis
Threat of new entrants: The Gamification market has moderate threat of new entrants due to high capital requirements and need for specialized skills and technologies.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established vendors providing gamification solutions for various industries. However, differentiated offerings provide some bargaining power to buyers.
Bargaining power of suppliers: Existing technology players providing gamification platforms have high bargaining power as switching costs for customers are high. However, availability of open source platforms provides some balance.
Threat of new substitutes: Threat of substitutes is low to moderate as gamification is increasingly becoming an integrated part of digital experiences across sectors. Other emerging technologies may replace some use cases.
Competitive rivalry: Being a fast growing market, competition is intense among established as well as new players. Dominant players strive to retain market share through continuous innovation.
Key Takeaways
The Global Gamification Market is expected to witness high growth, exhibiting CAGR of 24.9% over the forecast period 2023 to 2027, due to increasing need for engagement and motivation among users. The market was valued at US$ 7.6 Bn in 2023.
North America dominated the market in 2019 due to high adoption across various sectors including education, retail, healthcare, and BFSI in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, led by growing digitalization and penetration of mobile devices in countries such as China, India.
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. Major players are focusing on strategic partnerships and collaborations to expand their global footprint and enhance their product offerings. For instance, in October 2020, Mambo Solutions collaborated with Bunchball to enhance their gamification platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
