— Allied Market Research
WILMINGTON, DE, UNITED STATES, October 26, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Gamification Market, by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Marketing, Sales, Support, Product Development, Human Resource, Others), by Industry Vertical (Retail, Education, IT and telecom, BFSI, Manufacturing, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030″.
The gamification market was valued at $9.9 billion in 2020, and is estimated to reach $95.5 billion by 2030, growing at a CAGR of 25.6% from 2021 to 2030.
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Gamification is the application of game elements and digital game design techniques for non-game problems, such as business and social impact challenges. Gamification leverages natural tendencies of people for competition, achievement, collaboration, and charity. Tools employed in game design, such as rewarding users for achievements, “leveling-up,” and earning badges are carried into the real world to help motivate individuals to achieve their goals or boost performance. Furthermore, the key factor that drives the market includes rewards and recognition to employees over performance to boost the employee engagement and providing lucrative offers to the customers and consumers boost the growth of the gamification market.
In addition, gamification yields higher ROI positively impacts the growth of the market. However, complexities in developing gamification application and short lifecycle of gamification hinders the market growth. On the contrary, adoption of AI for processing and showing personalized results is expected to offer remunerative opportunities for expansion of the gamification market during the forecast period.
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Competitive Analysis:
The competitive environment of Gamification Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Gamification Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Ambition
Axonify Inc.
Bunchball Inc.
callidus Software Inc.
Cognizant Technology Solution Corp
Cut-e GmbH
G-Cube
Iactionable Inc
Microsoft Corporation
MPS Interactive Systems Limited and Many More
Region wise, the gamification market size was dominated by North America in 2020, owing to increase in adoption of gamification in healthcare and rise in number of technology launches. In addition, gamification is primarily useful for behavioral changes, incentivizing people to increase their wellness by performing game-like tasks and receiving rewards. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increase in awareness related to significant advantage of gamification among developing nations.
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Gamification is a technique that is used by designers to insert gameplay elements in non-gaming settings to enhance user engagement with a product or service. By weaving suitably fun features such as leaderboards and badges into an existing system, designers tap intrinsic motivation users so they enjoy using it more. Moreover, gamification is a powerful tool to drive user engagement by using it to inject fun elements into applications and systems that might otherwise lack immediacy or relevance for users.
Key providers of the gamification market such Microsoft Corporation, Callidus Software Inc. (IACTIONABLE), and Cognizant account for a significant share in the market. Various companies are indulging into strategic merger and acquisition to enhance their capabilities with growth in requirement for gamification software. For instance, in January 2022, Microsoft Corp. announced plans to acquire Activision Blizzard Inc., a leader in game development and interactive entertainment content publisher.
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