Global gamification market is set to reach $22,913.0 million by 2022, according to P&S Market Research
The study analyzed that the overall global gamification market valued at $1,698.7 million in 2015, and expected to grow at a CAGR of 41.8% during 2016-2022. North America had been the leader in worldwide gamification market, however, its share is expected to decrease amid the forecast period because of expanding share of the developing regions. The share of Asia-Pacific is expected to rise and the region is likely to witness the highest CAGR, amid 2016 – 2022.
Explore Report with Detailed TOC on “Global Gamification Market” at: https://www.psmarketresearch.com/market-analysis/gamification-market
Participants are believed to slant towards level progress
There are a few gamification technologies and strategies of customer engagement, including level progress, points and scores, real time performance feedback, progress bars, activity feeds, competition with friends, virtual gifts, being part of story, avatars, and virtual currencies. According to the report, around 30% of the gaming participants are seen to incline towards level progress, among all gamification strategies. Level progress alludes to crossing the trouble levels to achieve the following level. Likewise, the expanding electric vehicles market in the developing regions, for example, Asia-Pacific is expected to give noteworthy growth opportunity to this market. The growing prerequisite of gamification in the private establishments is additionally expected to boost its demand in coming years.
Expanding penetration of gadgets and increasing passion of gaming
The display gadgets, such as laptops, tablets and smartphones, are the mediums that connect the gamification technology to its target audiences. The increasing penetration of such gadgets is consequently driving the growth of gamification market. The automotive manufacturer Ford offers reward points, if the user reaches certain level in their MyFord Mobile application. The masses in Southeast Asia have high level of digital excitement and they speedily get digital fervour. Right around half of the web users in Southeast Asia play games online consistently. The growing masses of Asia-Pacific and the energy of the people in the area towards gaming is expected to influence openings in the gamification market.
Social networks are a standout amongst the most prevalent utilities of web
One of the significant esteems that a gamification configuration can impart is enhancing engagement with the organization's focused on group of onlookers, including its users, customers, workers, and different partners. Motivators and prizes are critical variables for customer engagement. Social networks are a standout amongst the most prevalent utilities of web that draw in individuals from various gatherings. The reward and status components are verifiably and expressly insert in individuals' engagement with online groups. Game elements and competition are interspersed throughout the platforms for the social networks such as Facebook and twitter. The increasing penetration of social network is therefore driving the growth of this market.
Lack of awareness about advantages of gamification proving to be a hindrance
Gamification has a few advantages; be that as it may, the absence of mindfulness among a few imminent customers and users obstructs the market growth of this innovation. There are a few dynamic users on social network; however, just few of them are occupied with playing online games. The instructive foundations and in addition corporates in the developing nations are likewise slow in the selection of gamification. These components are hindering the growth of the market. Also, the impact of lack of awareness on gamification market is expected to be high in short and medium terms and average in the long term. With the expanding penetration of social media and individuals' inclination towards gaming, the consciousness of focal points of gamification is expected to increase and the effect of this limitation is expected to smooth down in coming years.
Intensity of competition is low in the gamification market
The general intensity of competition is low in this industry. There are moderate number of players in this market, which makes the intensity of rivalry medium. It is difficult for the established players to exit from the market, as a large portion of the contenders coordinate their gamification technologies all alone. The moderate exit obstructions influence the intensity of rivalry to low. This market has high growth opportunities in future; the same number of IT organizations are expected to coordinate gamification solutions inside their foundation to think about their market bits of knowledge.
The general threat of new entrants for the established players is medium in the gamification market. The high economies of scale influence the threat of new entrants to low, as the organization needs to contribute moderate measure of money to coordinate gamification stages inside its administration offerings. Some of the major players in this market include Badgeville Inc., Gigya Inc., Bunchball Inc., Kuato Studios, SAP SE, Cisco Systems Inc., Microsoft Corporation, BigDoor Inc., Knewton, and Lithium Technologies Inc.