LONDON--(BUSINESS WIRE)--The gamification market is expected to grow by USD 17.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The integration of gamification with e-learning improves employee engagement, motivates and promotes team building, and offers valuable feedback to enhance the learning experience. It motivates employees to complete the course and allows employers to reward their employees based on their achievements. Also, the repetition of the course does not incur additional costs for employers. Many such benefits are encouraging employers to adopt gamification in their e-learning programs, which is fueling the growth of the market.
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As per Technavio, the increasing implementation of the customer-centric business model will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Gamification Market: Increasing Implementation of Customer-centric Business Model
Gamification applications offer real-time information about customer behavior which can be used to enhance customer engagement. Businesses can leverage this data to enhance brand value and gain a competitive edge in the market. Many companies are shifting from a product-centric business model to a consumer-centric business model. This has significantly increased the adoption of gamification solutions among businesses to target and acquire new customers. For instance, Nike announced the integration of a gamification solution through its NIKE+ program. The company integrated special chips in its shoes and wristbands which enabled users to track their fitness statistics, including distance, speed, and time. It also allowed users to synchronize their wearable devices with their mobile devices. The NIKE+ program has been crucial in engaging customers with the brand in an innovative, effective way. This trend is expected to have a positive impact on the growth of the global gamification market during the forecast period.
“Rise in mergers and acquisitions and the increased adoption of gamification-based corporate training will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Gamification Market: Segmentation Analysis
This market research report segments the gamification market by end-user (Healthcare, Entertainment, Retail, Education, and Others), geography (North America, Europe, APAC, South America, and MEA), application (Consumer-driven application and Enterprise-driven application), and type (User engagement, Brand loyalty, Brand awareness, Training, and Motivation).
The North America region led the gamification market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of a well-developed communication network infrastructure in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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