Gamification Market Explores New Growth Opportunities - Business Data 2012-2022

Global gamification market is set to reach $22,913.0 million by 2022, according to P&S Intelligence

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.

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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.

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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.

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.

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