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Game-Based Learning Market Insights and Global Forecast Report 2024
Game-Based Learning Market Insights
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According to The Business Research Company's, The game based learning market size has grown exponentially in recent years. It will grow from $14.13 billion in 2023 to $17.41 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to shift in educational paradigms, demand for interactive and engaging learning tools, focus on personalized learning, recognition of gamification benefits.
The game based learning market size is expected to see exponential growth in the next few years. It will grow to $42.46 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%. The growth in the forecast period can be attributed to focus on skill development, rise of mobile learning platforms, application in corporate training, incorporation of analytics and data-driven insights. Major trends in the forecast period include incorporation of storytelling elements, mobile game-based learning apps, competency-based learning games.
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Market Drivers and Trends:
The rising focus on personalized learning is expected to propel the growth of the game-based learning market. Personalized learning is the process of customizing the learning according to the needs, interests, strengths, and skills of a student. The tasks are tailored as per the abilities and interests of the learners, which will shift responsibility for learning to the learner. Game-based personalized learning helps in enhancing the learning experiences in a more timely and proficient manner. It simulates the real-world experiences and applications for the facilitators and learners. For instance, according to the economic times, an Indian business-focused daily newspaper, in 2021, the private equity investments in EdTech companies focusing on personalized learning valued at around USD 5 billion. Therefore, the growing focus on personalized learning is driving the game-based learning market growth.
Strategic partnerships and collaborations between companies are a key trend gaining popularity in the game-based learning market. Major players operating in the market are partnering and collaborating to develop and offer innovative services. For instance, in December 2021, Microsoft India collaborated with WhiteHat Jr for providing an immersive and personalized learning experience to teachers and students through game-based learning. The new Code with Minecraft program includes a highly curated curriculum, which provides an opportunity for the students to master the coding concepts.
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Major Key Players of the Market:
Spin Master Corp., Mojang Studios AB, Kahoot! AS, Frontier Developments plc, G-Cube, Schell Games LLC, Hornbill FX Limited, LearningWare Inc., Banzai Labs Inc., StratBeans Consulting LLC, Raptivity Technologies Pvt. Ltd., MAK Technologies India Pvt Ltd, Tangible Play, BreakAway Games Ltd., Gamelearn S.L., Lumos Labs Inc., Classcraft Education Inc., Simulearn LLC, Growth Engineering Ltd, Playgen Limited, Kuato Studios Inc., Recurrence Inc., Fundamentor Learning Ltd., Will Interactive, Cognite ToyBox Inc., Indusgeeks Learning Solutions Pvt Ltd, MLevel GmbH, Gametize Learning Labs Inc., Games2Train, SCVNGR Inc.
Game Based Learning Market 2024 Key Insights:
• The game based learning market size is expected to see exponential growth in the next few years. It will grow to $42.46 billion in 2028 at a compound annual growth rate (CAGR) of 25.0%.
• Game-Based Learning Market Surges With Emphasis On Personalized Education
• Game-Based Learning Market Flourishes With Strategic Partnerships
• North America was the largest region in the game-based learning market in 2023
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