Gamification Market to Touch $22.9 Billion by 2022: P&S Market Research

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NEW YORK, Aug. 03, 2017 (GLOBE NEWSWIRE) -- A new market research report titled “Global Gamification Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Application (Marketing, Sales, Product Development, Human Resource and Others), by Deployment Type (On-Premises and Cloud-Based), by Solution (Enterprise-Driven and Consumer-Driven), by End-User (Enterprise, Entertainment, Media, Consumer Goods, Retail, Education, Financial Services, Healthcare and Others)” published by P&S Market Research, uncovered that the global gamification market is expected to touch $22,913.0 million by 2022.

Valued at $1,698.7 million in 2015, the global gamification market is projected to grow at a CAGR of 41.8% during the forecast period, to touch $22,913.0 million by 2022. Factors boosting the market to grow to this level include growing involvement of people in social sites, high adoption of gamification in corporate and institutions, and growing penetration of gadgets and display devices.

Browse Detailed Report Summary at: https://www.psmarketresearch.com/market-analysis/gamification-market

The global gamification market has been segmented on the basis of application, deployment type, solution, and end-user.

Geographically, North America has been the largest contributor to the global gamification market revenue. Nevertheless, developing regions, which include Asia-Pacific, Latin America and Middle-East & Africa, are likely to show faster growth, during 2016 – 2022, compared with developed regions of North America and Europe.

Southeast Asian population has raised level of digital enthusiasm, which is depicted in rapid adoption of digital entertainment in the region. The rapidly growing market for mobile phones, tablets and laptops also shows the same. Almost 95% of people in Singapore and Malaysia have a personal computer or laptop. Also, 64% of Indonesian internet users regularly use social media, which exceeds the global average of 54%.  Every week, more than 50% of Southeast Asian internet users play online games, and six of every 10 of them play these on social sites. Thus, the growing population in Asia-Pacific along with people’s increased interest in gaming is likely to help the global gamification market touch new levels of success.

While elevated interest of people in gaming and their increased involvement in social networking sites is playing a major role in driving the global gamification market, growing penetration of gadgets and display devices is equally acting as a growth driver for it. Corporates and institutions are also increasingly adopting gaming, which is boosting the market growth significantly.

Passion for gaming, especially in Southeast Asia, is creating a major opportunity for the global gamification market. Besides, gamification application in both, consumer survey and opinions, is likely to create an opportunity for the market. Gamification has an increasing impact on learning as compared to traditional methods, since it makes learners feel more inspired and motivated through points and rewards. Researchers at University of Colorado conducted a study to analyse the impact of simulations and games on adult learners. They found that gamification offered 14% higher skill-based knowledge, 9% higher knowledge retention rate, and 11% higher factual knowledge, over conventional learning methods.

For improved customer engagement, various technologies and strategies are there, which may comprise real time performance feedback, points and scores, activity feeds, level progress, virtual gifts, avatars, activity feeds, being part of story, virtual currencies, progress bars, and competition with friends. Among all, level progress is the most preferred technique by gamification participants, which indicates crossing of difficulty levels to reach the next level.

The global gamification market has been witnessing continuous growth on the back of the endeavors of some major companies, including Gigya Inc., Microsoft Corporation, Lithium Technologies Inc., Knewton, Badgeville Inc., Kuato Studios, BigDoor Inc., SAP SE, Bunchball Inc., and Cisco Systems Inc.

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