New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gamification Global Market Report 2023" - https://www.reportlinker.com/p06443921/?utm_source=GNW
The global gamification market grew from $14.87 billion in 2022 to $18.63 billion in 2023 at a compound annual growth rate (CAGR) of 25.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gamification market is expected to grow to $46.44 billion in 2027 at a CAGR of 25.6%.
The gamification market consists of revenues earned by entities by providing structural gamification and content gamification.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Gamification is a method that helps to engage users by applying game mechanics, elements, and principles to non-game contexts in a better way.Gamification uses a sequence of functions and methods to solve problems by utilizing or applying game element characteristics.
The primary aim of using gamification is to improve and enhance the learning experience by incorporating a competitive element into it.
North America was the largest region in the gamification market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the gamification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of gamification market platforms are open platforms and closed or enterprise platforms.An open platform refers to a system that co-evolves with the environment and has a high level of uncertainty.
The on-platform system used in the learning or education industry provides players or users with the autonomy to make discoveries on their own.It is used by small and medium enterprises and large enterprises and is deployed in various modes, such as on-premise and on-cloud.
The several types of end-user verticals include retail, banking, government, healthcare, education and research, IT, telecom, and others.
The growing penetration of smartphones is expected to propel the growth of the gamification market going forward.Smartphones refer to a type of cellular telephone that can also perform computing functions.
These smartphones enable the user to access gamifying mobile apps anytime, anywhere, allowing them to compete with others and achieve their learning and winning objectives.For instance, according to the GSM Association, a UK-based mobile network association, in 2020, there were 68% of smartphone connections in Asia-Pacific, and they are expected to reach 83% by 2025 .
Therefore, the increase in smartphone penetration is driving the growth of the gamification market.
Technological advancements have emerged as a key trend gaining popularity in the gamification market.Major companies operating in the gamification sector are focused on introducing new technologies to sustain their position in the market.
For instance, in January 2022, Soffos, a UK-based technology company, launched TestMe, an AI-powered quiz-based training tool for corporate training managers and student exam preparation.It generates quiz-style open-ended tests that are uploaded onto the platform for users from any resource, where the users can speak or type answers in natural language.
This gamification element will help to keep the user engaged in exploring trending topics and sharing their progress with others throughout the study journey.
In March 2020, Genesys, a US-based software company, acquired nGUVU for an undisclosed amount. With this acquisition, Genesys aimed to add AI and machine learning-based gamification to its workforce engagement management suite. nGUVU is a Canada-based cloud-based provider of gamified solutions.
The countries covered in the gamification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gamification market research report is one of a series of new reports that provides gamification market statistics, including gamification industry global market size, regional shares, competitors with a gamification market share, detailed gamification market segments, market trends, and opportunities, and any further data you may need to thrive in the gamification industry. This gamification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06443921/?utm_source=GNW
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