Gamification is an interesting process of using game mechanics and game thinking in contexts other than games. The basic purpose of this method is to engage the audience or users to solve the problems and improve user engagement, data quality, learning abilities, timeliness and return on investments of a business. Although relatively a new technology, the gamification market is gaining momentum with rising demand and impressive growth in the applications. This technology thrives to leverage natural desire for competition, achievement and self-expression among the users, which makes it a vital tool for marketing as well as market research. This knack of addressing the basic human instinct is expected to be the strong driver for rapid adoption of this technology.
Segmentation in Gamification Industry
The global gamification market is segmented on the basis of several vital elements, which include the types of solutions, and deployment across different industrial verticals and demand across different geographic segments. Solutions provided by the industry include platform and service providers, mobile SDK, open source platform and others. Industrial verticals with maximum applications of gamification include BFSI, public sector, retail and consumer goods, publishing and media, high-tech, healthcare, entertainment and others. Platform and service provider segment has maximum prospects for growth. Among verticals, retail industry is expected to have the maximum growth rate in the near future.
Trends and Forecasting
Researchers analyze the global gamification market based on the aforementioned segments. This analysis provides details about the market trends, opportunities, competition and challenges in the industry. According to the similar research reports that study the global market for the projected period of next four to five years (2013 to 2018), the global market is poised to make remarkable growth at an estimated CAGR of over 67% by 2018. During the forecasting period of next four years, the market is expected to grow from $421.3 million in 2013 and reach past $5.50 billion by the end of 2018. As mentioned before, retail and platform and service provider segments will dominate the industry.
Success rate of early adopters, growing investments from key players and rising demand from emerging markets are creating greater business opportunities in the gamification market. These services provide performance management tools for the respective enterprises and ensure employee engagement, communication, consumer loyalty and motivation. Constant evolution in gamification technology is expected to provide global presence to the technology, which will influence the growth trends and revenue channels in the industry.