The process of applying game mechanics to the other non-game applications is known as gamification. In fact, it has become a big business across various industries. The game applications deliver engaging mechanics, which can be used for making other applications interesting and attractive. Gamification market has redefined the concepts of customer loyalty and engagement in the business environments. These customer friendly tools are very flexible to use and they provide great motivational drive as far as productivity of the enterprises is concerned. These solutions have taken various industries by storm, which clearly indicates a great future for the businesses as well as the customers.
Early adoption of gamification is paying off well for various key players in the gamification market. Apart from the topnotch players, many business startups have boosted the revenue channels and opportunities in the market. Companies across the world are looking forward to this exciting transition and converting their businesses into exciting ventures for the users as well as their own employees. Gamification is the latest sensation amongst ecommerce websites, enterprises, social networking websites and all the other websites with elements of fun and competition. User stickiness is the basic aim and achievement that enterprises and businesses can achieve with help of gamification.
Segmentation in this market is based on the type of end users, service customers, deployment models, services, business verticals and basic applications. Distinct trend is also visible in terms of geographical demands of gamification solutions. Various businesses, enterprises and customers are the end-users of these applications. As far as service, customers are concerned, small and medium businesses and large enterprises benefit from these solutions. On demand and on premise usage of gamification makes is flexible for the enterprises and provides them the control of access, whenever they want. Gamification acts as social connectors within the enterprise and amongst customers.
This service can also be used as enterprise application integrable service. Government and public sector, finance, banking and insurance, education, travel and logistics, consumer goods and retail, high-tech, energy power, entertainment, pharmaceuticals and healthcare are the major business verticals for the gamification market. As far as geographical demand for these solutions is concerned, North America tops the market with maximum demand and supply. Other markets including Europe, Latin America, Asia-Pacific and Middle East and Africa have also recorded significant rise in demands and business opportunities for the same.
The forecasting trends for the market are also exciting with an estimated CAGR of 67.2% for the next five years. Experts indicate that Gamification market is likely to grow at more than 67.2% of CAGR, which will take it to a whopping $5.50 billion in 2018. It is currently poised at $421.3 million.
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