Gamification is an interesting process of applying game mechanisms to non-game programs and applications. Gamification has taken the world by storm and has increasing applications across different industrial verticals. Various new organizations are plunging into the global gamification market, which has also increased the global demand and innovations in terms of technology in this industry. According to the experts, the market will grow at a whopping compound annual growth rate, which is a great sign for the new entrants and existing players in gamification industry. Wide range of application and constantly evolving technology are the two touch points of this industry.
Strong Business Prospects for Gamification Technology
Recent boom in the global information technology sector is the greatest boost for numerous technological advancements including gamification. Apart from the IT boom, gamification has gained a lot of influence from the increasing importance of social programming, social media and social networking and cloud-based services. Increasing adoption from leading organization is also encouraging small and medium businesses to switch to gamification. When it comes to understanding the current trends and forecasting reports for the global gamification market, one needs to understand the basic aspects of the industry, which include drivers, segmentation, geographical demand and threats to the blooming industry.
Segmentation in Gamification Industry
Basic segmentation in the industry is loosely based on the types of end users, deployment models, service consumers, solutions, business verticals and geographical demands. On the basis of the types of end users, the industry is segmented into enterprise and consumer gamification. The industry serves all types of businesses including small and medium businesses and large organizations. Based on the types of deployment models, the industry is divided into hybrid, on-premise and on-demand deployment. The types of services offered by the industry include social connectors and enterprise applications integrable services.
By types of solutions, the market is divided into gamification platforms, service providers, mobile SDKs and open source platforms. Industrial verticals making use of gamification technology include education, government, public sector, telecom and IT, financial services, consumer goods, energy, power, utilities, healthcare, pharmaceuticals, travel, logistics and various other sectors. Based on geographical demands, the market is segmented into six segments, namely, North America, Europe, Asia Pacific, China, Latin America and Middle East & Africa.
Market Trends and Forecasting Reports
According to the current market trends, the gamification market is expected to witness a remarkable growth in terms of revenue and business opportunities. Researchers claim that the market will grow at an outrageous CAGR of more than 67% from 2013 to 2018. At this rate, the market will become worth $5.50 billion by 2018. As of 2013, it is poised at $421.3 million in 2013. Increasing global trend of incorporating fun and competitive aspect to their applications are driving the global industry.