The global gamification market is expected to grow from an estimated $1,698.7 million in 2015, and reach $22,913.0 million by 2022, growing at a CAGR of 41.8% during 2016 – 2022. The global gamification market is being driven by several factors, such as increasing adoption in corporate and institutions, increasing penetration of display devices and gadgets, and people’s growing engagement with social networking sites. The key opportunities observed in the global market include passion for gaming in Southeast Asia and application of gamification in consumer survey and opinions.
North America dominated the global gamification market in 2015; however the developing regions including Asia-Pacific, Latin America and Middle-East & Africa is expected to grow at higher pace, as compared to the developed regions including North America and Europe.
The impact of gamification in learning over traditional methods has been increasing. The learners in industries and institutions feel more motivated by learning through points and rewards. According to a study conducted by University of Colorado on the impact of simulations and games among adult learners, gamification techniques offer 14% higher skill-based knowledge, 11% higher factual knowledge, and 9% increase in knowledge retention rate, over the traditional methods of learning.
There are several gamification technologies and strategies of customer engagement, including level progress, points and scores, real time performance feedback, progress bars, activity feeds, competition with friends, virtual gifts, being part of story, avatars, and virtual currencies. Approximately 30% of the gamification participants are observed to prefer level progress among all gamification techniques. Level progress refers to crossing the difficulty levels for reaching the next level.
The population in Southeast Asia has high level of digital enthusiasm. The population in the region readily adopts digital entertainment. The swift growth rate of market for laptops, mobile phones and tablets is the key indicator for this. About 95% of the population in Singapore and Malaysia own a laptop or personal computer. About 64% of the internet users in Indonesia are also regular users of social media, which is much higher than the global average 54%. Nearly half of the internet users in Southeast Asia play online games every week, of which every 6 of 10 play them at social networking websites. The growing population of Asia-Pacific and the interest of the population in the region towards gaming is expected to significantly boost the growth of the gamification market during the forecast period.
The key companies operating in the global market include Badgeville Inc., Gigya Inc., Bunchball Inc., Kuato Studios, SAP SE, Cisco Systems Inc., Microsoft Corporation, BigDoor Inc., Knewton, and Lithium Technologies Inc.
News Courtesy: P&S Market Research