Gamification Market Primed for Exponential Growth, Aiming to Double Revenue by 2027
EdTech Innovations and AR/VR Integration to Propel Gamification Market
The global gamification market, boasting approximately US $10 billion in revenue in 2020, is set to experience robust growth in the coming years, driven by the widespread adoption of augmented reality (AR) and virtual reality (VR) technologies. Key catalysts for this growth include innovations in the education technology (EdTech) sector and the seamless integration of AR and VR technologies into gamification solutions.
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EdTech Transformation Catalyzes Gamification Market Expansion
The recent upheavals across industries, including the disruptive impact of the COVID-19 pandemic, have led to significant changes. Amid the crisis, businesses underwent rapid digitization, with the education sector witnessing a complete transformation. The closure of schools and educational institutions during lockdowns spurred the demand for virtual learning solutions. Technologies such as artificial intelligence (AI), machine learning, Internet of Things (IoT), and big data have paved the way for gamification solutions in education. By utilizing gamification concepts, learners can retain knowledge and apply it to real-world scenarios. Gamification has emerged as a powerful tool to enhance the effectiveness and efficiency of learning, making it a driving force in the evolution of EdTech.
As the EdTech sector experiences continuous innovation, gamification is poised to play a pivotal role in shaping the industrys future, thereby fueling growth in the global gamification market. As individuals increasingly turn to digital and online learning solutions, EdTech platforms and smart classrooms are leveraging advanced technologies to introduce innovative concepts like gamification. The pandemic acted as a catalyst for the expansion of online learning, prompting educational institutions and EdTech platforms to adopt online and hybrid learning models.
AR and VR Technologies Unlock New Avenues for Gamification
Rising investments in augmented reality (AR), virtual reality (VR), and mixed reality technologies are reshaping the global gamification landscape. Providers of gamification solutions are capitalizing on these advanced technologies to enhance customer experiences. Major e-commerce players such as Walmart and Amazon are leveraging AR and VR to elevate the shopping experience for customers. Walmart is also integrating gamification to promote its products, fostering customer engagement both within and outside of retail environments. The immersive capabilities of AR and VR technologies are not limited to customer engagement; they also find applications in employee training. Walmart partnered with Strivr Labs Inc. to provide employee training through VR technology, minimizing injuries and providing efficient training experiences. The growing prevalence of AR and VR technologies is transforming employee training, thus driving the growth of the gamification market.
Cloud-based Deployment Amplifies Gamification Market Revenue
Cloud-based deployment is gaining traction due to its numerous operational advantages. The demand for reliable and secure solutions, particularly among small and medium-sized businesses, is fueling the adoption of cloud-based deployment. Organizations in various sectors, including e-commerce, retail, BFSI, education, and more, are transitioning to cloud-based infrastructures to deliver collaborative consumer experiences. The ease of installation, low implementation costs, and minimal maintenance associated with cloud infrastructures are accelerating the adoption of cloud-based gamification solutions, thereby bolstering the growth of the gamification market.
North America Continues to Lead Global Gamification Market
Developed nations in North America are poised to maintain a significant revenue share in the global gamification market. This is attributed to their well-established communication networks and their propensity to embrace innovative technologies. The regions increasing smartphone user base and growing internet traffic in sectors like e-commerce and retail will contribute to the expansion of the gamification market. Robust economic growth and the proliferation of technology firms further support the demand for gamification solutions. The presence of consumer-centric giants like Cisco Systems, Oracle, and Salesforce drives the adoption of gamification in North America, solidifying the regions position as a leader in the global gamification market.
Gamification Market: Competitive Landscape
Key players in the gamification market are actively forging collaborations and partnerships to enhance their market presence. In 2020, AVEVA partnered with Axonify Inc. to offer adaptive micro-learning as part of AVEVA Unified Learning powered by AI. This strategic partnership positions AVEVA as a leader in digitization-driven micro-learning solutions. Similarly, Cognizants acquisition of Tin Roof Software in September of the same year expanded its digital engineering services.
Notable players in the gamification market include Cognizant, Callidus Software Inc., MPS Interactive Systems Limited, cut-e GmbH, Microsoft Corporation, Hoopla, SAP SE, Xoxoday, BI Worldwide, Khoros LLC, Verint Systems, Mambo Solutions Ltd., and Centrical.
Browse Gamification Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/gamification-market
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COMTEX_438661712/2840/2023-08-18T03:06:29