Gamification Market is Estimated to Grow from $ 421.3 Million in 2013 to $5.502 Billion in 2018 – New Report by MarketsandMarkets
(PRWEB) July 02, 2013 -- Gamification, despite the great deal of hype and glory, is amongst the most misunderstood catchphrases in the industry. Gamification Market has significant potential that can change the dynamics of employee engagement, rewards and recognition and customer loyalty, globally. The mechanics of gamification, that is, rewarding people with points and other incentives, have been around since ages; it is the explosion of the digital world which has made marketers and product managers think of it as a packaged motivational tool.
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While just plain points, badges and other virtual goods may not have long lasting user engagement effects in gamification; they serve as an appropriate reward system, equipped with user attention grabbing techniques and immersive graphics technology, which can enable user engagement, over a period of time. Immersive digital technology implies the use of creative gaming dashboards, which imitate real life games such as golf, baseball or Farmville to be designed within and in sync with enterprise applications or the consumer brand which it is to be engaged with.
Global adoption trends and a prominent pervasiveness across most verticals are clear indications of a positive growth, as early adopters have emerged as brand names in this sector, startup companies are trying to pack in a punch with their product uniqueness and grab the limelight in this highly fragmented market. Multiple vendors have sprung in the gamification market over the past two years with the notion of just applying game mechanics such as points, badges and other virtual rewards to non-gaming applications, however the companies which would find a balance between proper Gamification design and which would continuously evolve over time, fine-tuning itself and finding the perfect balance between satisfying both the management or brand needs and also satisfying the consumers or employee needs without making the latter feel cynical or disadvantaged, will stand the real test of time.
The Gamification Market is broadly segmented by type of end users : Consumer Gamification and Enterprise Gamification, Deployment models: On-premise, On-demand and Hybrid, By type of service consumers: Small and Medium Businesses (SMB), Large Enterprises; By type of Services: Enterprise Applications Integrable Services and Social Connectors; By type of Solutions: By Gamification Platform and Service Providers, Open source platforms, Mobile SDK; By type of verticals: Public Sector and Government, Financial Services, Consumer Goods and Retail, Telecom and IT, Media and Publishing, Energy Power and Utilities, Healthcare and Pharmaceuticals, Entertainment, Travel and Logistics, Education, and other sectors; By regions: North America (NA), Asia Pacific and China (APAC), Europe (EU), Middle East Africa (MEA) and Latin America (LA).
The Gamification market is estimated to grow from $ 421.3 million in 2013 to $5.502 billion in 2018. This represents a compound annual growth rate (CAGR) of 67.1% from 2013 to 2018. In the current scenario, the ‘consumer goods and retail’ vertical continues to be the largest adopter of gamification solutions. In terms of regions, North America is expected to be the biggest market, followed by Europe and Asia-Pacific.
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