by The global gamification market, which recorded approximately $10 billion in revenue in 2020, continues its upward trajectory, poised for impressive growth in the coming years. This growth is significantly influenced by the widespread adoption of augmented reality (AR) and virtual reality (VR) technologies, along with the integration of gamification solutions into the education technology (EdTech) sector.
EdTech Revolutionizes Learning with Gamification
In recent times, various industries have undergone significant transformations, with the education sector experiencing a digital renaissance. The COVID-19 pandemic, while presenting challenges to businesses, accelerated the digitization process. Educational institutions worldwide turned to virtual and online learning as a means of continuity. This shift fueled the adoption of gamification solutions, powered by technologies like AI, machine learning, IoT, and big data. Gamification enhances the learning experience by enabling learners to retain knowledge and apply it in real-world scenarios. As perceptions evolve, gamification is increasingly recognized for making learning more effective and efficient.
AR and VR Technologies Amplify Gamification
Investments in augmented reality (AR), virtual reality (VR), and mixed reality technologies continue to shape the global gamification market. Companies are leveraging these advanced technologies to enhance customer experiences. Retail giants like Walmart and Amazon, for example, use AR and VR to elevate their customers shopping experiences, fostering engagement both in-store and online. Moreover, AR and VR are finding applications in employee training programs, reducing incidents and improving overall safety awareness. This trend underscores the growing adoption of AR and VR, bolstering the gamification markets growth.
Cloud-Based Deployment Facilitates Growth
Cloud-based deployment is gaining traction due to its functional and operational advantages. Small and medium-sized businesses are increasingly seeking reliable and secure solutions, driving the adoption of cloud-based gamification. Various sectors, including e-commerce, retail, BFSI, and education, are transitioning to cloud-based infrastructure to provide collaborative experiences to consumers. The ease of installation, low implementation costs, and maintenance benefits are further propelling the adoption of cloud-based gamification solutions, contributing to the markets growth.
North America Leads the Charge
North America, particularly developed nations, is poised to dominate the global gamification market. The regions well-established communication network, inclination toward adopting novel technologies, rising smartphone users, and growing Internet traffic in sectors like e-commerce and retail are catalysts for market expansion. Additionally, the presence of technology giants such as Cisco Systems, Oracle, and Salesforce drives gamification adoption. North America is expected to lead the market in terms of both revenue and volume in the coming years.
Competitive Landscape
Key players in the gamification market are strategically collaborating and forming partnerships to solidify their positions. For instance, in 2020, AVEVA and Axonify Inc. joined forces to provide adaptive microlearning solutions, showcasing the power of digitization in delivering personalized learning experiences. Cognizants acquisition of Tin Roof Software in the same year expanded its digital engineering services portfolio.
Prominent companies 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.
As the gamification market continues its remarkable growth journey, fueled by technological advancements and evolving educational paradigms, it remains an exciting sector to watch in the years ahead.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/gamification-market
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This press release first seen on Brilad
COMTEX_442320064/2840/2023-10-23T08:21:17
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.