CHICAGO, March 25, 2020 /PRNewswire/ -- According to a market research report "Gamification Market by Component (Solution and Services), Deployment (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Application, End-User (Enterprise-Driven and Consumer-Driven), Vertical, and Region – Global Forecast to 2025", published by MarketsandMarkets™, the Gamification Market size is projected to grow from USD 9.1 billion in 2020 to USD 30.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 27.4% during the forecast period.
The major factors driving the growth of the gamification market include rewards and recognition to employees over performance to boost employee engagement, provision of lucrative offers to the customers and consumers, and gamification yielding higher Return on Investment (RoI).
By component, the solution segment of the gamification market is projected to hold a larger market size during the forecast period
Gamification software uses game-based mechanics to engage people, promote learning, and solve problems. This software enables designing, creating, and managing gamified learning processes, which enhance the engagement of the users. Gamification involves two different approaches, which include the consumer-based approach and enterprise-based approach. In a consumer-based approach, the gamification solutions mainly focus on the general consumers who can be given benefits such as cashback, rewards, loyalty points, and interactive shopping experience to engage the consumers and increase their communication with the company. In the enterprise-based approach, gamification is widely used for employee training, sales enhancement, product development, and support, among others.
By organization size, the SMEs segment to record a higher growth rate during the forecast period
The rising usage of cloud for the deployment of gamification solutions has led to the increasing adoption of these solutions among Small and Medium-sized Enterprises (SMEs). The gamification solutions are high in cost and are involved in nature. However, the availability of these solutions on the cloud has reduced this problem of cost as cloud-based solutions are less expensive compared to the on-premises solutions. SMEs have to focus on their budget constraints; so, they prefer cloud-based solutions available in the market. The SME criteria may also be based upon various metrics such as revenue generated and ownership structure. These organizations have one or more full-time employees dedicated to managing their data and IT infrastructure. Cloud-based solutions are developed, keeping in mind the limited budget of SMEs.
APAC to record the highest growth during the forecast period
APAC is growing at a faster rate in comparison to the other regions. Moreover, the countries mainly Australia and New Zealand, Japan, China, and India are prominently adopting technologies and solutions within the organizations for increasing profits along with employee satisfaction. The companies in the APAC region are demanding solutions that can help them improve their customer reach. Further, the newly-established companies in this region need those solutions that can assist them in accelerating their marketing activities and increase revenue promptly. Gamification can help companies in this region by providing them techniques to build goodwill in the market. The solutions, such as virtual badges, reward points, and club cards, are helping customers stay with the same brand for a more extended period. Furthermore, the adoption of emerging technologies and the enhancement in the economy of many countries such as India and China are driving the adoption of gamification. The lack of knowledge about gamification techniques is restraining the growth of its solutions in this region.
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