LONDON--(BUSINESS WIRE)--According to Technavio’s latest report, the global gamification market is expected to exceed USD 6 billion by 2019 growing at a CAGR of over 48% during the forecast period.
Gamification uses the simple concept that humans are obligated to work while they want to play. If work can be created in the form of a game, then the employee will want to work. One of the major factors driving the market is the increasing number of companies finding value by investing in employee-engaging gamification techniques. In 2014, a majority of the top 2,000 companies had invested in gamification.
According to Soumya Mutsuddi, lead research analyst at Technavio for gaming, “The global gamification market is expected to witness considerable growth during the forecast period due to the market still being in its growth phase and a growing number of companies adopting gamification techniques.”
In this report, Technavio covers the present scenario and growth prospects of the global gamification market for 2015-2019. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. The market is segmented into the following three regions:
- Americas
- EMEA
- APAC
Americas: largest market for gamification
The gamification market in the Americas is expected to exceed USD 3 billion by 2019, growing at a CAGR of over 47%. The Americas was the market leader in 2014 and will continue to lead the market during the forecast period. The adoption rate of gamification applications is very high in this region as an increasing number of companies use gamification applications to gain a competitive advantage over their rivals, resulting in increasing investments.
North America accounted for the largest share of the global gamification market in 2014 and is expected to grow at a steady rate for the next five years. This is mainly due to the presence of adequate infrastructure and increased adoption of technologies among various segments in this region.
Latin America, in comparison to the rest of the region, depicts early signs of adoption of gamification. A majority of the industries are rapidly shifting to digitization and are actively trying to make equip themselves with the desired infrastructure, which will have a positive influence on the growth of the market.
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EMEA: online business model promotes growth of gamification
The gamification market in EMEA is expected to grow at a CAGR of over 45% with the majority of the revenue in EMEA being generated in Western Europe. The popularity of the online business model is the highest in this region, which provides huge scope for gamification in this region.
“The adoption rate of gamification is significantly high in Eastern Europe. One of the major factors influencing this is the high penetration of mobile gaming,” says Soumya.
The Middle East is the smallest market in this region and the penetration of gamification is the lowest. However, in 2013 leading gamification market vendors like Badgeville entered the region, as a result of which this untapped market is expected to grow during the forecast period.
APAC: largest untapped market for gamification
The gamification market in APAC is expected to exceed USD 3 billion by 2019, growing at a CAGR of over 54%.
APAC has so far been the smallest market for gamification due to various reasons such as cultural sensitivity and language barrier. For instance, gamers in Asia, are not lured by virtual rewards, for them the journey of the game should be intriguing. Language is a huge barrier even among the English-speaking population, as the word 'mission' can have a different effect compared to the word 'objective'.
Therefore, gamification models should exhibit understanding and respect for the cultural differences of Asia. One common example of a failed gamification model in APAC came from life insurance companies when they tried adding a specific game play to morbidity calculators. This model failed miserably in APAC as compared with the results in the rest of the world.
With an increasing number of companies focusing on regionalizing the gamification model, the market for gamification in APAC is expected to witness the highest growth during the forecast period.
Key Vendors:
- Badgeville
- BigDoor Media
- Bunchball
- Gigya
Some of the other prominent vendors listed in the report are: Cadalys, Gamify, IActionable, Lithium Technologies, Pug Pharm, Seriosity, and Spigit.
Browse Related Reports:
- K-12 Gamification Market in the US: Market Research 2015-2019
- Global Gamification Market 2014-2018
- Global Cloud Gaming Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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