Gamification Market To Reach USD 70.4 Billion by 2030| MENAFN.COM

Friday, 03 February 2023 09:08 GMT

Gamification Market To Reach USD 70.4 Billion by 2030


(MENAFN- P&S Intelligence) A market research firm, P&S Intelligence, the value of the gamification market was USD 12.4 billion in 2022, and it will power at a brisk rate of 24.2% in the years to come, for reaching USD 70.4 billion by 2030.

The growth of the industry has a lot to do with the rapid acceptance in the corporate sector, incorporation of social media with games, and increasing requirement for enhancing the customer experience.

Enterprise-driven solutions have the larger share, about 55%, credited to the increasing requirement for gamification solutions amongst enterprises for keeping employees in good spirits at work, through the integration of gaming elements in the activities of workforce engagements.

Likewise, the requirement for consumer-driven solutions will grow by the end of this decade because of their growing acceptance by companies for improved customer engagement, eventually, for achieving improved brand loyalty.

Cloud deployment will register the higher rate, over 20%, because of the high acceptance of the cloud computing technology amongst organizations on account of the increasing requirement for configurable gamification platforms, for maximizing ROI.

Furthermore, the increasing pace of progressions in the cloud technology and its exclusive features, including easy setting up and maintenance, are powering the growth . The low cost of implementation of cloud-based solutions will also boost industry growth in the years to come.

The marketing category had the largest share, because of the growing emphasis of companies on improving methods of data collection for strategic planning, improving engagement of consumers with the brand, for encouraging a repetitive buying behavior, and rising awareness of the brand.

The use of gamification for marketing can allow effective long-term engagement, relationship management, and communication with targeted clienteles.

With such strategies, customers are given specified tasks, and after the completion of these, rewards are given. The rewards can be loyalty cards, memberships, and redeemable points. These marketing efforts can help in the formulation of a incessant relationship with customers, something firms across industries wish and pursue.

The retail and e-commerce sector adopting gamification solutions at pace for improved customer engagement and, eventually, augmented product sales and enhanced brand loyalty. Also, retailers use these solutions for gathering insights, of the customers which they examine for understanding their requirements and preferences.

Also, the gamification market will grow the fastest in the media and entertainment category in the future. This is mostly credited to the increasing emphasis of companies on improving the user engagement with the product.

North America has the largest share, over 40%, credited to the growing IT spending, increasing count of startups, early implementation of cutting-edge technologies for marketing applications, product development, increasing requirement for AI–based personalized gamification solutions, and increasing emphasis of companies for enhancing employee performance and engagement of customers.

It is because of the rapid acceptance of gamification in the corporate sector, the demand for the same will increase rapidly in the future.

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