Gamification Market Expected to Reach $5.5 Billion By 2018

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.

Gamification addresses the basic human instinct to get enticed by any novel, competitive, rewarding and fun idea, similar to what they experience while playing any game. It inculcates game mechanics such as points, badges, levels, ranks, avatars, virtual goods and a host of other motivational mechanics, most of them used in combination with each other or as a chain of events with one reward leading to another, on any existing website, e-commerce portal or enterprise application. It also refers to the social layer that involves engagement and loyalty, which exists on any enterprise or consumer-facing application. Gamification at its core is a marketing tool, which is used to engage customers to a particular brand in consumer gamification and engage employees with the organizational strategies and plans in employee gamification.

While consumer gamification drives consumer purchases and new referrals from the prospective customers; employee gamification can drive employee motivation to align their behavior with organizational strategies, tasks and disciplinary plans thereby resulting in better acceptance of management plans along with increased productivity and low attrition. These solutions provide businesses with several advantages including increased transparency, better communication of business ideas and information, quicker adoption and alignment of management interests with end-user motives and quicker ROI at the core of the process.

Though these Gamification markets can exist independently, but the playing fields are the same. It is penetrating every industrial vertical. It is not only restricted to the entertainment industry now but It also has its presence in other sectors such as Healthcare, Retail, Education, BFSI and High-Tech Enterprises.

The market is broadly segmented by type of Solutions as Platform and Service Providers, Open source platforms, Mobile SDK, and others. The platform and service providers have the largest market share in the Gamification market. Open Source Platform providers segment is expected to grow at a high rate in the forecast tenure.

The Gamification market has been segmented by type of industry verticals. These verticals are the Public sector, High-Tech, BFSI, Consumer Goods and Retail, Media and Publishing, Entertainment, Healthcare and Others. Among these verticals, the retail sector is expected to lead the growth having the largest market size followed by the healthcare and Pharmaceuticals sector.

In the current market scenario, it is observed that marketers face the challenge of approaching consumers or businesses with the idea of gamifying their enterprise or business applications. However, this trend is expected to change considering the fact that the success rates of organizations already implementing Gamification will inspire others as well to tread the path.

There are various assumptions that we have taken into consideration for market sizing and forecasting exercise. Few of global assumptions include political, economic, social, technological and economic factors. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.

Gamification solutions are fast gaining pace in the current engagement and loyalty ecosystem. These solutions are positioned as flexible and user-friendly tools that are focused on enhancing employee motivation or customer stickiness across all applications. Enhanced employee motivation drives overall employee productivity in gamification of enterprise applications. Customer stickiness drives customer acquisitions in the gamification of consumer facing applications.

The success rates of early adopters such as Bunchball, Foursquare, BigDoor Media and Badgeville have accelerated the growth of Gamification market. The emergence of hundreds of startups in this domain bears witness to this growth spurt for this market. Companies, across the world, are looking at gamifying their applications, both consumer facing applications as well as enterprise driven applications.

This solutions provide enterprises, e-commerce sites, websites or social sites with the fun and competitive elements that ‘game mechanics’ in this solution possesses. This, in turn, ensures user stickiness to any application. The solution acts as a performance management tool for evolving businesses, while also ensuring engagement, in terms of employee motivation in organizations and consumer loyalty in e-commerce applications. While consumer gamification market has been widely accepted and has emerged as a major market; enterprise gamification market is being adopted at a slower pace.

The lag in implementation of enterprise gamification market can be attributed to the fact that the term is highly misunderstood amongst a majority of companies, often linking it to social games. However, organizations are slowly taking note of the immense potential of gamification. This technology has the potential to evolve and revolutionize workplace dynamics altogether. Globally, organizations and brands are yet to realize the obvious benefits.

The highlight of this solution remains its game design or game mechanism used along with the user engagement analytics which have to be monitored at a constant rate.

Contact Details

Company Name: MarketsandMarkets
Issued By: Nilkanth Rathod
Phone: 9665321159
Address: UNIT no 802, Tower no. 7, SEZ Magarpatta city, Hadapsar
City: Pune
State: Maharashtra
Zip: 411013
Country: India
Website: Visit the website

Keywords : Gamification Market, Enterprise Gamification Market, Consumer Gamification Market,

by Nilkanth Rathod (few years ago!)

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