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The Gamified Augmented And Virtual Reality Is Fastest Growing Segment Fueling The Growth Of Gamification Market

Pooja Khodke
The Gamified Augmented And Virtual Reality Is Fastest Growing Segment Fueling The Growth Of Gamification Market

The global Gamification Market is estimated to be valued at Us$ 18.5 Bn in 2023 and is expected to exhibit a CAGR Of 24.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Gamification involves applying game design elements and game mechanics to nongame applications to improve user engagement, motivation and loyalty. It uses concepts like point scoring, competition with others, solving puzzles to make educational, marketing and business activities more engaging and fun for the users. Gamification has gained traction across many industries like education, healthcare, retail, media and advertising to enhance customer and employee engagement.

Market key trends:

The increasing use of augmented and virtual reality in gaming is driving the growth of gamification market. Gamification using augmented reality allows integration of digital components such as rewards, achievements and scores into real world environments and helps in providing immersive experiences to the users. Similarly, virtual reality enables creating of virtual 3D environments where users can participate through their virtual avatars. The ability of augmented and virtual reality to offer engaging and interactive experiences is fueling the adoption of gamification across various industries. Organizations are leveraging gamified AR/VR to enhance consumer/employee motivation, productivity and retention through real-world interactions inspired by game mechanics and principles. The growing digitalization trends and demand for immersive experiences are projected to propel the gamified augmented and virtual reality segment over the forecast period.

Segment Analysis

The global gamification market is segmented based on solution, deployment mode, end user, and region. Based on solution, the market is segmented into enterprise-driven solution and consumer-driven solution. The enterprise-driven solution segment dominates the market as it helps businesses to improve employee productivity and engagement. Based on deployment mode, the market is categorized into on-premise and cloud. The cloud segment holds a larger share as cloud-based gamification solutions provide flexibility and scalability.

Key Takeaways

The Global Gamification Market Size  is expected to witness high growth, exhibiting a CAGR of 24% over the forecast period, due to increasing employee engagement in organizations.

Regional analysis

North America dominates the gamification market, accounting for around 40% share of the overall market revenue. This is attributed to the presence of major gamification vendors such as Microsoft, SAP, and BI WORLDWIDE in the region. Asia Pacific exhibits the fastest growth due to rapid digitalization and increasing adoption of gamification solutions across industries in countries such as China and India.

Key players

Key players operating in the gamification market are Cisco Systems, Inc., Microsoft, SAP, Facebook, Inc., BI WORLDWIDE, Verint, Risk Management Solutions, Inc., hoopla, Mambo Solutions Ltd., Centrical, LevelEleven, MPS Interactive Systems Limited, Influitive, Launchfire Interactive Inc., 2020 Gamifier, Inc., Actionable, Xoxoday,NIIT, Cognizant, Tango Card. Inc., and Khoros, LLC. Major players are focusing on newer product launches and partnerships to strengthen their global presence.

Read More : https://www.insightprobing.com/rising-technology-adoption-to-augment-growth-of-the-global-gamification-market/

Pooja Khodke
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