Market Size of Gamification Industry
|2019 - 2029
|Market Size (2024)
|USD 15.43 Billion
|Market Size (2029)
|USD 48.72 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Gamification Market Analysis
The Gamification Market size is estimated at USD 15.43 billion in 2024, and is expected to reach USD 48.72 billion by 2029, growing at a CAGR of 25.85% during the forecast period (2024-2029).
The exponential growth in smartphones and mobile devices directly created a vast base for the gamification market. The increasing recognition of gamification systems also supports this growth as a method to architect human behavior to induce innovation, productivity, or engagement.
- The increasing popularity of smartphones has greatly broadened the possibilities for gamification. The migration of customers and staff from desktop computers to mobile phones and internet devices provides a lucrative platform for banks to grab consumer interest with a higher likelihood of conversion and usage.
- Furthermore, connections with social networking sites have enabled users to share their experiences with friends, acquaintances, and coworkers, extending the platform's reach and efficacy. Another benefit is that mobile applications allow marketers to send out surveys, even if they are only one question long, allowing them to collect firsthand data from their target audience members and tailor their efforts accordingly. Recent MIT research, for example, found that agile organizations experience faster revenue growth and 30% higher profitability than non-agile organizations.
- According to a study on the use of gamification in businesses, it is frequently done in the most generic ways. They employ point systems, leaderboards, and badges in any process rather than designing experiences that balance competition and collaboration. This omission in developing the meaning of this method is expected to result in 80% of the efforts in companies that have used it.
- Furthermore, the adoption of advanced technologies such as AI and ML is expected to gain traction in the coming years, with vendors and enterprises focusing on developing solutions that learn and become more intuitive and effective over time. Vendor investment in the technology is expected to increase in the coming years.
- The gaming industry saw a global spike in mobile game demand since the COVID-19 outbreak, and the statewide shutdown impacted several companies. Smartphone users downloaded various games and other apps during the recent statewide lockdowns imposed nationwide. The Russia-Ukraine conflict also influenced the wider packaging ecosystem.