Gamification Market Sees a Tremendous Rise in CAGR 24.9% Growth and Analysis Forecast 2020-2027

 

Gamification Market

Gamification is the process of incorporating game-like mechanics into various settings such as company websites, businesses, workplaces, online communities, and so on. The primary goal of gamification software is to engage employees, customers, players, and partners, encouraging them to work towards their objectives. This software contributes to the development of community entertainment, interaction, and a team-building environment. This software assists organisations in developing interactive and task-based activities to motivate employees to achieve their objectives.

The gaming-based solution is also useful for employee training and the recruitment process. Furthermore, customers can get information about the product and brand through this solution, which helps businesses maintain long-term relationships with customers. For example, Service Corporation International, a funeral goods and services provider based in the United States, saw an 89% increase in closing deals after implementing gamification software. During the forecast period, these factors are expected to drive Gamification Market growth.

The gaming-based solution is also useful for employee training and recruitment. Furthermore, customers can obtain information about the product and brand through this solution, allowing businesses to maintain long-term relationships with their customers. For example, Service Corporation International, a funeral goods and services company based in the United States, saw an 89% increase in closing deals after implementing gamification software. These factors are expected to Drive Market Growth during the Forecast Period.

The Global Gamification Market Was Valued At Us$ 7.6 Bn In 2019 And Is Expected To Reach Us$ 38.3 Bn By 2027 At A CAGR Of 24.9% Between 2020 And 2027.

Walmart promotes its products by utilising augmented reality gamification technologies. For example, in May 2017, Walmart announced a collaboration with Strivr Labs Inc. to provide virtual reality training to its employees. This virtual training is provided to all employees in 200 centres across the United States in order to teach them about valuable customer service. Retailers are also using this technology to engage customers both inside and outside of their stores. Furthermore, Tyson Foods, Inc. announced a collaboration with Strivr Labs, Inc. in September 2018 to provide employees with safety and hazard awareness training using VR technology. VR technology is being used in the company's training sessions. In 2017, this training reduced injuries and illnesses by 20% when compared to previous training.

Furthermore, immersive technologies such as AR, VR, and MR are being used in a variety of industries to provide safety training, e-learning, performance management, and other services. For example, Exxon Mobil Corporation, a multinational oil and gas company headquartered in the United States, used virtual reality technology to provide employee safety training in April 2019. Furthermore, the complexity of designing gamification software is expected to stymie the growth of the Gamification Market. It was discovered that designers failed to create unique and advanced designs to meet the needs of the organisation. This could slow the market adoption of these solutions. As a result, accurate design with proper implementation is required to achieve desired results. During the forecast period, these factors are expected to impede market growth.

Top Companies involved 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

For more details, Read the Press Release- https://www.coherentmarketinsights.com/press-release/gamification-market-3555

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