The global gamification market to decline at a compound annual growth rate (CAGR) of 30.37% by 2021, according to new research.
The study, from MarketResearchNest.com look at the global gamification market’s future prospects between 2017 and 2021 by looking at some of the key players in the market, such as BADGEVILLE, BigDoor Media, Bunchball,Gigya, Cadalys, IActionable, Lithium Technologies, PUG PHARM, and Seriosity.
Gamification implements game mechanics in a non-gaming context to drive user engagement and solve problems. Some of the popular game mechanics include badges, reward points, ranking, and challenges. The objective is to engage users through a gaming environment.
This is an effective technique because people have been trying to merge work with play in many aspects such as loyalty programs of businesses, educational video games, and rewarding schoolchildren for homework.
Growth of customised gamification marketing
One trend in the market is increasing penetration of customised marketing. It is a huge challenge for any brand to spread the information of the products and market.
Considering the diverse population, doing the same has become more sophisticated. Customers not only browse the internet for entertainment but also for information related to online shopping. Buyers role is no longer limited to being an online shopper but a technical consultant for the rest of the population who are planning to make a purchase.
According to the report, one driver in the market is increased requirement for data on customer behaviour. The competition among businesses is high because of increased customer demands and pricing pressures.
This provides businesses lesser opportunities to design a support process that can yield high-speed results.
Gamification is the support process that can provide businesses with a competitive advantage as they try to react to the changing business environment and customer preference. Gamification applications can enhance customer engagement by providing real-time information about consumer behaviour.
Further, the report states that one challenge in the market is gamification can be ineffective. Gamification is a popular market, and an increasing number of businesses and investors want to enter the market.
However, there are very few vendors that make a significant impact in the market as the majority of the vendors still struggle to provide optimal solutions for organizations seeking gamification.
Considering the varying requirements of organisations, each of which has a different level of hierarchical structure, several gamification solutions offer similar features and options. This is only effective for a few companies as the rest of the companies have trouble applying this business model.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Source: www.MarketResearchNest.com