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Gamification Market Growing at a CAGR 16.7% | Key Player Braintree, CyberSource, Elavon, Index, Intelligent Payments

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Gamification Market Growing at a CAGR 16.7% | Key Player Braintree, CyberSource, Elavon, Index, Intelligent Payments

April 23
12:17 2020
Gamification Market Growing at a CAGR 16.7% | Key Player Braintree, CyberSource, Elavon, Index, Intelligent Payments

Microsoft (US), SAP (Germany), BI WORLDWIDE (US), Verint (US) Aon (UK), Hoopla (US), Centrical (US), Mambo.IO (UK), MPS Interactive Systems (India), Influitive (Canada), LevelEleven (US), Ambition (US), Axonify Inc. (Canada), Gamifier (Latin America), IActionable (US), Khoros (US), Scrimmage (US), Xoxoday (India), Tango Card (US), and NIIT (US
Gamification Market by Component (Solution and Services), Deployment (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Application, End-User (Enterprise-Driven and Consumer-Driven), Vertical, and Region – Global Forecast to 2025

The Gamification Market size is projected to grow from USD 9.1 billion in 2020 to USD 30.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 27.4% during the forecast period. The major factors driving the growth of the gamification market include rewards and recognition to employees over performance to boost employee engagement, provision of lucrative offers to the customers and consumers, and gamification yielding higher Return on Investment (RoI).

By component, the solution segment of the gamification market is projected to hold a larger market size during the forecast period

Gamification software uses game-based mechanics to engage people, promote learning, and solve problems. This software enables designing, creating, and managing gamified learning processes, which enhance the engagement of the users. Gamification involves two different approaches, which include the consumer-based approach and enterprise-based approach. In a consumer-based approach, the gamification solutions mainly focus on the general consumers who can be given benefits such as cashback, rewards, loyalty points, and interactive shopping experience to engage the consumers and increase their communication with the company. In the enterprise-based approach, gamification is widely used for employee training, sales enhancement, product development, and support, among others.

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By organization size, the SMEs segment to record a higher growth rate during the forecast period

The rising usage of cloud for the deployment of gamification solutions has led to the increasing adoption of these solutions among Small and Medium-sized Enterprises (SMEs). The gamification solutions are high in cost and are involved in nature. However, the availability of these solutions on the cloud has reduced this problem of cost as cloud-based solutions are less expensive compared to the on-premises solutions. SMEs have to focus on their budget constraints; so, they prefer cloud-based solutions available in the market. The SME criteria may also be based upon various metrics such as revenue generated and ownership structure. These organizations have one or more full-time employees dedicated to managing their data and IT infrastructure. Cloud-based solutions are developed, keeping in mind the limited budget of SMEs.

Key market players profiled in this report include Microsoft (US), SAP (Germany), BI WORLDWIDE (US), Verint (US) Aon (UK), Hoopla (US), Centrical (US), Mambo.IO (UK), MPS Interactive Systems (India), Influitive (Canada), LevelEleven (US), Ambition (US), Axonify Inc. (Canada), Gamifier (Latin America), IActionable (US), Khoros (US), Scrimmage (US), Xoxoday (India), Tango Card (US), and NIIT (US). These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the gamification market and broaden their customer base.

SAP offers its SAP cloud platform gamification, which helps in the rapid integration of gamification concepts into applications. This solution includes an online development and operations environment called gamification workbench to implement and analyze gamification concepts. The company’s gamification solution provides support for sophisticated ideas, covering time constraints, complex nested missions, and collaborative games. It also has a built-in analytics module that helps in advanced analysis of the players behavior for continuous improvement of game concepts. The company uses gamification in multiple applications, such as SAP Community Network, SAP TwoGo, SAP Fitness application, and other SAP applications. SAP is also known to be taking an interest in the gamification market as the company made multiple acquisitions over the past few years. It acquired CallidusCloud, a provider of cloud-based solutions for sales effectiveness, sales performance management, and sales execution software and services in April 2018. It further received Gigya, a provider of customer identity and access management platform, in September 2017. These acquisitions will help SAP to increase its offerings in the gamification market as the acquired companies were prominent players in the gamification market.

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Microsoft provides a gamification solution through its Microsoft Dynamics 365. It enables employees to participate in individual and team-based competitions. These competitions help employees and motivate them to achieve their predefined KPIs. It offers prizes, rewards, privileges, and recognition. Microsoft’s gamification suite provides fun activities that drive collaboration and competition for increasing performance and participation. With the company’s gamification solution, employees compete in games with sports themes, draft teams, or cheer for their favorite teams. The resolution encourages broader participation by getting more employees in the game. The gamification software is offered on subscription-based pricing and it requires the installation of Microsoft Dynamics Customer Relationship Management (CRM) Online first. The solution is utilized by all kinds of organization sizes whether SMEs or large enterprises.

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