According to a new market research report published by Credence Research Gamification Market(Marketing, Sales & Support, Education & Training, Human Resource, Research & Product Development and Lifestyle) - Growth, Future Prospects, Competitive Analysis and Forecast 2016 - 2023, the global gamification market is estimated to expand with a CAGR of 23.4% from 2016 to 2023.

Browse the full report at http://www.credenceresearch.com/report/gamification-market

Market Insights

Gamification refers to application of game mechanics and design techniques in various business processes, so as to increase the overall productivity of employees. In terms of business context, gamification involves integration of game mechanics into an internal business process, portal, website or marketing campaign, in order to encourage active participation of employees/target audiences. The motive behind implementing gamification is to achieve deeper engagement with employees, partners and also consumers so as to achieve better results.

The most significant factor fueling the adoption of gamification is the immense advantages offered by these solutions driving the overall enterprise productivity. Active employee participation is typically accomplished using mechanics such as badges, leaderboards, achievement levels, score points and others. The concept behind using these mechanics to develop a sense of healthy competition among the employees, thereby driving higher level of dedication. Apart from this, the market is highly driven by the rising shift towards digital advertisement and internet services penetration worldwide.

Another major factor supporting the market growth is the rising efforts by the business organizations worldwide towards achieving high productivity. Business organizations are willing to invest in such solutions that can effectively enhance their internal processes as well as drive consumer engagement. Subsequently, growing competition among the business enterprise worldwide would significantly drive the gamification market growth. Nevertheless, low awareness among the end-users may restrict the market growth during the forecast period.

The overall gamification market is segmented on the basis of solution type, deployment model, application and industry vertical. On the basis of solution type, the market is segmented into consumer-driven and enterprise-driven solutions. Based on the deployment models, the market is further segmented into cloud-based and on-premise gamification. The applications of gamification considered under the scope include marketing, sales & support, education & training, human resource, research & product development and lifestyle. On the basis of industry verticals, the gamification market is further classified into banks, financial services & insurance (BFSI), entertainment, media & publishing, corporate enterprises (IT, ITeS, telecom etc.), retail, education, healthcare and others.

Competitive Insights:

The global gamification market is highly competitive in nature with market players focusing on developing innovative solutions for various applications. The overall market is still in its nascent stage with few adoption across different industry verticals. The market is currently consolidated in nature with few major players contributing to more than 50% of the total market revenue worldwide. Some of the leading players identified operating in the market include Microsoft Corporation, Salesforce.com, Bunchball, Inc., Badgeville, Inc., SAP SE and others.

Key Trends:

• Shift towards cloud-based gamification solutions
• Providing application specific gamification solutions for enterprises
• Innovative solutions for attracting higher adoption
• Introduction of gamification through mobile apps owing to their growing popularity

Browse the full report at http://www.credenceresearch.com/report/gamification-market

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Gamification has been widely applied in marketing. Over 70% of Forbes Global 2000 companies surveyed in 2013 said they planned to use gamification for the purposes of marketing and customer retention. For example, in November, 2011, Australian broadcast and online media partnership Yahoo launched its Fango mobile app/SAP, which TV viewers use to interact with shows via techniques like check-ins and badges. As of February, 2012, the app had been downloaded more than 200,000 times. Gamification has also been used in customer loyalty programs. In 2010, Starbucks gave custom Foursquare badges to people who checked in at multiple locations, and offered discounts to people who checked in most frequently at an individual store.

Gamification also has been used as a tool for customer engagement,and for encouraging desirable website usage behavior. Additionally, gamification is applicable to increasing engagement on sites built on social network services. For example, in August, 2010, the website builder DevHub announced an increase in the number of users who completed their online tasks from 10% to 80% after adding gamification elements. On the programming question-and-answer site Stack Overflow users receive points and/or badges for performing a variety of actions, including spreading links to questions and answers via Facebook and Twitter. A large number of different badges are available, and when a user's reputation points exceed various thresholds, the user gains additional privileges, eventually including moderator privileges.

Source: Wikipedia

What Is Gamification?

Gamification is the process of taking something that already exists a website, an enterprise application, an online community and integrating game mechanics into it to motivate participation, engagement, and loyalty. Gamification takes the data-driven techniques that game designers use to engage players, and applies them to non-game experiences to motivate actions that add value to your business. To learn more about real-world applications of gamification, see the wide range of gamified Success Stories from Bunchball customers. [Ref: bunchball.com]

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