The global GameFi market was valued at USD 8.88 billion in 2021 and is estimated to grow to about USD 38.27 billion by 2028, with a compound annual growth rate (CAGR) of approximately 23.20% over the forecast period.
The global GameFi market was valued at USD 8.88 billion in 2021 and is estimated to grow to about USD 38.27 billion by 2028, with a compound annual growth rate (CAGR) of approximately 23.20% over the forecast period. The report analyzes the GameFi market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the private hospital market.
GameFi Market: Overview
GameFication is considered to be an application of game design features and principles in non-game situations. It can also be defined as a set of actions and procedures that use or utilize the features of game elements to solve problems. For thousands of years, games and game-like features have been utilized to educate, entertain, and engage people. Points, badges, and leaderboards are all classic game components. The exponential rise in the number of smartphones and mobile devices has immediately resulted in growth of the market for GameFication. GameFication systems are increasingly being recognized as a means of architecting human behavior in order to induce innovation, productivity, or engagement, which is further supporting the growth of the market. GameFication systems have also gone beyond their usual marketing applications. They are currently widely employed in advanced applications such as crowdsourcing.
The Covid-19 pandemic has disrupted every industry and supply chain across the globe. The pandemic has compelled large corporations to make substantial and urgent strategic decisions. In almost all industries, employees have chosen to work from home. Maintaining continual connection with the remote site is a major problem for management and personnel. Furthermore, the spread of virus is causing widespread fear among the public, and the financial crisis is putting pressure on employees. Organizations are currently focusing on raising employee morale and inspiring people to perform allocated tasks. During these times of crisis, GameFication software can help firms motivate their personnel. The program aids in the creation of a coherent environment for team members, allowing them to fulfill their goals more quickly.
Similarly, businesses can use this opportunity to provide employees with training and E-learning courses. GameFication provides easy-to-understand modules that can assist employees in learning more about the organization and its processes. This can assist firms in guiding new hires and providing advanced skills to existing personnel. As a result, significant GameFication Market growth is expected during and after the pandemic. Furthermore, the market is predicted to develop at a substantial CAGR during the forecast period, owing to increased investment in company initiatives such as business expansion, mergers, acquisitions, product launches, and other.
GameFi Market: Drivers
Increasing Use of Smartphones
The increasing use of smartphones has greatly increased the possibilities for GameFication. On average, Americans are known to check their phones 80 times per day. As per the 2022 GSMA Mobile Economy Report, the number of mobile internet subscribers reached 4.2 billion people globally and by the end of 2021, 5.3 billion people subscribed to mobile services, representing 67% of the global population. Further, the shift of customers and staff from desktop computers to mobile phones and internet devices provides a valuable platform for banks to attract consumer interest and increase conversion/usage. Additionally, the platform's interaction with social networking sites has allowed users to share their experiences with friends, acquaintances, and coworkers, expanding its reach and efficacy. Another benefit is that mobile applications allow marketers to conduct surveys, even if they are only one question long, allowing them to collect firsthand data from their target demographic and tailor their efforts accordingly.
GameFi Market: Restraints
Rising Issues with Design Considerations and Output
Designing in GameFication is a critical aspect of ensuring that the desired goal is achieved. Designers, on the other hand, have been noted to fail to come up with distinctive and sophisticated designs that match the needs of each firm. This could hinder the market's adoption of remedies. Even though a solution is designed for a certain business, it will not produce the desired results for other audiences, making it a difficult development process. As a result, a correctly designed design with proper implementation is required to obtain the desired effect; otherwise, the result will be jeopardised, and the market will grow slowly.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
GameFi Market: Opportunities
Increasing Integration of Technologies like AV, VR and Mixed Reality
The increasing integration of technologies such as AV, VR and Mixed Reality are expected to create immense opportunities for the growth of the GameFi market in the years to come. These immersive technologies are being used to create GameFication solutions. Amazon.com, Inc. and Walmart, for example, are using augmented reality, virtual reality, and mixed reality technology to transform the shopping experience. These businesses use virtual reality showrooms to display their products utilising immersive technologies. Walmart is also putting money into augmented reality GameFication to promote products. It enables merchants to employ this technology to engage customers both inside and outside of their stores. Immersive technology combined with GameFication will aid in more engaging product promotion and a better shopping experience for customers. Immersive technologies (AR, VR, etc.) are being used in a variety of industries to provide safety training, e-learning, employee engagement, and performance management. Exxon Mobil Corporation, for example, uses GameFied virtual reality technology to give employees with safety training by having them accomplish tasks in virtual hazardous conditions. With new advances in the pipeline, the market acceptance of VR and AR technologies is still at the novelty stage.
GameFi Market: Challenges
Complexities in Developing GameFication Application
The increasing complexities in developing GameFication are expected to limit the growth of the market. Games are complicated artifacts, and game engineering is a difficult process that involves expertise in design, psychology, and programming, to mention a few. GameFication, like games, strives to create engaging experiences for users. Designing GameFied features, on the other hand, is even more challenging than designing games, according to a 2018 study, because the GameFication context is distinguished by operational limitations that limit the unrestricted creative space of games.
Global GameFi Market: Segmentation
The global GameFi market is bifurcated on the basis of deployment mode, enterprise size, end-use industry, and region.
On the basis of deployment mode, the market is segmented into on-premises and cloud. The cloud segment is expected to generate maximum in revenue during the forecast period. This is attributable to the increasing need for safe and reliable solutions among SMEs. Additionally, most of the companies are expected to adopt cloud based GameFication technology to create collaborative experiences for users.
On the basis of enterprise size, the market is divided into large enterprises and SMEs. The large enterprises segment held maximum shares in 2021. This is attributable to the increasing adoption of the solutions and software by these enterprises. Furthermore, most of the companies are expected to adopt cloud based GameFication technology to create collaborative experiences for users.
On the basis of end-use industry, the market is divided into banking, retail, government, education, it and telecom, healthcare, others. The telecom segment is expected to grow at a fastest CAGR during the forecast period. This is attributable to the increasing number of subscribers with consistent experiences. Companies must include GameFication into their business models since customers have gotten more aware and are more inclined to use numerous services.
GameFi Market: Regional Landscape
North America held the largest share in the global GameFi market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the high adoption of customer-based solutions and enterprise-based solutions in the region. Further, countries like the United States and Canada are implementing GameFication solutions to improve their marketing efforts by improving advertising, consumer contact, branding, and selling. Furthermore, the growing popularity of cloud-based GameFied solutions among businesses, owing to their inexpensive deployment costs, has aided the GameFication market's rapid growth. In comparison to other regions, the GameFication market in North America currently contributes a considerable amount of revenue.
GameFi Market: Competitive Landscape
Some of the key players in the global GameFi market include Microsoft, SAP, Verint, Aon, Centrical, MPS Interactive Systems, LevelEleven , Axonify Inc., GameFier, IActionable, Xoxoday, Tango Card, and Callidus Software Inc.
Global GameFi market is segmented as follows:
By Deployment Mode
By Enterprise Size
By End-Use Industry
The global GameFi market is predicted to increase at a CAGR of 23.20% during forecast period.
The global GameFi market is expected to reach USD 38.27 Billion by 2028, growing at a CAGR of 23.20% during forecast period.
The global market for GameFi is driven rise in the number of smartphones and mobile devices along with digitization of businesses.
North America held the largest share in the global GameFi market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the high adoption of customer-based solutions and enterprise-based solutions in the region. Further, countries like the United States and Canada are implementing GameFication solutions to improve their marketing efforts by improving advertising, consumer contact, branding, and selling.
Some of the major companies operating in the GameFi market are include Microsoft, SAP, Verint, Aon, Centrical, MPS Interactive Systems, LevelEleven, Axonify Inc., GameFier, IActionable, Xoxoday, Tango Card, Callidus Software Inc. and among others.