It’s hard to estimate the exact worth of the gamification market. However, many analysts agree that the field is still on the upswing. According to the latest report, it could reach six billion dollars in 3 years time!
Gamification, as we all know, is a trendy buzzword.
All the biggest companies around the world are reportedly striving to have leaderboards for their customers, badges for their employees, or rewards for their… well, whatever, actually. As with any trendy device, we want it even if we don’t really know why.
And it seems that this tendency will keep on growing in the years to come. Because gamification has actually proven itself to be a great tool for user attraction and retention.
A recent study, made by the market research company Technavio, foresees that the gamification market will exceed 6 billion dollars with a growth rate of 48%.
Within this growth, the enterprise-driven applications will generate most of the revenue in the forecast period and will account for 68% of it.
And this increase will be global and will reach most of the continents in a comparable way.
Growth across the globe
Expected market: $3 billion
Increase: + 47%
North America already took the lion’s share of this market in 2014. It should keep on growing steadily in the next five years.
Latin America still lags behind but as most industries are now turning to digitization, there is reason to expect significant growth of the gamification market.
Together they will represent 52% of the market.
Increase: +45%, mainly in Western Europe.
In Eastern Europe, the gamification market is less important than in the west. It has been on the rise since Badgeville arrived there in 2013, but mainly thanks to “the high penetration of mobile gaming”, says Moumya Matsuddi, lead research analyst at Technavio for gaming.
Expected market: $3 billion
Increase: + 54%
Asia is the region where gamification is the least developed (due to cultural and linguistic differences from western countries). The report, however, predicts that this market will be worth 3 billion dollars in 3 years time. Which is as much as the Americas. It is thus in this region that we can expect the biggest expansion of the sector.
Cross-checking the numbers
A report published in December 2015 did forecast such a boom in the market, with a growth rate of 48% by 2019.
Another one expected a compound annual growth rate of 67% to 2018.
Two other studies seem a lot more optimistic. The first one, published in February 2015, estimated that gamification growth would reach 10.2 billion dollars in 2020. In the second report, from February 2016, the figure is 11.1 billion.
One can’t help wonder if this isn’t just a race to forecast the biggest growth. Moreover, it is quite difficult for now to measure the exact impact of gamification and thus to know how much the market represents today.
According to Gartner, a technology research and advisory company, 70% of the companies in the Forbes Global 2000 list would have at least one gamified app by the end of 2014. Which hasn’t been entirely confirmed. Gartner also claimed that in the mean time, 80% of those applications would fail reaching their objectives.
But let’s remain optimistic!