TechNavio's analysts forecast the Global Gamification market to grow rapidly at a CAGR of more than 99 percent over the period 2012-2016. The growth of the Global Gamification market is driven by many factors. One of the major drivers is the need of enterprises to optimize consumer engagement. Gamification provides an insight into the purchasing-related demand for various products. This insight is then used by marketers to formulate marketing strategies for greater sales visibility of their products and also to encourage increased consumer engagement.
Despite the presence of strong drivers, the growth of the Global Gamification market is curtailed by some serious challenges. The difficulty in selecting the right solution from the wide variety of options available is one of the major challenges confronting this market.
Gamification is the usage of game design strategies in non-game applications to make them more fun and thus optimize user engagement. It encourages consumers to engage in desired behavior by taking advantage of the psychological susceptibility of humans to engage in gaming. Gamification is increasingly used in applications such as loyalty programs, social networks, and financial service websites. It is also used in employee training programs.
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Gamification is used across all major verticals and industries. In terms of end-users, the Entertainment sector is the largest end-user in the Global Gamification market. Enterprises in the Entertainment sector are realizing the importance of maintaining customer relationships and incorporating consumer engagement programs into their offerings. The Media sector is the second-largest end-user in the Global Gamification market. Other sectors with a substantial interest in gamification applications include Consumer Goods, Retail, Telecom, Financial, Education, Healthcare, Government, and Utility. These sectors are increasingly using gamification applications to counter increasing competition and gain a competitive advantage in the market.
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