Albany, NY -- (SBWIRE) -- 03/19/2015 -- Gamification refers to the use of game elements for promoting desired behaviors or a brand name among employees and customers. Use of gamification techniques has been a popular business strategy for many decades. Through engaging techniques such as surprise prizes in everyday goods, customer loyalty programs, employee-of-the-month awards, the gamification market has provided a wealth of business strategies in the past. In today's time, with the advanced state of digital proficiency possessed by the global population, and the rising popularity of smart mobile devices, the set of opportunities for the global gamification market have vastly expanded.

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Gamification as a branding and promotional activity is rapidly immersing itself in today's technically advanced world. By incorporating fun and elements of competition to a plain marketing strategy in the digital world, gamification techniques improve the saleability of a product or brand by making the sales strategy more appealing and engaging. Gamification techniques can easily develop an emotional connection with the audience, and thus lead to an improved customer loyalty for a brand in the long run.

The techniques work, and the world of marketing and advertising is already exploiting the many obvious benefits of the gamification marketing model. Analysts state that more than 70% of the world's 2000 largest companies will employ gamification techniques through at least one gamified application by the end of this year. The overall gamification market will value more thanUS$5 billion by the end of 2018 and the market is expected to grow at enormous pace in the next four to five years, at an estimated CAGR of more than 60%.

Gamification Market: a Brief Overview of Segmentation

The gamification market can be broadly seen as a mix of the various products developed for engaging customers (engaging and visually stimulating meta games, for instance), the businesses developing these products, the deployment models used to set-out the products, and its end users. The various types of end users of the gamification market include consumers and enterprises. The most prominent deployment models utilized by the gamification market include on-demand, on-premise and hybrid models. Based on the various types of gamification products prominently deployed by the gamification market, the market can be segmented in categories such as open source platforms, web applications and Mobile SDKs.

The gamification market has applications in a variety of industries including consumer goods, government and public sector, retail, financial services, IT and telecom, healthcare, media and publishing, travel, entertainment, logistics, pharmaceuticals and many other sectors.

Currently, the consumer goods and retails sector is the major revenue generator of the global gamification market. The regional gamification market of North America is the biggest market amongst the various regional markets, followed by Europe and Asia Pacific.

A number of gamification vendors have emerged in the gamification market in the past few years. Innovative ideas and engaging techniques, being the key to the progress of any gamification tactic, are the only key factors that impart competitive edge to any business operating in the gamification market. Thus, the gamification market has emerged as one with significant growth potential for startup companies packed with the right ideas and product uniqueness. The market is highly fragmented, and features a number of prominent players challenging new market entrants. Some of gamification market's key businesses include Alive Mobile, BigDoor, Gamifier, CloudCaptive, Bunchball, Gamify, iActionable, Badgeville, and Gamification Co. half Seroious.

Who will conquer this highly fragmented market?

Though the field of gamification has a lot to offer, businesses in the gamification market have mostly plodded along the paths of applying game mechanics to non-gaming application. A lot of potential is yet to be exploited from the complete idea of gamification in advertising and marketing. Companies that are capable of fine-tuning their techniques with advancements in the digital world, and finding a balance between the idea of gamification and satisfying brand or marketing needs will be the ones to conquer this market and exploit the wealth of opportunities it seeks to offer.

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