Gamification is shaping the global economy and reshaping various businesses. The use of real-time data analytics, cloud solutions, social media tools, and mobility solutions has improved gamification activities. Furthermore, educational institutes are making use of gamification techniques to improve the process of online education for students along with enhancing student engagement with teachers, resulting in successful outcomes in examinations. Reportedly, games improve problem-solving ability, critical thinking, cooperation, and social awareness in individuals. Some of the studies on game-based teaching have revealed that the use of games as a mode of teaching has enhanced student participation, fostered social & emotional learning among students, and prompted students to effectively tackle uphill tasks.
The outcomes of a study conducted on a popular multiple-choice quiz game referred to as Kahoot revealed that there was a marked improvement in students’ attitudes toward learning, and improvement was witnessed in their academic performances. In addition, research on virtual gaming has demonstrated that virtual games improve the attention of students affected by attention-deficit/hyperactivity disorder and dyslexia. This has enhanced the popularity of gamification. Today, customer interaction with financial institutions is witnessing a dramatic shift. Moreover, a wave of open banking, open API, and open finance services are unleashing huge avenues for an open gamified ecosystem. This, in turn, will increase the use of gamification in the banking & financial services sectors. According to Allied Market Research Report, the global gamification market is set to amass revenue worth nearly $95.5 billion by 2030.
The onset of artificial intelligence, virtual reality, internet of things, and augmented reality technologies has resulted in gamification penetrating myriad industries and garnering immense significance across the globe. Moreover, gamification has proved to be an effective strategy for disease management activities in the digital health sector. Firms are using gamification for engaging and motivating employees and customers. Xerox Holdings Corporation utilizes gamification for training managers who interact with potential customers online and resolve their queries. Salesforce, Inc., a cloud-based software company in the U.S., makes use of leaderboards for enhancing sales. Furthermore, a large number of fintech firms and startups are using gaming platforms for enhancing employee productivity, customer loyalty, and customer satisfaction along with improving the value proposition. Fyp, an Indian fintech startup offering secured digital banking solutions to kids, teenagers, and parents used gamification tools for inculcating financial literacy among the teenage population of the country.
Additionally, gamification finds a large number of applications in the insurance sector with insurers trying to make use of gamification to educate customers about their insurance products. Tryg, a Denmark-based insurance firm, formulated a quiz about dental health for creating awareness among potential customers about their dental insurance products. UnitedHealthcare, Inc., a U.S.-based health & life insurance firm, coined a project referred to as “UnitedHealthcare Motion”, which makes use of a gamification app for helping firms enhance the health and well-being of their staff. Few insurance firms are also integrating brand elements with gaming apps for raising brand affinity. Farmers Insurance Group, a U.S.-based insurance firm providing home, automotive, and life insurance to customers, integrated a Farmers-branded blimp with Farmville simulation game in which each end-user is provided a virtual farm with crops for harvesting and protecting them. Automotive insurance firms such as AVIVA UK are making use of DashCam, a mobile app that helps in tracking driving and rewarding good driving. Thus gamification is utilized in the automotive insurance industry for influencing the driving behavior of customers.
Market players are adopting an acquisition strategy for increasing their regional presence and adding to their profits. Apart from this, the acquisition helps the players in the gamification market to expand their product portfolio. Some of the firms are investing in gamification activities to explore the untapped potential of the gamification market. Let us discuss some of the key strategies adopted by market players for establishing a strong position in the gamification market and ongoing activities taking place across the gamification market.
Adoption of business strategies such as investments in firms offering software and software-based services will provide impetus to the gamification business. In June 2021, Luminate Capital Partners, a U.S.-based private equity organization investing in firms offering software & software-based solutions, acquired a controlling stake worth nearly $250 million in Axonify, Inc., a leading firm in the frontline employee training software business. Furthermore, the investment is predicted to help Axonify enhance its product innovation activities and assist in successfully implementing other business growth strategies.
The acquisition has played a key role in leveraging a large number of industries and the gamification market is no exception. In March 2021, Axonify, Inc. acquired MLevel, a U.S.-based firm offering data-driven eLearning services through a SaaS micro-learning tool. According to Axonify, the strategic move is aimed at integrating the capabilities of both firms for targeting new customers for earning more revenues through the sale of the former’s frontline employee training software.
A trend of acquiring other firms for enhancing product portfolios has been continuously observed in the gamification market. In January 2018, SAP SE, a German-based Software Firm, acquired Callidus Software Inc., a U.S.-based firm offering SaaS, cloud computing, and enterprise software services. The strategic deal is aimed at augmenting SAP’s portfolio and reinforcing its strong position in the customer relationship management industry. Moreover, the move will help Callidus Software Inc. in constantly connecting front and back offices. It will also enable effective sales alignment through the use of gamification and ensure a real-time flow of information between the finance department and people working in the field. Implementation of key business strategies such as mergers & acquisitions will enable product and technology innovations in the market. This, in turn, will contribute substantially toward market earnings.
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