Serious Games Market is Forecast to Grow at CAGR of 16.1% During 2020-2025
iCrowdNewswire Jan 14, 202012:59 AM ET
Serious Games Market is forecast to reach $8.91 billion by 2025, after growing at a CAGR of 16.1% during 2020-2025. The growth of the serious game market is attributed to the high demand of user engagement across various enterprises in different Industry verticals. Moreover, the growing progress in digitization and consequent growth in mobile-based education (e-learning) for k-12 and upper level preparation is another major factor contributing to growth of the market. Growth in such technological advancement and improvement in digitization is anticipated to boost the growth of the Serious Games Market
during forecast period.
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End-User – Segment Analysis
Among the end-users, Enterprise held the largest share in the market of serious games, in the year 2018. The increasing demand of the Employee and student engagement in order to have high and positive outcome is anticipated to boost the growth of the serious games market. The increasing efforts in improving the productivity of any enterprise to acquire proper employee engagement in development program as well as trainings is one of the most important factor contributing towards the growth of the serious game market. These type of activities in the enterprises allows the adoption of serious games platforms. Platform such Comarch Enterprise Engagement Platform are used to comprehensively implement component of engagement in the work environment by defining game conditions, rules and achievements.
Application – Segment Analysis
By the application segment, Advertising market is estimated to grow at a faster pace with a CAGR 18.1% during forecast period. The growth of this segment is majorly attributed to the fast growing digital marketing industry and high demand of advertisement in the market. Moreover, high scale digitization and its benefits are majorly contributing towards the growth of the market during forecast period.
Geography – Segment Analysis
North America dominated the serious games market with a share of more than 39.9%, in 2018. The growth is majorly attributed to the significant growth in the technology and heavy adoption of the new technology in American Region. Moreover, the fast growing digital marketing and advertisement market of U.S and Canada is anticipated to boost the growth of the market during forecast period.
Drivers – Serious Game Market
Large-scale digitization across growing economies has offered considerable growth opportunities for the global serious games market worldwide. Highly digitized regions found it easier to collaborate with serious games to enhance their employee engagement programs and productivity as the deployment of such programs becomes much easier and affordable.
Significant Adoption of Virtual Reality in Training and Development Activities Virtual reality is getting significant adoption in the serious games market as it creates a realistic environment for the training and development activities, which increases employee activities and their performance. Factors that contribute to the growth of virtual reality market across the globe include an increase in awareness about such technologies, cost-effective solutions easily available in the market, and increased expenditure from end-user verticals such as defense, education, healthcare and others on employee engagement solutions.
Challenges – Serious Game Market
The working mechanism of a serious game is highly dependent on its design to create a maximum impact on a user. However, if the game fails to achieve its intended target, which is employee engagement, training, and development then there is no use in investing in such games. Such unsuitable game designs can hamper the market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Serious Games Market. In 2018, the market of Serious Games has been consolidated by the top five players accounting for 43% of the share. Major players in the Serious Games Market are Breakaway, Ltd, Designing Digitally, Inc, Diginext, Ibm Corporation, Intuition, Learning Nexus Ltd, Nintendo Co , Ltd, among others.
- In 2018, Gamelearn, a video game developer raised $5 million in the series A funding. The company announced the investment of the entire amount in boosting the production of the “serious games” and strengthen its International Presence. The high investments coupled with increase in the production capacity is anticipated to boost the growth of the market.
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