Game based Learning Market worth $29.7 billion by 2026, Growing at a CAGR of 21.9%: Report by MarketsandMarkets™
As per the report by MarketsandMarkets, the global Game based Learning Market size is projected to reach $29.7 billion by 2026, at a CAGR of 21.9% during the forecast period, 2021-2026.
Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- *The global **Game based Learning Market** size is expected to grow from USD 11.0 billion in 2021 to USD 29.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period, **according to a new report by MarketsandMarkets™.*
Game-based learnings, such as AR VR games, AI-based games, Location-based games, Assessment and Evaluation games, Training, Knowledge and Skill-based games, Language learning games create modules, assessments, quizzes for the subjects of math, physics, chemistry, etc. organizations are using these game-based learning techniques because of ease of learning, problem-solving, time saving, cost-effectiveness, and demand in learning for immediate feedback on performance. Games are an engaging way to learn and remember information. For many children, games are far more entertaining than worksheets, flashcards, and drills.
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*175 - Tables
53 - Figures
202 - Pages*
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*Scope of the Report:*
*Report Metrics* * Details*
Revenue Forecast in 2026 $29.7 billion
Market Size in 2021 $11.0 billion
CAGR (2021-2026) 21.9%
Key Market Opportunities Increased demand for AR, VR, and AI for learning
Key Market Growth Drivers Increase demand for getting feedbacks
Market size available for years 2020-2026
Base year considered 2020
Forecast period 2021-2026
Market Segmentation Component, Game Type, Deployment Mode, End user and Region
Regions covered North America, Europe, APAC, MEA and Latin America
Leading Players Kahoot (Norway) Frontier Developments (UK), Minecraft (Sweden), Spin Master (Canada), Bublar Group (Sweden), BreakAway games (US), Gamelearn (Spain), Recurrence (US), Schell Games (US), Stratbeans (India), Tangible Play (US), Simulearn (US), Playgen (UK), Raptivity (US), Banzai Labs (US), Cognitive Toybox (US), and many more.
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Game-based learning solution are deployed either on-premises or on the cloud. The adoption of cloud-based solution is significantly gaining traction as they are more scalable and do not require high costs compared to the on-premises solution. According to a survey conducted by DigitalChalk in 2018, almost 80% of learners said they would be more productive if their university/institution or work was more game-like. According to the survey conducted by TalentLMS in 2019, 33% of respondents would like more game-like features in their employee training software; about 83% of those who receive gamified training felt motivated. In this deployment method, all the information gets stored within enterprise premises.
Corporates have added gameplay to their learning and development (L&D) programs to enjoy higher employee engagement and performance. The innovations of AR, VR, robotics, location-based intelligence, AI have advanced extraordinary. Suppliers sell packaged pre-employment games for soft skill and language learning. They provide custom game development services for vertical skills (coding) and license the platform for internal use. Several online marketplaces are selling digital 3D models, VR environments, and pre-trained AI models. 3D animation is an automated real-time deep learning technique. Companies such as Walmart, Agco, Bosch, and Boeing are currently using AR for corporate training. Only gamification or learning does not create engagement. AR is a feature that aids with the actual training. It fits perfectly into Scenario-based training. It talks to employees, interacts with clients, understands the social surrounding. Apple ARKit, in the hands of able AR and VR developers, has already yielded some amazing results. Apple’s ARKit 3 is a developer-friendly software used to create amazing AR-based content with relative ease. KFC has designed an employee training program with a VR simulator. Some popular location-based games, such as Ingress Prime, Zombies Run, Landlord, Geocaching, help to increase efficient engagement. Location-based services are most likely to increase the traffic on the mobile application by 3 to 4 times. Language learning games help to improve vocabulary, pronunciation, and grammar. Some of the language learning games are Pictionary, Taboo, Stop, Hangman, Spiderweb, Word Jumble, Charades, Translate the Song, and Hot Seat. These games help to improve speaking skills, listening skills, and memory and encourage creativity, oral expression, and attention of the learner. Language games help to learn and teach foreign languages and practice communication skills. More than 15 online games and exercises are available for teaching popular languages, words, spelling, and grammar, which can be used for fun, interactive education, and examination.
The Game based Learning Market, by end-user, has been segmented into consumer, education, government, and enterprises. The enterprises segment has been sub-segmented into BFSI, manufacturing, healthcare and life sciences, IT and telecom, consumer goods and retail, and others, which include energy and utilities, media and entertainment, transport, and logistics. Currently, about 35% of the millennial workforce is working in the manufacturing industry. Gamifying training has proven to be extremely beneficial to some manufacturing giants who have experimented with and moved to serious games as a methodology of training their employees. The IT industry has created a big change in the Game based Learning Market. AR, VR, cloud gaming, virtual teammates, graphics, portability have increased the market growth of the Game based Learning Market. HR industries are using game-based learning in L&D and training and development. The healthcare sector is using this technology for training purposes. World bank’s EdTech team has guided individual topics on education technology.
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The Game based Learning Market across North America, Europe, APAC, MEA, and Latin America. The presence of key players, such as Hornbill FX, G-Cube, Indugeeks, and Fundamentor, contributes to the growth of the market. The increasing number of 5G infrastructure development initiatives in the region drives the market growth. APAC includes countries with the largest education systems in the world. China and India can be considered countries with the top three education systems in terms of students. These are the main driving factors in APAC region. North America is the largest market for serious games, cloud gaming, and game-based learning. The government in the US continually supports the game-based learning, serious games market by using through training in the military and healthcare sector. There is a huge investment from big players in game-based learning. Active support from private foundations for game-based learning-related projects. Canada focuses on a long-term infrastructure plan, as its IT spending (around USD 88 billion) was high in 2019. The US is technologically progressive, with a high level of awareness about innovation processes across industries and disruptive technologies, such as AI, cloud, 5G, and edge storage. The US is the most mature market in terms of game-based learning solution’ adoption. Most of the higher education institutions in the country have implemented game-based learning for educational processes. There is significant scope for game-based learning companies to increase their business in the US, as universities are expected to plan upgrades of the existing learning systems.
*Top Trends in global **Game Based Learning Market:*
· Personalization and Adaptive Learning: Game-based mastering structures had been more and more incorporating adaptive algorithms to customize the getting to know trip for person students. These algorithms analyze learners' overall performance and preferences to tailor content, challenges, and comments accordingly.
· Virtual Reality (VR) and Augmented Reality (AR) Integration: The integration of VR and AR applied sciences in game-based studying experiences used to be turning into extra prominent. These immersive applied sciences provided college students a deeper stage of engagement, interaction, and perception of complicated concepts.
· Mobile Game-Based Learning: With the big use of smartphones and tablets, cell game-based gaining knowledge of functions won popularity. These apps allowed freshmen to get right of entry to academic video games on-the-go, making gaining knowledge of greater handy and flexible.
· Gamification in Corporate Training: The company zone was once adopting game-based studying strategies for worker education and development. Gamified education modules expanded worker engagement, understanding retention, and performance.
· Competitive and Collaborative Learning: Multiplayer game-based mastering environments fostered opposition and collaboration amongst students, riding motivation and peer learning. This social component more desirable the typical studying experience.
· Data Analytics and Learning Assessment: Game-based mastering systems have been integrating sturdy statistics analytics equipment to music pupil progress, performance, and behavior. This data-driven strategy helped educators discover mastering gaps and optimize educational strategies.
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*Key Industry Development in global **Game Based Learning Market:*
· Partnerships and Collaborations: Major gamers in the training and gaming industries had been forming strategic partnerships and collaborations to leverage every other's expertise. Educational establishments had been teaming up with recreation builders to create interactive gaining knowledge of content, and gaming organizations have been integrating instructional factors into their games.
· Innovative Educational Games: Game builders have been continuously pushing the boundaries of creativity and innovation to enhance enticing and positive academic games. These video games have been designed to cowl quite a number topics and skills, supplying a broad vary of studying opportunities.
· Integration of AI and Machine Learning: Artificial Intelligence (AI) and Machine Learning (ML) have been being built-in into game-based gaining knowledge of structures to supply customized gaining knowledge of experiences. AI algorithms have been used to analyze learners' behaviors, preferences, and performance, enabling the platform to adapt and tailor content material accordingly.
· Increased Adoption in Corporate Training: The company region used to be more and more recognizing the fee of game-based gaining knowledge of for worker education and development. More organizations have been investing in game-based coaching modules to decorate worker engagement, expertise retention, and talent development.
· Focus on Gamified Assessments: Game-based mastering structures had been moving from regular assessments to gamified assessments. These assessments had been designed to be greater interactive and engaging, presenting on the spot remarks and encouraging newcomers to proceed improving.
· Rise of Mobile Game-Based Learning: Mobile game-based studying apps have been gaining reputation due to their accessibility and convenience. Learners may want to get admission to academic video games anytime, anywhere, making studying extra bendy and accommodating to their schedules.
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