In the following, we publish a guest contribution introducing te report “Serious Game Market forecast to 2020” published by MarketsandMarkets.
Global Serious Game Market worth $5,448.82 Million by 2020 at a 16.38% CAGR
A serious game is a game whose main purpose is not only to entertain but to rather provide education and training related services. Serious game simulates the real world into a virtual world scenario. These games provide an opportunity for learning and training, thereby allowing the employees of a company to be rewarded and challenged. The serious games are primarily targeted beyond customers in the primary & secondary education sector, and are used in verticals such as aerospace & defense, automotive, corporate, energy, government, healthcare, and retail.
Some of the key players such as IBM Corp. (U.S.) and Nintendo Co. Ltd. (Japan) are very active in the serious game market.
“According to the new market research report published by MarketsandMarkets, the serious game market is estimated to reach $5,448.82 Million by 2020, at a CAGR of 16.38% between 2015 and 2020.”
The education segment accounts for the major share of the market. This segment accounted for a market share of ~18% in 2014 and is expected to grow at a CAGR of 17.62% between 2015 and 2020. The corporate segment is expected to be the highest growing industry vertical during the forecast period and is projected to grow at a CAGR of 18.37% between 2015 and 2020.
Various enterprises and consumer brands have been utilizing serious games to provide employee training, engagement, and motivation. This, in turn, helps them to increase their ROI, improve business processes, and increase their client or customer base. Moreover, many organizations utilize serious games for marketing, sales, and product development purposes.
The serious games are being used by many industry players worldwide. North America holds the largest market share for serious game and this trend is expected to continue during forecast period. Europe is the second-largest market for serious game, while the said market in APAC is expected to grow at the highest CAGR between 2015 and 2020. North America, Europe, and Asia-Pacific are the key revenue pockets in the serious game market.
In North America, the awareness and adoption of serious games at the consumer and enterprise level is very high. North America is expected to witness a moderate growth between 2015 and 2020 in the serious game market. The North American has the potential for growth due to continual improvements in the value chain of serious games. Some of the players in the North American region include Cisco Systems Inc. (U.S.), Microsoft Corp. (U.S.), IBM Corp. (U.S.), BreakAway Games (U.S.), Digitec Interactive (U.S.), and Designing Digitally Inc. (U.S.). In the North American region, the U.S. accounted for the largest market share in 2014. The U.S. government is continually supporting the serious game market, where serious games are being developed mainly for training purposes for the military and the healthcare sector.
APAC is a key growing region in the serious game market. It is expected to grow at a CAGR of 18.06% between 2015 and 2020. This is mainly attributed to the increasing adoption of serious games by various companies. Various businesses and education-related organizations in the APAC region have started to realize that the framework and experience of serious games can be linked to address specific problems in the real world. Additionally, the leading video game producers of the APAC region have started the production of serious games. These factors are contributing to the growth of the serious game market in the Asia-Pacific region.
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