Game-based Learning Market worth $29.7 billion by 2026 - Report by MarketsandMarkets™

Chicago, June 07, 2022 (GLOBE NEWSWIRE) -- According to a research report "Game-based Learning Market by Component (Solution and Services), Game Type, Deployment Mode (On-premises and Cloud), End User (Education, Governments, Consumers, and Enterprises) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the 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.

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. This learning platform is used to learn any subject, in any game, in any language, on any device for all ages.

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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.

Scope of the Report for Game-based Learning Market:

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.

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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.

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.

The Game-based Learning Market is dominated by companies such as 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), Fundamentor (India), Idnusgeeks (India), Kuato Studios (UK), Monkimun (US), Smart Lumies (US), G-Cube (India), Hornbill FX (India), Infinite Dreams (Poland), Layup (Sri Lanka), MLevel (US), Quodeck (India), Threatgen (US), Gametize (Singapore), Sweetrush (US), Kidoz, (US) and VR Education Holdings (Ireland).

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