Game-Based Learning Market Drivers Shaping Future Growth, Revenue USD $79.9 billion by 2031| CAGR 17.4%
An increase in smartphones and internet penetration globally drives the Game-Based Learning market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, November 6, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Game-Based Learning Market,” The game-based learning market was valued at $16.2 billion in 2021, and is estimated to reach $79.9 billion by 2031, growing at a CAGR of 17.4% from 2022 to 2031.
Game-based learning refers to the borrowing of certain gaming principles and applying them to real-life settings to engage users. The motivational psychology involved in game-based learning allows students to engage with educational materials playfully and dynamically. Game-based learning sector often connects technologies such as artificial intelligence (AI), internet of things (IoT), and AI, VR and AR to provide insights that would foster efficient education system.
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Furthermore, technological advancements in game-based learning such as inclusion of artificial intelligence (AI), augmented reality (AR), the release of 5G, and increase in smartphones globally are some factors that drive the growth of game-based learning market. However, cost of implementation of game-based learning hampers the growth of the market. Furthermore, the emergence of cloud deployment and rise in demand for game-based learning are expected to provide lucrative opportunities to the game-based learning market.
Based on game type, the training, knowledge and skill-based games segment contributed to the highest share in 2021, holding more than one-fifth of the global market. However, the language-learning games segment is expected to dominate in 2031. Also, the AI-based games segment is estimated to grow at the highest CAGR of 21.6% during the forecast period.
Depending on component, the solution segment holds the largest game-based learning market share as it helps for quality education with a modern and interactive approach. However, service segment is expected to witness growth at the highest rate during the forecast period due to smooth running of solutions and demand of maintenance and support services.
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Based on industry vertical, the enterprises segment accounted for the largest share in 2021, contributing to nearly one-third of the global game-based learning industry share. However, education is projected to maintain its dominance in terms of revenue in 2031. In addition, the same segment is expected to manifest the fastest CAGR of 20.0% during the forecast period. The report also analyzes the segments including consumer, education, and government.
Region-wise, the Game-Based Learning Market Size was dominated by North America in 2021, and is expected to retain its position during the forecast period. This is attributed to several factors such as the adoption of game-based learning among teenagers, penetration of the internet, and improvement in economy. In addition, the presence of a growing number of game-based learning vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market.
However, Asia-Pacific is expected to witness significant growth during the Game-Based Learning Market Forecast period, owing to wide presence of small and medium-scale organizations, which are turning toward game-based learning solutions to efficiently manage their education system, particularly in developing countries.
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The key players that operate in the game-based learning market analysis are Cisco Systems Inc., Hurix Digital, Duolingo, StratBeans Consulting Pvt. Ltd., Learning Pool, Centrical, Cognitive Toybox Inc., ELM Learning, Gametize, G-cube, Allen Communication Learning Services, EI Design Pvt. Ltd., Filament Games, Learnbrite, Schell Games, Toolwire Spaces Learning and Performance Development Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the game-based learning industry.
Covid-19 Scenario:
• Many educational institutions and learning institutes needed to shift their operations online, owing to lockdown restrictions implemented by governments during the Covid-19 pandemic. This led to increase in development and adoption of game-based learning models worldwide.
• With emergence of innovative e-learning models, game-based learning became one of the leading models adopted across the globe. This, in turn, made a positive impact on the overall revenue of the market.
• The U.S., China, Italy, and other developed countries were one of the first adopting countries for game-based education courses along with teaching methodologies. Many countries followed the adoption.
• The investments in game-based learning technologies and institutes surged considerably during the pandemic to provide various methods of teaching and make a mark.
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