Game-Based Learning Market Still Going Strong with CAGR of 17.4% | Allied Market Research
The adoption of tablet and e-learning methodologies in schools worldwide has boosted the global game-based learning market.
PORTLAND , PORTLAND, OR, UNITED STATE, September 21, 2022 /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.
Technological advancements in game-based learning such as the inclusion of artificial intelligence (AI), augmented reality (AR), the release of 5G, and the increase in smartphones globally are some factors that drive the growth of the game-based learning market. However, cost of implementation of game-based learning hampers the growth of the market.
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Furthermore, the emergence of cloud deployment and the rise in demand for game-based learning is expected to provide lucrative opportunities to the game-based learning market.
Depending on the 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, the service segment is expected to witness growth at the highest rate during the forecast period due to the smooth running of solutions and demand for maintenance and support services.
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 a number of factors such as the adoption of game-based learning among teenagers, penetration of internet, and improvement in the economy.
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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 the 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.
The COVID-19 impact has prompted many companies and businesses to shift their business operations toward a remote work environment. Moreover, due to strict guidelines issued by government authorities, people were forced to be in-house. This led to the adoption of game-based learning globally. COVID-19 had a positive impact on the Game-Based Learning Industry.
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Moreover, COVID-19 pandemic has transformed the working model of the educational sector by focusing more on online working models which have created a lucrative scope for the e-learning market. After the outbreak of the pandemic, countries such as the U.S., Italy, China, and other developed countries were among the first countries to adopt game-based education courses and teaching methodologies, creating a higher investment scenario within the market for educational technology.
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.
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