The gamification in the education market was $450 million in 2018, and is expected to grow to $1.8 billion by 2023. During this time frame, the Compound Annual Growth Rate (CAGR) is forecasted at 32%. The increasing adoption of digital learning, growing need to enhance the learning experience for better outcomes, and adoption of AR/VR technologies are the major factors driving the growth of gamification in the education market. The lack of availability of skilled people to train instructors is one roadblock in the market growth, however.
As more institutions are looking for personalized products, a rising need for consulting and support services results. This pattern is reminiscent of investing in the cart, before the horse!
The Asia Pacific (APAC) region is projected to have the highest CAGR among all the world regions, due to the increase in this region’s spending on technologies such as 1) cloud and digital learning, 2) growth in the adoption of mobile devices, and 3) entrance of startups with innovative software. The mindset of releasing a new product every few months to stay competitive is actually a large factor for education. Considering that by the time an education community (school, virtual classroom, etc.) actually implements a ‘new’ technology, students may see it as ‘old’.
How this continues to unfold will certainly be interesting…
By: Larry Johnson