According to a recent report published by Allied Market Research, titled, “Hoverboard Scooter Market by Type, Application, Sales Channel, and Speed Limit: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global hoverboard scooter market was valued at $0.78 billion in 2020, and is projected to reach $1.25 billion by 2030, registering a CAGR of 5.1%. North America was the highest revenue contributor, accounting for $0.27 billion in 2020, and is estimated to reach $0.40 billion by 2030, with a CAGR of 4.2%. Asia-Pacific is estimated to reach $0.29 billion by 2030, at a significant CAGR of 6.4%.
Increase in adoption of electric mobility solution pertaining to its low carbon footprints, continual changes in urban commute outlook, and inclination of millennial and Z generation toward these mobility equipment are the key driving factors of the global hoverboard scooter market. Moreover, the online sales segment is anticipated to create lucrative growth opportunities for the hoverboard scooter market, owing to its changing consumer preference toward the buying patterns and growing internet penetration. In addition, hoverboard scooters with the speed limit of less than 15 Kmh is expected to garner highest share in 2020, due to its wide range of applications and enhanced consumers safety while riding experience.
North America dominated the global hoverboard scooter market. The U.S. is expected to be a leader in the market during the forecast period. However, Asia-Pacific is expected to witness highest growth rate in the global market, owing to increase in requirement for urban commute solutions. The global hoverboard scooter market is a fairly fragmented market with several number of players. Majority of the market participants are strategically involved in product launch, product development, partnership, and expansion activities.
The spread of the COVID-19 pandemic has negatively impacted the global hoverboard scooters market, owing to commute restrictions, and is expected to weaken the financial performance of the market players in 2020. It has impacted the overall economy, and market participants are formulating strategic cost-saving plans. The major risk factors of the hoverboard scooters market participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management.
KEY FINDINGS OF THE STUDY
Key players operating in the global hoverboard scooter market include Future Motion Inc., Halo Board, Hetechi Ltd., HoverRobotix, Inmotion Technologies Co., Ltd., Jetson Electric Bikes LLC, Shenzhen Gyroor Tech (China) Co., Ltd., Swagtron, Tomoloo Technology Industrial Co., Ltd., and Uboard India Limited.
According to a recent report published by Allied Market Research, titled, "Automotive Microcontrollers Market by Application, Technology and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global automotive microcontroller market was valued at $9.06 billion in 2018, and is projected to reach $15.77 billion by 2026, registering a CAGR of 7.3%.
Asia-Pacific dominates the market, in terms of growth, followed by Europe, North America and LAMEA. China dominated the global automotive microcontroller market share in 2018, whereas India is expected to grow at a significant rate in the automotive microcontroller market during the forecast period.
Microcontrollers are compact integrated circuits, which are designed for a specific operation. With the introduction of automation in automobiles, microcontrollers find wide application in them to control various operations associated with autonomous vehicles, thus supplementing the growth of automotive microcontrollers. Automotive microcontrollers include various components such as processors, memory and input & output peripherals, which are integrated on a single chip and are deigned to operate automatic systems of vehicles.
Automotive microcontrollers are widely installed in autonomous and semi-autonomous vehicles that are now equipped with numerous automatic components, such as different sensors and automatic exhaust system. This installation of various products supplements the growth of automotive microcontrollers, thereby supplementing the automotive microcontroller market growth.
Current trend for installation of advanced components in vehicles has increased due to their efficient features, which has made them popular among vehicles. This has enabled electronic component manufacturers to develop better and effective microcontroller, which works efficiently thus increasing the automotive microcontroller market share across the globe.
Factors such as rapid development in the automotive industry and high demand for safety features drive the growth of the market. However, factors such as operational failure in extreme climatic conditions and high initial cost and complex structure is supposed to hamper the growth of the automotive microcontroller market. Further, the demand for electric and hybrid vehicles are expected to increase in the future and untapped regions are expected to create numerous opportunities for the growth and expansion of the market.
Key Findings of the Study:
The key players analyzed in this automotive microcontroller market report are Cypress Semiconductor Corporation, Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductor N.V., On Semiconductor, Renesas Electronic Corporation, STMicroelectronic, Texas Instrument Incorporated, Toshiba Corporation and ROHM Semiconductors.
According to a recent report published by Allied Market Research, titled, “India Automated Guided Vehicle Market by Type, Navigation Technology, Application, Industry and Mode of Operation: Opportunity Analysis and Industry Forecast, 2020-2027,”the India automated guided vehicle market size was valued at $122.1 million in 2019, and is projected to reach $364.3 million by 2027, registering a CAGR of 14.4% from 2020 to 2027.
By mode of operation, the indoor segment dominates the India automated guided vehicle market presently and is expected to maintain its lead during the forecast period. However, outdoor segment is anticipated to exhibit remarkable growth rate during the forecast period.
Tow-vehicles are also called as tuggler vehicles. These types of automated guided vehicles (AGVs) are typically used to tow several wheeled carts that carry load. Generally, loads are placed on and off the carts manually or with the help of some other automated machines. Tow-vehicles are the most popular AGVs across the world as such vehicles are capable of pulling multitude of wheeled and non-powered trailer types with capacities ranging from roughly 2,000 pounds and more. Also, these types of vehicles are considered as the most economical solution as they can pull multiple loads in single trip itself. This results in increased productivity, which is driving the growth of the India automated guided vehicle market. Many companies offer customized solutions to cater to the needs of the customers. For instance, JBT offers customization option to its towing AGVs with several different types of hitch to best suit the type of operation and budget of the customer.
Unit load carriers are also called as top carriers. They are a wheel-based, powered transport vehicle with an ability to carry discrete load such as an individual item (such as automobile engine, large roll of a paper, coil of steel, and other) or items contained on a pallet or in a tote or similar temporary storage medium. With the help of unit load carriers, load transfer to conveyors or load stands is easily accomplished using roller decks or lift/lower decks, which is driving the growth of the India automated guided vehicle market. The unit load carriers provide excellent system versatility for product movement from point A to point B as they usually operate independently of one another and can easily pass each other to get to specific destinations, which boosts the market growth.
Laser guidance navigation technology AGVs are equipped with a navigation laser positioned on top of the pole that rests on the vehicle. This navigation device interacts with the targets that are positioned in the AGV working area. AGVs with laser guided navigation are easy and fast to install (no invasive installation, requires only placing of reflectors around the facility), and provide accurate positioning owing to which a higher vehicle speed is achieved. This is the reason behind high penetration of these navigation technology vehicles across all industry verticals. Moreover, no considerable maintenance cost is required as it only requires keeping the reflectors clean, which boosts the market growth further. However, laser guided navigation technology is generally expensive. Hence, innovations and economies of scale can bring down the overall cost of the setup, which is opportunistic for the key players operating in the India automated guided vehicle market.
Automated guided vehicles (AGVs) with magnetic guidance navigation technology, navigate with the help of magnetic tape placed on the floor and based on the location and route of the magnetic tape, AGV decides whether to stop, start, turn right, turn left, or to engage a trolley. AGVs with magnetic tape navigation technology are cheaper and easy to install. Also, they do not require highly skilled professionals to install the same, which drives the growth of the automated guided vehicle market in India. In addition, magnetic tapes are easy to modify and user can simply change the route, by removing the adhesive magnetic tape on the floor, thereby offering more flexibility, which is boosting the market growth. Further, development of magnetic tapes with prolonged life and less wear and tear capabilities creates numerous opportunities for the key players operating in the market.
Rise in demand for automation and automated guided vehicles in various industries drive the growth of the India Automated Guided Vehicle market. In addition, increased safety, accuracy, and productivity are anticipated to propel the growth of the market. However, high initial investment cost and lack of flexibility hampers the growth of the India automated guided vehicle market. Furthermore, incorporation of industry 4.0offers remarkable growth opportunity for the players operating in the India Automated Guided Vehicle industry.
Key Findings Of The Study
On the basis of type, the assembly line vehicle segmentis anticipated to exhibit a remarkable growth during the forecast period.
On the navigation technology, the laser guidance segment is the highest contributor to the India automated guided vehicle market in terms of revenue.
On the basis of industry, the logistics industry is the fastest growing segment during the forecast period.
The key players analyzed in this India automated guided vehicle report are Alstrut India Private Limited, Ati Motors Pvt. Ltd., Conductix-Wampfler, GreyOrange, Konecranes, KUKA AG, Seegrid Corporation, Swisslog, The Hi-Tech Robotic Systemz, Toyota Material Handling India, and others.
According to a recent report published by Allied Market Research, titled, “Car GPS Navigation System Market by Component, Vehicle Type, Screen Size, Propulsion, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global car GPS navigation system market was valued at $13,074.0 million in 2020, and is projected to reach $35,731.9 million by 2030, registering a CAGR of 11% from 2021 to 2030.
Asia-Pacific is expected to dominate the car global positioning system (GPS) navigation system market, owing to presence of major vehicle manufacturers in the region and rise in technological advancements in countries such as Japan, China, and India. Increase in purchasing power of consumers along with improved road safety concerns further support the market growth.
There has been increase in adoption of electric vehicles across the globe owing to enhanced environmental concerns and strict regulations associated with vehicular emissions. Manufacturers focus on providing enhanced navigation systems in electric vehicle to provide enhanced user experience. For instance, TomTom International introduced navigation system for electric vehicle and named it “EV routing and range,” which provides efficient routes to reach destination.
Depending on vehicle type, the car GPS navigation system market is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The demand for car GPS navigation system is expected to increase from light commercial vehicles segment during the forecast period. Implementation of GPS navigation system in commercial vehicle enables tracking the location of fleet, acquiring real time traffic updates, preventing vehicle robbery, as well as receiving alternate route to reach destination. Moreover, car sharing & ride hailing services utilize GPS navigation system to travel from one location to another, driving the market growth.
The significant factors impacting the growth of the car GPS navigation system market comprises rise in demand for vehicles with advanced safety & navigation features, increase in demand for reliable real-time traffic information, rapid development of connected cars, and increase in adoption of car sharing & ride hailing services, especially in developing nations. Moreover, lack of telecommunication infrastructure in developing countries, and growth in concerns associated with data protection & privacy hinder the market growth. Conversely, increase in demand for fleet management, surge in adoption of electric & hybrid vehicles, and rise in technological advancements are expected to offer growth opportunities during the forecast period.
COVID-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market, decline in supply chain, fall in business confidence, and increase in panic among the customer segments. Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.
The impact of the COVID-19 pandemic resulted in delayed development and manufacturing of vehicles and related accessories & parts. Several manufacturers faced shortage of chips utilized in several automotive parts. Automobile manufacturers had to exclude high end features such as navigation & digital speedometers from the new vehicles.
However, increase in demand for vehicles is observed which will aid in the growth of car GPS navigation system market post-pandemic. Moreover, rapid development of connected cars and rise in adoption of electric vehicles aid in growth of car GPS navigation system market.
Key Findings Of The Study
The key players operating in the global car GPS navigation system market comprises Alpine Electronics, Inc., Continental AG, Garmin Ltd., JVCKENWOOD Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Pioneer Corporation, Robert Bosch GmbH, Sony Group Corporation, and TomTom International BV.
According to a new report published by Allied Market Research, titled, “Mobile Application Market," The mobile application market was valued at $208.46 billion in 2022, and is estimated to reach $777.4 billion by 2032, growing at a CAGR of 14.4% from 2023 to 2032.
The mobile application market has experienced exponential development and innovation over the years with the widespread use of smartphones and evolving needs of customers, mobile applications, primarily referred to as apps, have merged seamlessly into the customer’s daily lives with a vast range of features and services. The mobile application has completely changed the way people interact, work, or shop, Due to COVID-19 pandemic the market had major economic effects. While some industries experienced growth in revenue, others witnessed difficulties in monetization and operational disruptions. The pandemic, however, gave app developers the chance to develop applications for contactless payment, medical, online education, and remote work.
The main factors that propel the expansion of the market are rise in variable device use and expanding client base in the e-commerce sector. Surge in enterprise applications, more attention on apps specifically utilized for health & fitness, strong download rates, and in-app purchases for gaming apps boost the growth of the market. However, the absence of high-speed connectivity in developing and underdeveloped areas as well as businesses' reluctance to develop their own applications are anticipated to restrain market expansion. In addition, rise in digitization investments, increased adoption of internet of things technologies, and mobile connectivity of smart items are anticipated to offer significant opportunities for market expansion in the future.
Furthermore, factors such as rise in variable device use and expanding client base in the e-commerce sector. Surge in enterprise applications, more attention on apps specifically utilized for health & fitness, strong download rates, and in-app purchases for gaming apps boost the growth of mobile app market. However, the absence of high-speed connectivity in developing and underdeveloped areas as well as businesses' reluctance to develop their own applications are anticipated to restrain market expansion. In addition, rise in digitization investments, increased adoption of internet of things technologies, and mobile connectivity of smart items are anticipated to offer significant opportunities for mobile application market forecast.
On the basis of the application, the gaming segment dominated the mobile application market analysis in 2022 and is expected to continue this trend during the forecast period, owing to owing to rise in number of mobile gaming application in developing nations such as China and India. A wider percentage of the population now has access to gaming experiences on their mobile devices due to improving cost and availability of smartphones. However, the healthcare and fitness segment is expected to exhibit the highest growth during the forecast period, owing to the growing rate of obesity and increasing number of health issues, which drives the adoption of health applications. In addition, surge in awareness among the people regarding weight loss, calorie intake, and proper nutrition, thereby fuels the popularity of these applications.
By region, Asia-Pacific dominated the market share in 2022 for the phone application market. The same region is expected to exhibit the highest growth during the forecast period, owing to vast and diverse population, leading to the creation of region-specific or culturally relevant apps. In addition, with the expansion of internet connectivity and the increasing availability of high-speed mobile data, more people in Asia have access to the internet.
The global adoption of smartphones is growing, creating a sizable opportunity for the mobile app market. The potential user base for phone app grows as more people get access to smartphones, which increases demand and usage. This gives app developers the chance to target new markets and serve a variety of user categories. Mobile phone application now have more options due to the quick development of technologies, for instance artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT). Through the use of these technologies, developers can produce new products for gaming, education, healthcare, retail, and other industries as well as immersive and interactive experiences, personalized suggestions, and more. Making use of this cutting-edge technology can help to reach new customers and create ground-breaking mobile phone application. The adoption of remote work and collaboration tools has been pushed by the COVID-19 pandemic. This pattern is anticipated to persist even after the pandemic, providing chances for developers of mobile apps to come up with tools that help with distant work, virtual meetings, project management, and team collaboration.
The global mobile application industry is dominated by key players such as Microsoft Corporation, Hewlett Packard Enterprise Development LP, Apple Inc., Intellectsoft US, Cognizant, Google LLC, Verbat Technologies, International Business Machines Corporation, CA Technologies, Inc., and China Mobile Limited. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the mobile application industry globally.
According to a new report published by Allied Market Research, titled, “Children Entertainment Centers Market," The children entertainment centers market was valued at $11.5 billion in 2022, and is estimated to reach $30.7 billion by 2032, growing at a CAGR of 10.6% from 2023 to 2032.
Children entertainment centers are dedicated recreational spaces designed to provide a wide array of amusement, play, and learning opportunities for kids. These centers typically offer a diverse range of activities and attractions specifically tailored to engage and entertain children of various age groups. They often feature playgrounds, themed play zones, interactive games, rides, and activities that promote physical activity, creativity, and cognitive development. Many entertainment centers incorporate elements of education into their offerings, aiming to make learning enjoyable through interactive exhibits or educational games. Safety is a paramount consideration, with these centers usually implementing stringent safety measures to ensure a secure environment for children. In addition to play areas, they might include spaces for hosting birthday parties, events, or workshops, offering a comprehensive entertainment package for families. The centers often prioritize creating a clean, well-maintained, and welcoming environment for both kids and parents, ensuring a positive overall experience. Moreover, children entertainment centers often adapt to technological trends by integrating interactive digital activities or incorporating technology-driven games to stay relevant and engaging. These centers serve as a go-to destination for families seeking a blend of fun, learning, and social interaction in a controlled and entertaining setting.
Additionally, the children entertainment centers market analysis is expected to witness notable growth, owing to continuous launch of new entertainment centers supporting family activities, F&B integration, and participatory play, increase in number of malls and favorable youth demographics. Moreover, the surge in investments in new games and attractions is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, the increase in ticket prices limits the growth of the children entertainment centers market.
On the basis of revenue source, arcade studios dominated the children entertainment centers market size in 2022, owing to the fusion of classic arcade games with modern technology, offering a diverse mix of experiences. This means integrating traditional arcade games with the latest advancements in gaming, such as virtual reality (VR), augmented reality (AR), and interactive motion-based gaming. However, the AR and VR gaming zones is expected to witness the fastest growth, owing to the increasing number of investments in a diverse display of AR and VR experiences, moving beyond simple gaming to incorporate educational and interactive storytelling elements. These experiences range from simulated educational adventures to storytelling in VR environments, enhancing the immersive aspect and offering children a blend of entertainment and learning.
Region-wise North America dominated the children entertainment centers market share in 2022, owing to the expansion of interactive and themed experiences within these entertainment centers. Moreover, there is a surge in emphasis on creating immersive environments that transport children into fantastical worlds through themed play areas, adventure zones, and storytelling-driven attractions. However, Asia-Pacific is expected to witness the fastest growth in the upcoming year, owing to the availability of a high number of malls in the region. The largest malls in the world are mostly in the Asia-Pacific region, accounting for nearly 80% of the retail space under construction globally. Moreover, the consistently growing middle-class population and increase in disposable income are the major factors that drive the market growth in this region.
The COVID-19 pandemic has had a profound impact on children entertainment centers, significantly altering their operations and visitor experiences. These centers, often bustling hubs for families, faced unprecedented challenges due to lockdowns, social distancing mandates, and safety concerns. Closures or severe limitations in capacity affected these venues, leading to revenue loss and financial strain. To adapt, many centers implemented stringent safety protocols, such as enhanced cleaning measures, reduced capacities, and mandatory mask mandates, impacting the overall ambiance and visitor capacity. Furthermore, concerns about virus transmission significantly altered visitor behavior, with families being more cautious about spending time in enclosed spaces. The pandemic accelerated the adoption of online and at-home entertainment options, diverting attention away from physical entertainment centers. The financial impact and shifts in consumer behavior led to closures or limited services for several entertainment centers, reshaping the landscape of this industry. Although some centers innovated by introducing virtual experiences or enhancing outdoor offerings, the overall impact of COVID-19 on these spaces was substantial, emphasizing the need for ongoing adaptation and flexibility in response to ever-changing circumstances.
The key players profiled in the children entertainment centers industry analysis are Disney, LEGO System A/S, Dave and Buster’s, Inc., SCENE75 ENTERTAINMENT CENTERS LLC, CEC Entertainment Concepts, LP., Funriders, KidZania, LANDMARK GROUP, SMAAASH, and Cinergy Entertainment Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the children entertainment centers industry.
According to a new report published by Allied Market Research, titled, “Asia-Pacific Smart Building Market by Component, Solution, Building Type and Region: Opportunity Analysis and Industry Forecast, 2023–2032”, the Asia-Pacific smart building market size is expected to reach $17.59 billion in 2032, from $4.26 billion in 2022, growing at a CAGR of 15.3% from 2023 to 2032.
Smart buildings are capable of utilizing Internet of Things (IoT) devices, such as sensors, software, and Internet connectivity to monitor various building attributes, analyze data, and provide insights about use patterns and trends that may be used to improve the building's environment and operations. The most fundamental feature of a smart building is that the core systems within it are linked. Connecting smart technology, such as real-time IoT occupancy sensors and building management systems together, means users can share information that can be used to automate various processes, including, but not limited to, heating, ventilation, lighting, air conditioning, and security.
The surge in adoption of smart buildings is driven by the growing need for better utilization of the building (and building premises) and the need for better resource management in urban environments. In addition, the growth in the need for public safety and security fuels the growth of the Asia-Pacific smart building market. However, the lack of strong regulations limits the growth of the market. Conversely, the emergence of artificial intelligence and other advanced technologies ranging from drones to analytics, and artificial reality (AR) and virtual reality (VR), are anticipated to provide numerous opportunities for expansion of the Asia-Pacific smart building market during the forecast period.
On the other hand, the lack of strong government regulations promoting this market in Asia-Pacific acts as a hindrance. Nevertheless, the advancement in IoT field and other types of smart building technologies provides significant opportunities for growth of smart building market in Asia-Pacific. Internet of Things (IoT) is one of the most important technologies used in smart building market. It connects multiple devices through a common Internet Protocol (IP) platform to exchange and analyze information. This has led to its numerous applications in smart building market such as smart HVAC (heating, ventilation and air conditioning) and smart lighting to enhance guest and employee experience. A variety of other technologies are used in smart buildings such as artificial intelligence (AI) and machine learning (ML), building automation and building information modeling (BIM), artificial reality (AR) and virtual reality (VR), and aerial drones.
The market for Asia-Pacific smart buildings is segmented by component, with solutions dominating the market in 2022 and holding the largest share. However, the services segment is projected to experience a more rapid expansion during the forecast period. The share of solutions segment is driven by its use IoT technology, which enables efficient and economical use of resources, such as IoT sensors, analytics software, a user interface, and means of connectivity.
In terms of market segmentation by solutions, the Asia-Pacific smart building market was dominated by security and emergency management (SEM) segment in 2022, and energy management segment is expected to expand at the fastest rate. The demand for SEM in smart building is increasing owing to intelligent evacuation systems that combine Internet of Things (IoT), fog layer, and cloud layer. Under tenant management segment, the tenant facility management sub-segment garnered the highest share in 2022, whereas tenant sales management sub-segment is expected to grow at the fast rate. The use of tenant facility management solutions allow building owners and facility managers to automate many mundane and daily tasks such as vendor management, attendance, inventory management, utility monitoring, billing, surveys, complaints, patrolling and visitor management.
In terms of building type, the Asia-Pacific smart building market was dominated by commercial segment and residential segment is likely to expand at the fastest rate. The rise in adoption of Internet of Things (IoT) in commercial buildings fuels the market growth. Smart buildings help to reduce energy consumption, they realize significant cost-savings, and are able to provide a much more user-friendly experience, adapting automatically to the needs of commercial building users.
In terms of countries, the Asia-Pacific smart building market was dominated by Australia in 2022, and Vietnam is likely to grow at a fastest rate during the forecast period. Supporting government regulations and standards are supporting the growth of the smart building market in Australia. For instance, in August 2023, CSIRO, Australia’s national science agency launched a new $11 million project to drive the development of new technology to support flexible demand for energy, empowering consumers to have more control over their electricity usage, save money and ease pressure on the energy grid.
Key Findings of the Study
The Asia-Pacific smart building market players profiled in the report include Cisco Systems, IBM Corporation, Honeywell International, Siemens, Johnson Controls, ABB, PTC, Huawei Technologies Co. Ltd., Hitachi Ltd., and Intel Corporation. Various strategies such as collaborations & partnerships, product launches, and acquisitions have been adopted by market players to expand their foothold in the Asia-Pacific smart building market.
According to a recent report published by Allied Market Research, titled, “Serious Games Market by Gaming Platform, Application, Industry Vertical and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The serious games market was valued at $5.94 billion in 2020, and is projected to reach $32.72 billion by 2030, registering a CAGR of 18.47%.
The market is impacted by factors such as increase in need for better user engagement platforms across enterprises, surge in usage of mobile-based educational games, and significant adoption of virtual reality in training & development activities. However, lack of awareness about the advantages & usage of serious game, and unsuitable game design are anticipated to hamper the serious games market size.
On the basis of gaming platform, the smartphone segment dominated the serious games market in 2020, and is expected to continue this trend during the forecast period. With the rapid rise in mobile gaming in the past five years, smartphones are anticipated to gain market traction in the coming years. One of the perks of this gaming platform is its cost-effectiveness.
According to the application, the simulation and training segment dominated the serious games market in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to ongoing trend of game-based learning among organizations to achieve impressive performance results from employees. Serious games are being used in a variety of simulation and training use cases, such as corporate education, emergency services training, and health care among other purposes. However, the research and planning segment is expected to witness highest growth rate during the serious games market forecast period.
In 2020, on the basis of industry vertical, the education segment dominated the global serious games market growth, and is expected to maintain its dominance in the upcoming years. Serious games help in gaining extended retention, efficient memorization, can be customized, create huge volume of information, offer interactive & attractive interaction with individuals, and save time & costs. In addition, they help in understanding cultural heritage with an interactive session that is expected to attract students’ attention. Other factors positively affecting the adoption of serious games in the education industry include rise in usage of inexpensive & ubiquitous hardware, availability of robust networks that enable easy connectivity, adoption of brain science software, and pressure on educational institutes to enhance the skills of students
Post COVID-19, the market was valued at $5.94 billion in 2020, and is projected to reach $32.72 billion by 2030, registering a CAGR of 18.47%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 pandemic forced the closure of schools all around the world. Over 1.2 billion youngsters are out of school worldwide. As a result, education has undergone significant transformations, with the rise of e-learning, in which instruction is done remotely and via digital platforms.
Unfortunately, this has decreased kids' enthusiasm for learning. To overcome this issue, e-learning systems have incorporated serious games into their platforms to make learning more engaging. According to BYJU'S, an Indian e-learning platform, creative integration of games exhibited higher engagement and enhanced enthusiasm toward learning, especially among younger students, over time. As a result, people have become more aware of the market under investigation. Furthermore, on March 30, 2020, during the current public health crisis caused by COVID-19, the International Nursing Association of Clinical Simulation and Learning (INACSL) and the Society for Simulation in Healthcare (SSH) supported the use of virtual simulation as a replacement for clinical hours for students currently enrolled in health sciences professions (i.e., nursing students, medical students).
Some of the key serious games industry players profiled in the report include BreakAway, Ltd., Designing Digitally, Inc., DIGINEXT, IBM Corporation, Cisco Systems Inc., Virtual Heroes, Inc., Nintendo Co., Ltd., Promotion Software GmbH, Revelian, and Tata Interactive Systems. This study includes market share, trends, serious games market analysis, and future estimations to determine the imminent investment pockets.