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Global virtual currency market demand being driven by the popularity of social media and online games industry
Global Virtual Currency Market 2014-2018 - a new market research report on 2014-04-30 07:47:03
Gamification involves the use of gaming mechanics and principles in the field of learning. There is an increased interest from the Corporate sectors in adopting games in the learning process. These provide learners with interactive media, animated videos, competition among colleagues, and, most importantly, learning scenarios. Gamification helps users improve their problem solving and negotiation skills, analytical skills, strategic thinking, attention, cognition, teamwork, and creativity. Also, games increase learner engagement and readers apply these acquired skills in their job instantly. Further, this trend is responsible for maintaining the attrition level in companies since it engages the employees and makes learning more interesting. This has led to an increase in the purchase of virtual currency among corporates that are using it to upgrade levels and purchase other add-ons. Some of the popular games include Math Blaster, Candy Crush Saga, FarmVille, Mavis Beacon Teaches Typing, Oregon Trail, Jeopardy, and many more. The Gamification market was valued at US$0.55 billion and is expected to reach US$4.35 billion by 2018. Thus, the increasing adoption of gamification is a new trend that is expected to have a positive impact on the market during the forecast period.
One of the major drivers in this market is the increasing usage of social media and online games. This is mainly due to the rise in smartphone and tablet users across the world and a wide variety of online game offerings in recent years.
Further, one of the major challenges in this market is the increase in cyber threats. Despite the IT industry making efforts to keep a check on cyber-crimes, there is still a high degree of risk involved while using credit cards to make purchases of virtual currencies.
The key players operating in the global virtual currency market include DeNA Co. Ltd., Facebook Inc., GREE Inc., and Zynga Inc.
The global virtual currency market is forecast to grow at a CAGR of 8.52 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing usage of social media and online games. The global virtual currency market has also been witnessing the increasing adoption of gamification. However, the increase in cyber threats could pose a challenge to the growth of this market.
Other vendors operating in the market are CrowdStar Inc., Electronic Arts Inc., Kabam Inc.,, Playdom, Inc., Rovio Entertainment Ltd., Tencent Holdings Ltd., TinyCo., and Wooga GmbH.
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