According to the latest market report by IMARC Group, titled “Game-Based Learning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global game-based learning market reached a value of US$ 2.4 Billion in 2018. Game-based learning refers to a teaching approach in which students explore different aspects of a game to learn new subjects. It assists in retaining information, expanding the understanding of concepts, simplifying complex topics and encouraging strategic thinking among learners. It also makes learning more viable by developing problem-solving skills and improving memory as well as reasoning capabilities. Owing to these attributes, the market is experiencing strong growth in the education sector worldwide.
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Several schools and universities are using game-based technologies as they help in fostering rational thinking and enhancing the hand-eye coordination of the user. Further, the growing popularity of modern classrooms and integration of innovative methodologies, such as Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR), have increased the demand for game-based learning across the globe. Apart from this, it is also being used in the corporate sector for the skill development and training of the employees. For instance, courses on diversity are gaining traction in multinational companies as they make employees aware of workplace prejudices. Looking forward, the market is projected to reach a value of US$ 4.3 Billion by 2024, expanding at a CAGR of around 10% during 2019-2024.
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Insights on Market Segmentation:
Breakup by Platform:
Based on platforms, the market has been classified into online and offline platforms. Presently, online is the most popular platform for game-based learning as it offers innovative solutions to students for exploring their lessons.
Breakup by Revenue Type
1. Game Purchase
On the basis of revenue types, the global game-based learning market has been divided into game purchase, advertising and others. Amongst these, game purchase accounts for the majority of the total market share.
Breakup by End-User:
1. K-12 Game-Based Learning
2. Higher Game-Based Learning
The market has been segregated on the basis of end-users which include K-12 and higher game-based learning. At present, K-12 game-based learning represents the dominating segment owing to the incorporation of new learning technologies in the classroom.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, Middle East and Africa, and Latin America. At present, Asia Pacific is the biggest market, holding the majority of the global share.
The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Badgeville, Bunchball, Classcraft Studios, GoGo Labs, 6waves, Recurrence, Fundamentor, Gametize, GradeCraft, Kuato Studios, BreakAway Games, Filament Games, LearningWare, Playgen, Tangible Play and Toolwire.
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This post was originally published on Space Market Research