The latest market report published by Credence Research, Inc., "Global Virtual Goods Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Virtual Goods Market generated revenue of around USD 67.5 billion in 2021 and is anticipated to grow a CAGR of over 20.2% during the forecast period from 2022 to 2028 to reach around USD 203.6 billion in 2028.
This market's expansion is partly related to young people's increased interest in social gaming. The market is moving quickly forward due to the growing acceptance of free-to-play games among players and game creators. This has promoted the buying of virtual goods. The quick adoption of social networking sites that support peer-to-peer gaming has given the industry for virtual games a considerable boost and greatly impacted in-game purchases made by players. Most social games can be played for free. Games on cell phones and tablet PCs can be easily installed, making them usable by both young and old. The appeal of social gaming has grown due to gamers' desire to compete against their friends, family, and coworkers. To play, no elaborate Xboxes or Playstations are required. Therefore, it is anticipated that these elements will propel the global virtual goods market forward in the upcoming years.
is bifurcated into Age, Gender and Geography. Based on gender, the market is categorized into male and female. The global market is segmented based on age: 13-25, 25-35, 35-45, and 45+. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific region will hold a large portion of the global virtual goods market in 2021 due to China and other Southeast Asian countries' substantial demand for virtual goods. Due to factors including the sizeable user populations of social networks, widespread use of smartphones, and wireless technology, Asia Pacific has maintained a prominent position in the global virtual goods market. A rapidly growing virtual goods market has emerged due to rising sales of smartphones and tablets and the appearance of casual and friendly games on social networking sites and mobile devices.
Virtual goods are digital items that are purchased and used in online games, social media platforms, and other digital environments. These can include items like in-game currency, virtual clothing and accessories for avatars, and other digital assets.
There are several major players in the virtual goods market, including:
· Tencent: Tencent is a Chinese multinational conglomerate that operates a number of online gaming and social media platforms, including WeChat, QQ, and PUBG Mobile. The company generates significant revenue from the sale of virtual goods on these platforms.
· Activision Blizzard: Activision Blizzard is a major player in the gaming industry and owns popular franchises such as Call of Duty, World of Warcraft, and Overwatch. The company generates a significant portion of its revenue from the sale of virtual goods in its games.
· Electronic Arts: Electronic Arts (EA) is a leading publisher of video games and is known for popular franchises such as The Sims, FIFA, and Battlefield. EA also generates a significant portion of its revenue from the sale of virtual goods.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global virtual goods market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global virtual goods market segmentation based on age and gender.
· Major countries in each region with their import/export statistics
· The global virtual goods market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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