New York, United States , July 29, 2024 (GLOBE NEWSWIRE) -- The Global Virtual Goods Market Size is to Grow from USD 81.12 Billion in 2023 to USD 509.24 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 20.17% during the projected period.
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The "Virtual Goods" refers to a part of the digital economy that deals with the production, trade, and acquisition of virtual goods or products that are unique to virtual settings, like social networking sites, video games, virtual worlds, and online marketplaces. Virtual currency, virtual collectibles, virtual real estate, virtual apparel and accessories, and virtual in-game products are just a few of the virtual things that can be purchased. Users, including game producers, offer virtual goods that are valuable financially in the real world. The growth of cost-effective smartphone availability and improved internet infrastructure contributed to a rise in the accessibility of digital content, which allowed the development. Because more people are using virtual goods there is a greater demand for them, which drives the market's growth. This factor helps the virtual goods market grow. In addition, the growth of internet gaming has played a major role in the significant growth of the in-game purchasing market. However, virtual goods have a restricted market value, and their capacity to be used or transferred between contexts by customers restricts the growth of the virtual goods market.
Browse key industry insights spread across 220 pages with 120 Market data tables and figures & charts from the report on the "Global Virtual Goods Market Size, Share, and COVID-19 Impact Analysis By Type (13-25, 25-35, 35-45, 45+), By Application (Male and Female), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The 35-45 segment is anticipated to hold a significant share of the global virtual goods market during the projected timeframe.
On the basis of type, the global virtual goods market is divided into 13-25, 25-35, 35-45, 45+. Among these, the 35-45 segment is anticipated to hold a significant share of the global virtual goods market during the projected timeframe. 35–45 years virtual goods are products targeted at customers in the age range. These goods frequently have features designed for this age range, like better gaming experiences or more interesting material.
The male segment is predicted to hold the greatest share of the global virtual goods market during the estimated period.
On the basis of application, the global virtual goods market is divided into male and female. Among these, the male segment is predicted to hold the greatest share of the global virtual goods market during the estimated period. Males are also playing and spending money on social gaming platforms at an increasing rate as they play with people they know.
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North America is expected to hold the largest share of the global virtual goods market over the forecast period.
North America is expected to hold the largest share of the global virtual goods market over the forecast period. The increasing use of smartphones and wireless technologies, along with the large number of individuals who utilize social networks, are the main reasons driving the virtual goods market's growth in North America. The market is also being driven by several other reasons, such as the substantial gaming population, the robust digital infrastructure, and the rapid internet adoption rate. Several significant virtual goods and gaming companies operate in the region.
Asia Pacific is predicted to grow at the fastest pace in the global virtual goods market during the projected timeframe. Asia Pacific as a result of the significant demand for virtual goods in China and other Southeast Asia nations. Asia Pacific has managed to hold its position in the global virtual goods market due to its large social network user bases, extensive smartphone usage, and wireless technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global virtual goods market include Meta Platforms, Inc., Tencent Holdings Ltd., Gree Inc., Mixi Inc., Hi5 Networks Inc., Bebo Inc., Myspace LLC, Tagged Inc., Zynga Inc., Kabam Inc, and Others.
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Recent Developments
- In September 2023, A chatbot with realistic-looking graphics and text responses was among the first generative AI technologies that Meta Platforms introduced to the public. At an event, CEO Mark Zuckerberg revealed the information and gave an update on the company's intentions to create an immersive metaverse.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global virtual goods market based on the below-mentioned segments:
Global Virtual Goods Market, By Type
- 13-25
- 25-35
- 35-45
- 45+
Global Virtual Goods Market, By Application
- Male
- Female
Global Virtual Goods Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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