New York, March 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Online Microtransaction Global Market Report 2022" - https://www.reportlinker.com/p06246501/?utm_source=GNW
, NetEase Inc., Microsoft Corp., GungHo Online Entertainment Inc., CyberAgent Inc., The Walt Disney Co., Ubisoft Entertainment., Niantic Inc. and Take-Two Interactive.
The global online microtransaction market is expected to grow from $59.49 billion in 2021 to $67.60 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $106.02 billion in 2026 at a CAGR of 11.9%.
The online microtransaction market consists of sales of in-game virtual goods and its related services.Microtransactions are in-game purchases of virtual items for small amounts of money.
These often appear in free-to-play games that do not have any cost for downloading the game and only includes the online cost for virtual goods. Microtransactions are done to unlock specific features or enhance the special abilities, content or character in a game.
The main types of online microtransaction are in-game currencies, random chance purchases, in-game items, expiration.In-game purchases are items or points purchased by a player for use within a virtual world to improve a character or enhance the playing experience.
The various model involved are prepay model, postpay model, others and are used in mobile, console and PCs.
The regions covered in the online microtransaction market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The expansion of the gaming industry is to act as a major driver for the development of the online microtransaction market.Online microtransaction uses real money to gain access to currency in-game or virtual items, which improves the gaming experience of the player.
According to Ernst & Young Global Limited’s report published in 2019, the global games market is expected to reach $ 196.0 billion by the end of 2022, growing at a CAGR of 10.0%. Moreover, according to ResearchGate’s conference paper published in December 2019 on the analysis of the microtransaction in the game market, the value of the video gaming industry has increased substantially over the last two decades. The video gaming industry generated revenues of $ 152.1 billion in 2019 and is anticipated to grow over the forthcoming years. Therefore, the growth of the gaming and video gaming industry is expected to propel the revenues for online microtransaction market in the near future.
Stringent regulations imposed on the microtransactions are projected to limit the market growth during the period.According to NPR’s news published in November 2019, China introduced restrictions on video games and online microtransactions for minors.
Chinese officials limited the online microtransactions value at $ 28 or $ 57 depending on the age of the minor.These restrictions imposed is likely to reduce the number of transactions done by a minor, thus, reducing the revenues for microtransactions market from the minor group.
Therefore, stringent regulations imposed by the government on setting the limit of transactions is to have an adverse effect on the growth of online microtransactions market over the forecast period.
The companies adopting new loot box policies in order to adhere to the guidelines of the U.S. game industry trade group, the Entertainment Software Association is a major trend in the online microtransaction market. In August 2019, the organization announced that multiple game developers and publishers will adopt disclosure of information policies for the loot boxes. Companies such as Microsoft, Nintendo, and Sony are planning to have new policies by the end of 2020. Consequently, the players aiming to adopt new disclosure policies of a loot box is the latest trend shaping the growth of the online microtransactions market.
In April 2020, Riot Games, an American video game developer, publisher, and esports tournament organizer acquired Hypixel Studios Inc. for an undisclosed amount. This acquisition represents the expansion of a long-standing relationship, with Hypixel Studios gaining access to Riot Games’ experience in developing and publishing acclaimed, player-focused games. Hypixel Studios Inc., a Canada based Computer game developer.
The countries covered in the online microtransaction market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06246501/?utm_source=GNW
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