Virtual Humans: Redefining Customer Experience – Market Trends and Forecasts
The current virtual humans market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
PORTLAND, PORTLAND, OR, UNITED STATES, February 20, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Virtual Humans Market,” The virtual humans market was valued at $11.30 billion in 2021, and is estimated to reach $440.3 billion by 2031, growing at a CAGR of 44.7% from 2022 to 2031.
Virtual humans are human-like characters that may be heard through speakers, shown on computer screens, or accessible in other ways. It might be difficult to define exactly what a virtual person or even “artificial intelligence” (AI) is. In a similar vein, it is unclear how virtual humans connect to robots and androids, or how to distinguish between various forms of virtual people, such as a chatbot, conversational agents, autonomous agents, or pedagogic agents.
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Furthermore, these advanced technologies have fueled the emergence of digital avatars and advanced video streaming experiences along with OTT service providers to bring their presence to an infinite digital reality space the metaverse. The metaverse was then opened to the viewers and fans so that they could experience the world of Rudra. Such technological advancements and trends in the metaverse have driven the growth of the virtual human market.
With the current capabilities of interactive technology such as virtual, augmented, and mixed reality as well as the blend of sophisticated computer-generated (CG) images, humans have been able to create digital avatars or virtual humans. These human-like interfaces have enhanced digital experiences and made digital businesses create effective, engaging, and more valuable commodities with tailored customer experiences. These reasons have fueled the increased adoption of digital avatars in various industry verticals such as education, retail, and entertainment, supporting the virtual human market’s surging expansion.
The report offers a detailed segmentation of the global virtual human market based on type, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
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By type, the avatars segment held the largest share in 2021, garnering more than three-fourths of the global virtual humans market revenue and is projected to maintain its dominance by 2031. The same segment would also cite the fastest CAGR of 45.13% throughout the forecast period. Also, the autonomous virtual humans segment is studied in the report.
By industrial vertical, the gaming and entertainment segment contributed to nearly one-fifth of the global virtual humans market share in 2021. On the other hand, the retail segment is projected to dominate the market in terms of revenue by 2031. However, the BFSI segment would display the fastest CAGR of 49.83% throughout the forecast period. Education, healthcare, automotive, IT and telecommunications, and other segments are also discussed in the report.
Region-wise, Asia Pacific held a significant global virtual humans market share, due to the region’s expanding wireless connectivity penetration and growing digitalization, China, Japan, and South Korea currently dominates the regional market for the Asian region. The main drivers of the growth of the virtual humans market in this region are the rapid advancements in artificial and internet of things (IoT) technology. Moreover, rapid urbanization and an increase in digital content creation and acceptance are the primary factors that drive the growth of the virtual humans market in Asia-Pacific, North America, Europe, and LAMEA.
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Covid-19 Scenario:
• During the COVID-19 pandemic, businesses started utilizing virtual beings as extensively as possible, from offices and hospitals to games and entertainment.
• Many significant players changed their strategies to enhance their attributes as virtual humans. For instance, in March 2022, Datagen raised $50 million in its Series B funding to strengthen its platform and meet the growing demand for synthetic data in the broader AI space. This funding was to provide solutions that enabled enterprises to avoid manually sourcing and annotating and switch to a way that provides the required 2D, and 3D visual data at scale with ease. Such factors encouraged the growth of the virtual human market during the COVID-19 period.
The leading market players analyzed in the global virtual humans market report include Offbeat Media Group, Microsoft Corporation, Alibaba Group Holding Limited, Soul Machines, Inworld AI, Ziva Dynamics (Unity), Epic Games, Inc., Datagen, Meta Platforms, Inc., and iFLYTEK Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report helps formulate the business performance and developments of the top players.
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