Virtual Humans Market Trends: Report Forecasts Continued Expansion in AI-driven Avatars by 2031

The surge in adoption of digital avatars in various industry verticals such as retail, entertainment and educational solutions drives the market. growth.

PORTLAND, PORTLAND, OR, UNITED STATE, May 9, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global virtual humans market generated $11.3 billion in 2021, and is estimated to reach $440.3 billion by 2031, witnessing a CAGR of 44.7% from 2022 to 2031. The report analyzes changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

Virtual humans are computer-generated entities that simulate human appearance, behavior, and interaction in virtual environments. These entities can range from simple avatars to complex, lifelike characters capable of conversing, emoting, and responding to user input like real humans. Virtual humans are used in various applications, including virtual reality, gaming, simulation training, education, therapy, and customer service. They aim to create immersive and realistic experiences for users, often leveraging artificial intelligence, natural language processing, and other technologies to enhance their capabilities and realism.

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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 chatbot, conversational agent, autonomous agent, or pedagogic agent.

The market has seen significant growth in recent years and is expected to continue expanding in the foreseeable future. As technology advances and artificial intelligence (AI) capabilities improve, virtual humans are becoming increasingly sophisticated, enabling them to perform a wide range of tasks across various industries.

Furthermore, these advanced technologies has 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.

According to virtual humans market research, the virtual humans market for avatars was valued at $8 billion in 2021, and is projected to reach positively grow, during the forecast period. U.S. was the highest revenue contributor to the avatars segment. Japan and South Korea are expected to witness considerable CAGRs of 50%, respectively, during the forecast period.

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Some key trends in the virtual humans market:

• Advancements in AI and Natural Language Processing (NLP): Virtual humans are becoming increasingly sophisticated due to advancements in AI and NLP technologies. These advancements enable virtual humans to understand and respond to human interactions in a more human-like manner.

• Integration of Virtual Humans in Customer Service: Virtual humans are being integrated into customer service platforms to provide more personalized and efficient support to customers. They can handle a wide range of inquiries, freeing up human agents to focus on more complex tasks.

• Expansion into Healthcare: Virtual humans are being utilized in healthcare settings for a variety of purposes, including patient education, therapy, and remote monitoring. They can provide support to patients and healthcare professionals alike, improving access to care and reducing costs.

• Virtual Influencers and Brand Ambassadors: Brands are leveraging virtual humans as influencers and brand ambassadors to engage with audiences on social media platforms. These virtual personalities can help companies reach new demographics and create unique marketing campaigns.

• Virtual Training and Education: Virtual humans are being used for training and education purposes across various industries. They can simulate realistic scenarios and provide interactive learning experiences for students and professionals.

• Ethical and Privacy Concerns: As virtual humans become more pervasive, there are growing concerns around ethics and privacy. Questions about data security, consent, and the potential for misuse of virtual human technology are being raised and addressed by industry stakeholders.

• Customization and Personalization: Companies are increasingly focusing on customizing and personalizing virtual human interactions to better meet the needs and preferences of users. This includes tailoring responses, appearances, and personalities to create more engaging experiences.

• Integration with AR and VR Technologies: Virtual humans are being integrated with augmented reality (AR) and virtual reality (VR) technologies to create immersive experiences. This integration enables users to interact with virtual humans in more realistic and immersive environments.

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 others segments are also discussed in the report.

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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.

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.

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 by the top players.

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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.

Covid-19 Scenario:

• During the COVID-19 pandemic, businesses started utilizing virtual beings as extensively as they could, in everything 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.

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