DUBLIN, July 25, 2023 /PRNewswire/ — The “Virtual Humans Market by Type, Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the global 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.
The computer image of an individual is referred to as a virtual human. These are avatars that are an immersive virtual reality experience and are widely recognized for their use in various aspects of daily human life. However, they do not often appear human, as virtual humans are capable of having irrational and imaginative appearances.
The key factors that drive the growth of the virtual humans market include the growth in demand for virtual space in the metaverse, the increase in demand for AI-based virtual humans in the healthcare sector and rise in awareness of creating virtual social-emotional support.
AI is being promoted as a method to close the workforce gap in a world where very few nations have enough workers to deliver high-quality healthcare by automating routine chores and freeing up the time of the healthcare personnel to focus on the high value work, they are best suited to undertake. AI technology can be used to ease the burden on doctors and the healthcare system at large.
AI-based virtual humans are known to increase productivity of doctors by letting them concentrate on information that is critically important rather than wasting time gathering irrelevant data or finishing encounter reports. Customer service representatives can handle patient calls and collect the necessary data, with the aid of virtual humans.
Increasing user demand and technological advancements have contributed to the growth of the digital human sector. The concept of digital humans is likely to expand beyond cultural and creative fields such as virtual celebrities. It is expected that they will become integrated with a variety of industries in order to boost the real economy. Moreover, the country has developed policies to support the development of innovative virtual humans.
A complete set of services is provided by the platform to create and operate virtual hosts, celebrity broadcasters, and brand spokespersons for clients in the fields of broadcasting, television, internet, finance, and retail, enabling more industries to utilize virtual human resources.
In addition, computer interface against the backdrop of metaverse, have become popular again, industry insiders have claimed by adding development of 5G, AI and VR technologies have fueled the virtual industry. Furthermore, financial returns for virtual idols are mainly generated from livestreaming platform membership fees, live broadcast rewards, brand endorsements, and appearance fees.
Moreover, An Intelligent Virtual Assistant (IVA) is capable of fulfilling a wide range of customer service roles such as ease to navigate, offering product information, assisting customers in paying bills, and carry out transfers or complete forms, and directing problem queries to human agents in customer service. Such factors are prompting banking and financial institution across the world to integrate virtual assistants, leading to industry growth.
The market also offers growth opportunities to the key players. Many key players adopted various strategies such as partnership, product development, product launch, and more.
Market Dynamics
Drivers
- Growing demand for virtual space in the metaverse through AR, VR, and ML (Augmented Reality, Virtual Reality, and Machine Learning)
- Increasing demand for AI-based virtual humans in the healthcare sector
- Rising awareness of creating virtual social-emotional support
Restraints
- Technological limitations due to the expensive development of intelligent applications
- Reducing labor demand
Opportunities
- Surge in machine-to-human customer interaction in various end-use verticals
- Adoption of smart and interactive educational solutions
Key Market Insights
- On the basis of type, the autonomous virtual humans segment is estimated to create $90 million in revenue by 2031. However, the avatars segment is expected to continue its dominance, during the forecast period.
- On the basis of the industry vertical, retail is the fastest-growing segment, with an impressive CAGR of 47% during the forecast period.
- On the basis of region, Asia-Pacific is the dominating segment and is expected to continue its dominance with a significant CAGR of 46%, during the forecast period.
Key Market Segments
By Industry Vertical
- BFSI
- Education
- Retail
- Healthcare
- Automotive
- IT and Telecommunications
- Gaming and Entertainment
- Others
By Type
- Avatars
- Avatars
- Interactive Digital Human Avatar
- Non-Interactive Digital Human Avatar
- Autonomous Virtual Humans
Key Market Players
- Epic Games, Inc.
- iFLYTEK Corporation
- Inworld AI
- Datagen
- Meta Platforms, Inc
- Microsoft Corporation
- Offbeat Media Group
- soul machines
- Ziva Dynamics (Unity)
- Alibaba Group Holding Limited
For more information about this report visit https://www.researchandmarkets.com/r/p6cjml
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SOURCE Research and Markets
