The virtual humans market was valued at $11.3 billion in 2021 and is projected to reach $440.29 billion by 2031, registering a CAGR of 44.74% from 2022 to 2031. Virtual humans are automated beings with the ability to communicate, comprehend, reason, and show emotion. They can interact with humans in regular language and have a three-dimensional physique.
Due to the rising need for virtual space in the metaverse via augmented reality (AR), virtual reality (VR), and machine learning, the market for virtual humans is anticipated to expand significantly over the course of the forecast period (ML). The market has grown as a result of the boom in e-commerce and digital retail, as well. The main issue limiting market growth, however, is the absence of technological constraints brought on by the expensive development of intelligent applications and declining labour demand. Contrarily, the rise in machine-to-human consumer connection in a variety of end-use industries and the adoption of intelligent and interactive educational solutions are anticipated to drive the growth of the virtual people market during the forecast period.
The global virtual humans market research is segmented into types, industry vertical, and regions. Based on types, the market is bifurcated into avatars and autonomous virtual humans. Based on the industry vertical the market is segmented into BFSI, education, retail, healthcare, automotive, IT & telecommunications, gaming & entertainment and others. Region-wise, the virtual humans market trends are analyzed across North America (U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Key players operating in the market Alibaba Group Holding Limited, Datagen, Epic Games, Inc., iFLYTEK Corporation, Inworld AI, Meta Platforms, Inc., Microsoft Corporation, Offbeat Media Group, Soul Machines and Ziva Dynamics (Unity).
Due to the rising need for virtual space in the metaverse via augmented reality (AR), virtual reality (VR), and machine learning, the market for virtual humans is anticipated to expand significantly over the course of the forecast period (ML). The market has grown as a result of the boom in e-commerce and digital retail, as well. The main issue limiting market growth, however, is the absence of technological constraints brought on by the expensive development of intelligent applications and declining labour demand. Contrarily, the rise in machine-to-human consumer connection in a variety of end-use industries and the adoption of intelligent and interactive educational solutions are anticipated to drive the growth of the virtual people market during the forecast period.
The global virtual humans market research is segmented into types, industry vertical, and regions. Based on types, the market is bifurcated into avatars and autonomous virtual humans. Based on the industry vertical the market is segmented into BFSI, education, retail, healthcare, automotive, IT & telecommunications, gaming & entertainment and others. Region-wise, the virtual humans market trends are analyzed across North America (U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Key players operating in the market Alibaba Group Holding Limited, Datagen, Epic Games, Inc., iFLYTEK Corporation, Inworld AI, Meta Platforms, Inc., Microsoft Corporation, Offbeat Media Group, Soul Machines and Ziva Dynamics (Unity).
Key Benefits For Stakeholders
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
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- France
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIRTUAL HUMANS MARKET, BY TYPE
CHAPTER 5: VIRTUAL HUMANS MARKET, BY INDUSTRY VERTICAL
CHAPTER 6: VIRTUAL HUMANS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report 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.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. For instance, in, April 2020, Hyderabad-based startup Digibeings developed an artificial intelligence-based virtual human, Intelligent Remote Assistant (IRA), which can assist healthcare workers and patients. It also monitors essential physiological signals like oxygen saturation level and respiration rate using the mobile camera without requiring any additional device. The solution is completely digital and thus, scalable. It can be accessed over mobile, desktop, VR, and AR devices, and no special training is required for users to use the product. Such factors are playing a major role in driving the growth of the virtual humans market.
The virtual humans market is segmented into type, industry vertical, and region. On the basis of type, the market is bifurcated into avatars and autonomous virtual humans. On the basis of Industry Vertical, the market is categorized into BFSI, education, retail, healthcare, automotive, IT & telecommunications, gaming & entertainment, and others. On the basis of region, it is analyzed across North America (the U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include Alibaba Group Holding Limited, Datagen, Epic Games, Inc., iFLYTEK Corporation, Inworld AI, Meta Platforms, Inc., Microsoft Corporation Offbeat Media Group, Soul Machines, and Ziva Dynamics (Unity). The players in the market have been actively engaged in the adoption of various strategies such as partnerships, product launches, and acquisitions to remain competitive and gain an advantage over the competitors in the market.
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.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 178 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 11.3 billion |
| Forecasted Market Value ( USD | $ 440.29 billion |
| Compound Annual Growth Rate | 44.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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About the Virtual Human Market
The Virtual Human market is a subset of the Virtual and Augmented Reality industry. It focuses on the development of realistic digital representations of humans, known as virtual humans, for use in a variety of applications. These applications range from entertainment and gaming to healthcare and education. Virtual humans are created using a combination of 3D modeling, motion capture, and artificial intelligence. They are designed to interact with users in a natural and lifelike manner, providing a Read more
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