Portland, OR , March 24, 2023 (GLOBE NEWSWIRE) -- 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 offers a detailed analysis of 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.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $11.3 Billion |
| Market Size in 2031 | $440.3 Billion |
| CAGR | 44.7% |
| No. of Pages in Report | 178 |
| Segments Covered | Type, Industry Vertical, and Region |
Drivers | The rise in need for virtual space in the metaverse via augmented reality (AR), virtual reality (VR), and machine learning |
| Surge in adoption of digital avatars in various industry verticals such as retail, entertainment and educational solutions | |
| Opportunities | The adoption of intelligent and interactive educational solutions |
| The increase in consumer connection between machines and people in a variety of end-use industries | |
| Restraints | Technological limitations brought on by the expensive development of intelligent applications |
| Decline in labor demand |
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 humans market during the COVID-19 period.
The report offers a detailed segmentation of the global virtual humans 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 on 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 others segments are also discussed in the report.
By region, the Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global virtual humans market revenue, and is projected to maintain its dominant share in terms of revenue during the forecast period. The same region is expected to manifest the fastest CAGR of 45.82% during the forecast period. The other regions analyzed in the study include North America, Europe, and LAMEA.
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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 is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
