Virtual Humans Market Expected to Reach New Heights By 2031: Innovative Technologies Drive Growth

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.

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The virtual humans market has been steadily growing due to advancements in artificial intelligence (AI), natural language processing (NLP), and virtual reality (VR) technologies. Virtual humans, also known as digital humans or AI-powered avatars, are computer-generated characters that can interact with humans in a lifelike manner. They find applications across various industries, including customer service, healthcare, education, entertainment, and more.

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 agent, autonomous agent, or pedagogic agent.

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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 humans market.

Several companies are actively involved in the virtual humans market, including:

• Soul Machines
• Verint Systems
• Reallusion
• 3D Digital Corp
• Fable Studio
• Quantum Capture
• Reliance Jio

Key players profiled in the report 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). Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the virtual humans market.

Segmentation by Type:

• Chatbots: Chatbots represent a significant segment of the Virtual Humans market, offering automated customer support, personalized recommendations, and interactive conversational experiences.

• Avatars: Avatars, virtual representations of individuals, are widely used in gaming, virtual reality (VR) environments, and social media platforms.

Digital Assistants

• Digital assistants like Siri, Alexa, and Google Assistant are prominent examples, providing voice-enabled interactions and performing tasks based on user commands.

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Segmentation by Application:

• Healthcare: Virtual Humans are revolutionizing healthcare with applications in patient engagement, medical training simulations, and mental health support.

• Retail: In retail, Virtual Humans are used for virtual shopping assistants, personalized product recommendations, and immersive online shopping experiences.

• Entertainment: Virtual Humans are prevalent in gaming, animation, and virtual reality (VR) experiences, enhancing storytelling and user engagement.

• Customer Service: Chatbots and digital assistants are employed for efficient customer support, handling inquiries, and providing 24/7 assistance.

Regional Analysis:

North America:

• Leading the Virtual Humans market, North America boasts a strong presence of key players and significant investments in AI and virtual technologies.

Europe:

• Europe follows closely, with growing adoption in healthcare and entertainment sectors, supported by favorable government initiatives.

Asia Pacific:

• The Asia Pacific region shows immense potential for Virtual Humans, driven by rapid digitalization, expanding e-commerce, and increasing tech-savvy population.

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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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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 in making strategic business decisions and achieving sustainable growth in their respective market domains.

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