Press release
Virtual Humans Market Share Growing at 45.1% CAGR Reach USD 1,827.65 Billion by 2033 Globally
Increased focus on personalization and expansion of virtual & augmented reality in virtual humans are the factors expected to propel the growth of the global virtual humans market. However, the high development costs and privacy & data security concerns is anticipated to hamper the growth of the global market. On the contrary, growth in e-learning & remote education and integration with smart devices further likely to create lucrative opportunities for the growth of the global market.
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The global virtual humans market size was valued at $43.3 billion in 2023, and is projected to reach $1,827.65 billion by 2033, growing at a CAGR of 45.1% from 2024 to 2033.
The virtual human market is segmented into type, industry vertical, and region. By type, it is classified into avatars and autonomous virtual humans. By industrial vertical, it is divided into BFSI, education, retail, healthcare, automotive, IT & telecommunications, gaming & entertainment and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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By type, the avatars segment held the highest market share in 2023, accounting for more than four-fifths of the virtual humans market revenue and is estimated to maintain its leadership status during the forecast period, owing to increasing demand for interactive digital experiences, advancements in AI, and growing applications in entertainment, gaming, and customer service. However, the autonomous virtual humans segment is expected to attain the largest CAGR of 52.5% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to advancements in AI, self-learning capabilities, and increased use in healthcare and education, which drives the segment growth in the virtual humans market.
By industry vertical, the gaming and entertainment segment accounted for the largest share in 2023, contributing for nearly one-fifth of the virtual humans market revenue, owing to immersive experiences, AI-driven characters, and increasing demand for interactive content. However, the BFSI segment is expected to attain the largest CAGR of 48.7% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to enhanced customer service through virtual assistants, fraud detection, and personalized financial solutions. Thereby, driving the growth of this segment in the global virtual humans market.
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By region, the North America segment held the highest market share in terms of revenue in 2023, owing to advanced technological infrastructure, strong presence of AI-driven companies, and growing adoption across sectors such as gaming, entertainment, and healthcare. High investments in AI research and favorable government initiatives further fueled market growth in the region. However, the Asia-Pacific segment is projected to attain the highest CAGR of 49.3% from 2023 to 2033, owing to rapid digital transformation, growing investments in AI and virtual technologies, and increasing demand for virtual assistants in retail and customer service. Expanding gaming industries and tech-savvy populations further boost market growth.
The report analyzes the profiles of key players operating in the virtual humans market such as pic Games, Inc., Inworld AI, Meta Platforms, Inc, Microsoft Corporation, Soul Machines, Unity Technologies, Alibaba Group Holding Limited, Aww Inc., UneeQ and Dexter Studios. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual humans market.
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Recent Product Launch in the Virtual Humans Industry
● In February 2021, Epic Games, Inc., launched MetaHuman Creator, a new browser-based app that empowers game developers and creators of real-time 3D content to slash the time it takes to build digital humans from weeks or months to less than an hour, while maintaining the highest level of quality. MetaHuman Creator runs in the cloud via Unreal Engine Pixel Streaming. In addition to speeding up the complex process of digital human creation, it also enables teams of all shapes and sizes to more easily scale and make many types of characters to meet the demands of next-gen platforms and high-end virtual production.
● In February 2022, Alibaba created virtual influencer 'Dong Dong' for the Beijing Olympics. Her name translates to "winter" in Mandarin, which is fitting as she was created in partnership with the 2022 Beijing Winter Olympics. Alibaba created her to engage and connect with young, technologically literate fans. Dong Dong is not a typical virtual influencer, because she does not have her own social media profiles. Instead, she is a virtual brand ambassador who assists with online shopping.
● In January 2024, Unity Technologies acquired Ziva Dynamics, a company known for its digital character creation technology. The deal was announced at GamesBeat Next, the premier event for product leaders and leadership in the gaming industry. Unity plans to "democratize" Ziva's tools, making them easier to use for developers of all skill levels. The company's ZRT Trainer technology allows users to create people, animals, or similar items like cloth and have them deform in realistic ways.
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