Globally, the Virtual Human Market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as increasing applications of digital human avatars in sectors such as broadcasting, retail, finance, education, and entertainment, high focus among companies to provide 24/7 services to customers, and rapid technological advancements are expected to boost global market growth.
Virtual humans are AI-powered customer experience ambassadors that are trained for content-specific conversations. These virtual humans are capable of producing a whole range of human body language, can provide client support and coaching, enabling a human-emotional connection and are widely deployed in various sectors as brand ambassadors, customer support representatives, digital influencers, and healthcare advisors.
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Factors such as high focus of consumer-centric firms to provide emotionally engaging consumer experience, growing demand for better connectivity services, increasing demand for digital human influencers, growing demand for advanced video games, and rising awareness about metaverse are expected to drive global market growth going ahead.
However, high cost of installation and maintenance, inaccessibility to advanced infrastructure due to budget constraints, lack of knowledge and technological limitations about virtual humans are expected to hamper overall market growth to a certain extent during the forecast period.
3D Virtual Human Segment To Register Rapid Revenue CAGR:
The 3D virtual human segment is expected to register rapid revenue CAGR over the forecast period. This can be attributable to rapid advancements in virtual reality and digital human avatars, increasing focus on providing emotionally engaging consumer experience, rising number of contact centers using virtual humans for handling customer queries, and growing demand for 3D virtual humans in video games, TV commercials, and music videos.
Entertainment Industry Segment to Account for the Largest Revenue Share:
The entertainment industry segment is expected to account for largest revenue share during the forecast period. This can be attributed to rapidly growing media and entertainment sector, high demand for virtual humans in social media as virtual celebrities and entertainment sectors for various commercials and music videos, and rising investments for developing more enhanced virtual humans.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market owing to factors such as rapid technological advancements, increasing usage of metaverse and virtual reality environment, rapidly growing media and entertainment industry and retail sector, and presence of leading market players. In addition, rising funding for various metaverse projects, growing usage of social media and virtual celebrities, and high demand for virtual humans across various sectors such as BFSI, education, healthcare, retail, and IT and telecommunications among others are expected to boost North America market growth during the forecast period.
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Virtual Human Market By Company:
The global virtual human market has been segmented on the basic on type, application, and region:
Virtual Human Market Segment by Type:
2D Virtual Human
3D Virtual Human
Virtual Human Market Segment by Application:
Virtual Human Market by Region:
Rest of Europe
Rest of Asia
Rest of Latin America
Middle East & Africa
Rest of MEA
Key Reasons to Purchase:
Estimates 2023 to 2028 Virtual Human Market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the Virtual Human Market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global Virtual Human Market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
What are the outcomes of Porter’s Five Force analysis?
Based on application, which segment is expected to account for largest revenue share throughout the forecast period?
What are some key opportunities and risks that the vendors in the global Virtual Human Market expected to face during the forecast period?
What key factors are expected to drive global market revenue growth during the forecast period?
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