Increasing efforts by customer-centric firms to provide emotionally engaging experience to customers is a key factor driving global digital human avatar market revenue growth
Avenue, Surrey, Colombia, 17th Jun 2023, King NewsWire – The Digital Human Avatar Market is a rapidly growing sector that encompasses the development and utilization of virtual representations of individuals in the digital space. These avatars are created using advanced technologies such as artificial intelligence (AI), computer vision, and machine learning algorithms. They are designed to mimic human behavior, appearance, and interactions, offering a new level of personalization and immersion in various industries, including gaming, entertainment, retail, healthcare, and education.
Robust global digital human avatar market revenue growth can be attributed to increasing efforts by customer-centric firms to provide emotionally engaging experience to customers. Integration of conversational intelligence of virtual human avatar enables possibility of a scalable interaction between a human being and the avatar, thus allowing directed approach to understand a customer’s needs. Digital human avatars are capable of conversing with customers through text or speech to offer product recommendations. Also, these avatars can help visitors to navigate across a product catalog and proactively mimic a sales person by initiating a conversation in any languages, and subsequently understand consumer preferences via their replies on basis of prebuilt algorithm, in order to provide suitable responses to a customers’ queries.
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One of the major drivers behind the growth of the Digital Human Avatar Market is the increasing demand for enhanced user experiences. With the advent of virtual reality (VR) and augmented reality (AR) technologies, consumers are seeking more realistic and engaging interactions. Digital human avatars can bridge the gap between the physical and digital worlds, enabling users to have personalized and immersive experiences. This demand is particularly evident in the gaming and entertainment industries, where players are looking for lifelike characters and realistic interactions within virtual environments.
Moreover, the healthcare sector has also witnessed significant growth in the adoption of digital human avatars. These avatars can be used to simulate medical procedures, train healthcare professionals, and improve patient engagement. For example, medical students can practice surgical techniques on virtual patients, reducing the need for live subjects and providing a safe learning environment. Additionally, digital human avatars can enhance telemedicine services by enabling remote consultations and patient monitoring, thereby improving accessibility to healthcare services.
While the Digital Human Avatar Market holds immense potential, it also faces certain challenges and restraints. One such restraint is the high development cost associated with creating realistic and responsive avatars. Building sophisticated algorithms and capturing detailed human behaviors require substantial investment in research and development. Additionally, ensuring data privacy and security is crucial, as digital human avatars often collect and process sensitive user information. Striking the right balance between personalized experiences and user privacy will be essential to gaining consumer trust and widespread adoption.
Despite these challenges, several factors contribute to the growth of the Digital Human Avatar Market. Technological advancements in AI, computer vision, and graphics processing have paved the way for more sophisticated and realistic avatars. The increasing availability of high-speed internet connections and the proliferation of smartphones and VR/AR devices have expanded the potential user base for digital human avatars. Furthermore, the COVID-19 pandemic has accelerated the adoption of virtual technologies, including digital human avatars, as businesses and individuals sought alternative ways to interact and communicate remotely.
Statistics from Emergen Research highlight the significance of the Digital Human Avatar Market. The global digital human avatar market size is expected to reach USD 527.58 Billion in 2030 and register a revenue CAGR of 46.4% over the forecast period, according to latest analysis by Emergen Research
The Digital Human Avatar Market is poised for substantial growth due to increasing demand for enhanced user experiences and technological advancements. While the market faces challenges related to development costs and data privacy, factors such as advancements in AI and computer vision, widespread internet access, and the COVID-19 pandemic have contributed to its expansion. With the potential to transform various industries, including gaming, entertainment, healthcare, and education, digital human avatars are set to reshape the way we interact with the digital world.
Key Highlights from the Report
- Over the forecast period, the interactive digital human avatar segment is projected to have a higher revenue CAGR than the other product type segments. Live human agents who follow a standard set of questions are less likely to be able to create a personalised interactive environment than virtual agents who understand and learn customer behaviour in real time and quickly change based on customer input to create a completely personalised approach for each customer. Digital human avatars can also interact with customers by asking them personalised questions and giving them personalised answers. They can also build a personalised algorithm for each customer that learns the patterns of their choices and selections. Also, companies can use these avatars to train and teach their employees online.
- The income from the IT and telecommunications industry vertical section is expected to grow quickly over the next few years. The telecom industry is growing because people want better connection services and 5G technology is becoming more popular. But call centres are under a lot of pressure and are having trouble scaling up as needed. Also, scalable automatic technologies like chatbots can’t replace the important human touch that comes with customer service. So, people are getting tired of using technology to the point where 82% of them would rather talk to a person. Customers have a more human-like experience with digital human avatars, which lets telecom companies grow the human touch and frees up human staff to work on other important tasks.
- Due to rising demand for digital human avatars in end-use industries like retail, media & entertainment, banking, healthcare, and education in countries like China, South Korea, Australia, and Japan, the digital human avatar market in Asia Pacific is expected to have the fastest revenue growth rate over the next few years. The revenue from the digital human avatar market in China is projected to grow the fastest over the next few years.
- In August 2021, DeepBrain AI, which is a Seoul, South Korea, based startup engaged in providing conversational AI based solutions, made an announcement about raising USD 44 million in a series B round which would be used to expand the company’s global customer base and operations worldwide, with a focus on the US. The funding was led by Korea Development Bank. Deepbrain AI delivers a range of AI-powered customer service products, with emphasis on synthetic humans, or digital human avatars capable of responding to natural language questions.
- Some major companies in the market report include UneeQ, Microsoft Corporation, Didimo Inc., Wolf3D, HOUR ONE AI, Spatial Systems, Inc., CARV3D, DeepBrain AI, Soul Machines, and Synthesia Ltd.
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Digital Human Avatar Market segmentation by Region:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, South Africa, U.A.E, Rest of MEA)
Emergen Research has segmented the global digital human avatar market on the basis of product type, industry verticals, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2030)
- Interactive Digital Human Avatar
- Non-Interactive Digital Human Avatar
Industry Verticals Outlook (Revenue, USD Billion; 2018–2030)
- BFSI
- Education
- Retail
- Healthcare
- Automotive
- IT & Telecommunications
- Gaming & Entertainment
- Others
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