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Global Virtual Humans Market to reach USD 217.2 billion by the end of 2029.

Global Virtual Humans Market Size study & Forecast, by Type (Avatars, Autonomous Virtual Humans) by Industry Vertical (BFSI, Education, Retail, Healthcare, Automotive, IT and Telecommunications, Gaming & Entertainment, Others), and Regional Analysis, 2022-2029

Product Code: ICTEITS-87526029
Publish Date: 1-04-2023
Page: 200

Global Virtual Humans Market is valued at approximately USD 11.3 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 44.7% over the forecast period 2022-2029. Virtual Humans are AI-based technology that looks, likesimilar to humans. Virtual humans are Artificial Intelligent characters that are trained in a specific area of study. They can talk, respond, and communicate with learners just likethe same as human beings. With the help of Virtual Humans, it is now possible to go beyond text- or video-based lessons. Virtual humans totally immerse themselves in real-life situations while grasping knowledge and learning communication. Virtual humans are advanced technology with all the solutions to learners’ problems in specific content. They resemble human beings but do not look exactly likeas humans. Virtual humans are lifelike-appearing AI actors who perform interactive simulations, text-to-video conversions, instructional materials, and other applications. They carry out jobs just as humans would and successfully fulfill fulfil the goal for which they were created. Increasing popularity and demand for virtual humans and the emergence & development of Metaverse technology, increasing technological advancements and innovations, and the increase in digitalization are the factors driving the growth of the market.

According to the Research Department, Virtual Influencer Miquela Sousa (@lilmiquela), who worked for brands such as Dior and Calvin Klein had around 3 million followers on Instagram and 3.6 million on TikTok in august 2022. Zepeto, a 3D avatar social application, was downloaded by 13.13 million people worldwide in the fourth quarter of 2021, up 32.5% from the 9.9 million downloads in the quarter of 2020. Additionally, the metaverse, which is thought to be the next evolution of the internet, is where the real world and the virtual world collide. Avatars—digital representations of people—can now engage with each other in a variety of contexts. Major companies like such as Meta and Microsoft are constantly investing in Metaverse technology. The increasing popularity and demand for virtual humans and the emergence & development of Metaverse technology are the major factors driving the growth of the market. Another important factor driving the market increase is increasing digitalization. Furthermore, the Increasing adoption of smart technologies and a decrease in human errors through advanced intelligence in virtual humans are the factors creating major market opportunities in the forecast period. However, the expensive development of Virtual Humans stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Virtual Humans Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the increasing focus on the digital upgradation of markets, Increasing technological innovations in countries such as China, India, and Japan, and the region’s increasing demand for virtual humans in sectors such as entertainment, education, retail, and finance. Digital avatars have been created using a variety of artificial intelligence-powered technologies in nations such as China, India, and South Korea, including natural language understanding, voice interaction, and intelligent recommendation. North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising advanced technologies, the Presence of key market players, and increasing demand for Virtual Humans in the region.

Major market player included in this report are:
Alibaba Group Holding Limited
Epic Games, Inc.
iFLYTEK Corporation
Inworld AI
Meta Platforms, Inc
Microsoft Corporation
Offbeat Media Group
soul machines
Ziva Dynamics

Recent Developments in the Market:
 In February 2022, Alibaba Group introduced a virtual influencer for the Olympic Winter Games Beijing 2022. An advanced digital persona developed by Alibaba is built on cloud technology and brings cloud-based innovation opportunities closer to customers.
 In April 2021, New and existing investors have recently provided Epic Games with $1 billion in funding as they continue their aggressive, unparalleled campaign to rule the Metaverse.
Global Virtual Humans Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Type, Industry Vertical, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Autonomous Virtual Humans

By Industry Vertical:
IT and Telecommunications
Gaming & Entertainment

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Virtual Humans Market, by Region, 2019-2029 (USD Billion)
1.2.2. Virtual Humans Market, by Type, 2019-2029 (USD Billion)
1.2.3. Virtual Humans Market, by Industry Vertical, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Virtual Humans Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Virtual Humans Market Dynamics
3.1. Virtual Humans Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing demand for virtual humans in various sectors Emerging and Developing Metaverse Technology
3.1.2. Market Challenges High cost of Virtual Human
3.1.3. Market Opportunities Increasing adoption of smart technologies Decrease in the human errors
Chapter 4. Global Virtual Humans Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Virtual Humans Market, by Type
6.1. Market Snapshot
6.2. Global Virtual Humans Market by Type, Performance – Potential Analysis
6.3. Global Virtual Humans Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
6.4. Virtual Humans Market, Sub Segment Analysis
6.4.1. Avatars
6.4.2. Autonomous Virtual Humans
Chapter 7. Global Virtual Humans Market, by Industry Vertical
7.1. Market Snapshot
7.2. Global Virtual Humans Market by Industry Vertical, Performance – Potential Analysis
7.3. Global Virtual Humans Market Estimates & Forecasts by Industry Vertical 2019-2029 (USD Billion)
7.4. Virtual Humans Market, Sub Segment Analysis
7.4.1. BFSI
7.4.2. Education, Retail Healthcare Automotive IT and Telecommunications Gaming & Entertainment Others
Chapter 8. Global Virtual Humans Market, Regional Analysis
8.1. Virtual Humans Market, Regional Market Snapshot
8.2. North America Virtual Humans Market
8.2.1. U.S. Virtual Humans Market Type breakdown estimates & forecasts, 2019-2029 Industry Vertical breakdown estimates & forecasts, 2019-2029
8.2.2. Canada Virtual Humans Market
8.3. Europe Virtual Humans Market Snapshot
8.3.1. U.K. Virtual Humans Market
8.3.2. Germany Virtual Humans Market
8.3.3. France Virtual Humans Market
8.3.4. Spain Virtual Humans Market
8.3.5. Italy Virtual Humans Market
8.3.6. Rest of Europe Virtual Humans Market
8.4. Asia-Pacific Virtual Humans Market Snapshot
8.4.1. China Virtual Humans Market
8.4.2. India Virtual Humans Market
8.4.3. Japan Virtual Humans Market
8.4.4. Australia Virtual Humans Market
8.4.5. South Korea Virtual Humans Market
8.4.6. Rest of Asia Pacific Virtual Humans Market
8.5. Latin America Virtual Humans Market Snapshot
8.5.1. Brazil Virtual Humans Market
8.5.2. Mexico Virtual Humans Market
8.6. Rest of The World Virtual Humans Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Alibaba Group Holding Limited Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.2.2. Datagen
9.2.3. Epic Games, Inc.
9.2.4. iFLYTEK Corporation
9.2.5. Inworld AI
9.2.6. Meta Platforms, Inc
9.2.7. Microsoft Corporation
9.2.8. Offbeat Media Group
9.2.9. soul machines
9.2.10. Ziva Dynamics
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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