New York, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Global Digital Avatar Market Size is to Grow from USD 7.55 Billion in 2022 to USD 283.47 Billion by 2032, at a Compound Annual Growth Rate CAGR of 43.7% during the forecast period.
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A Digital avatar is a virtual representation of an individual that exists in digital or virtual environments. It can be customized to resemble the person or embody a desired persona, serving various purposes from gaming to online communication. Digital avatars enable users to interact with others, express themselves, and participate in immersive experiences. With advancements in technology, avatars are becoming more sophisticated, incorporating realistic features like facial expressions and body movements. They have the potential to revolutionize digital platforms by providing personalized and immersive user experiences, enhanced by artificial intelligence and machine learning.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on Global Digital Avatar Market Size, Share, and COVID-19 Impact Analysis, By Product (Interactive Digital Avatar and Non-Interactive Digital Avatar), By Category (Virtual Agents & Assistants, Virtual Influencers, and Others), By End-Use Vertical (BFSI, Retail & E-commerce, Healthcare, Gaming & Entertainment, Education & Training, Automotive, IT & Telecom, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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The IT & telecom segment is expected to grow at a CAGR of around 38.3% during the forecast period
Based on the end-use vertical, the global digital avatar market is segmented into BFSI, retail & e-commerce, healthcare, gaming & entertainment, education & training, automotive, IT & telecom, and others. The IT & telecom segment is poised for growth during the forecast period in the digital avatar market. The increasing adoption of digital transformation initiatives by IT and telecom companies is creating a demand for advanced technologies, including digital avatars. These avatars can enhance customer interactions, streamline communication processes, and provide virtual assistance. The rising trend of remote work and virtual collaboration in the IT and telecom industry has amplified the need for engaging and interactive avatars for virtual meetings, conferences, and training sessions. Additionally, the IT and telecom sector serves as a catalyst for technological advancements, fostering innovation in avatar technologies such as artificial intelligence, virtual reality, and natural language processing.
The virtual influencers segment is expected to grow at a CAGR of around 40.5% during the forecast period
Based on the category, the global digital avatar market is segmented into virtual agents & assistants, virtual influencers, and others. The virtual influencers segment is projected to experience substantial growth during the forecast period in the digital avatar market. Virtual influencers are computer-generated personalities that have gained popularity on social media platforms. This growth is driven by the increasing use of virtual influencers by brands and marketers for influencer marketing campaigns. Virtual influencers offer unique advantages, such as cost-effectiveness, control over content, and the ability to reach a global audience. Their ability to engage and captivate online audiences, coupled with advancements in avatar technology, positions the virtual influencers segment for significant expansion in the coming years
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Asia-Pacific is predicted to grow at a higher CAGR of around 45.2% over the projected period
Based on region, Asia-Pacific is projected to experience significant growth in the digital avatar market during the forecast period. The region has a large population and a rapidly expanding middle class, resulting in a substantial consumer base for digital avatars. Asia-Pacific is witnessing rapid advancements in technology, including augmented reality (AR), virtual reality (VR), and artificial intelligence (AI), which are driving the development of sophisticated avatar solutions. Additionally, the region has a thriving gaming and entertainment industry, with a growing demand for immersive experiences and personalized avatars. Furthermore, the increasing adoption of social media and online communication platforms in Asia-Pacific is creating a need for expressive and customizable avatars. These factors position Asia-Pacific as a promising market for digital avatars in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. major players in the global digital avatar market include Epic Games, Inc., Pin screen Inc., Soul Machines, NEON, AI Foundation, Microsoft Corporation, NVIDIA Corporation, UneeQ, Didymo, Inc., Spatial Systems, Inc., Deep Brain AI, and Wolf3D And Other Key Vendors.
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Recent Developments
- In March 2023, X-Avatar a research team from ETH Zurich and Microsoft created an expressive implicit human avatar model that properly reproduces the human body and hand motions, expressions, and other physical traits. The two inputs that X-Avatar can process are 3D posed scans and RGB-D images. The variable topology of clothed humans is captured by a human model characterized by articulated neural implicit surfaces. Simultaneously, a unique part-aware initialization strategy significantly improves output quality by increasing the sampling rate for smaller body sections.
- In November 2022, Ogilvy announced the launch of Reality, a "lab" for digital experiences tasked with investigating and creating fresh applications for innovations like AR, VR, and NFT. The company's major focus will be on three areas: augmented Reality (AR), "synthetic experiences," which include brand avatars and virtual people, and "decentralized experiences," which include NFT design and web3 apps. By making this claim, Ogilvy becomes the second network agency to make a sizable investment in developing digital brand avatars.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global digital avatar market based on the below-mentioned segments:
Digital Avatar Market, By Product
- Interactive Digital Avatar
- Non-Interactive Digital Avatar
Digital Avatar Market, By Category
- Virtual Agents & Assistants
- Virtual Influencers
- Others
Digital Avatar Market, By End-Use Vertical
- BFSI
- Retail & E-commerce
- Healthcare
- Gaming & Entertainment
- Education & Training
- Automotive
- IT & Telecom
- Others
Digital Avatar Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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