Digital Human Avatar Market Size to Reach USD 527.58 Billion in 2030 | Growth of Retail Sector and Rising Focus on Providing 24/7 Serviceability to Customers are Key Factors Driving Industry Growth, According to Emergen Research

VANCOUVER, B.C., Jan. 20, 2022 /PRNewswire/ -- The global digital human avatar market size was USD 10.03 Billion in 2020. Increasing efforts by customer-centric firms to provide more emotionally-engaging and immersive experiences to customers, rising focus among companies on providing 24/7 serviceability to customers, and growing media & entertainment industry are among some of the key factors driving market revenue growth.

Drivers: Growing use of digital human avatar in education sector

Use of advanced technologies such as Artificial Intelligence (AI) in the education sector has brought about significant improvements in the remote learning experience, in terms of student support, and in providing virtual tutoring, among others. Use of digital human avatars, driven by conversational AI, helps in providing personalized, emotionally resonant, and scalable educational experiences that is expected to bring around a significant shift in present-day digital learning environments. Virtual idols provide advantages of digital teaching solutions, while making the virtual learning environments more experiential and memorable and presenting information in a way that students learn best.

Also, these avatars use text, voice, video, imagery, and interaction to make education more engaging an interesting. Moreover, a digital teacher that looks and behaves similar to a human being, is available 24/7, and is revolutionizing the field of education by interacting with students face-to-face, and can be programmed to provide content for students who earlier struggled with more academically-focused teaching methods are benefits and advantages expected to continue to drive traction.

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Restraints: High cost associated with digital human avatar

High cost of installation, maintenance, and various other support services associated with digital human avatars may hamper market revenue growth over the forecast period. Only the most well-financed organizations will be able to leverage benefits of digital human avatars. Also, concerns regarding ability of digital humans to execute decision making based on intuition in specific situations, such as those which often arises in classrooms, may hamper growth of the market.

Growth Projections

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 forecast period. Rising demand for digital human influencers is expected to fuel market revenue growth to a major extent over the forecast period, due to better reliability of digital human avatars in achieving intended objectives. Companies spend significant amounts of money to promote their products through various marketing channels, including TV commercials, where in a short time the company has to garner trust, build interest, and make the pitch. On the other hand, through proper execution and management, digital human avatars could promote and advertise a product by subtly talking regarding relatable issues (such as, in case of an antidepressant drug, digital influencers will talk about depression). Also, unlike live influencers, all actions of digital influencers are controlled by the concerned organization.

COVID-19 Direct Impacts

COVID-19 pandemic impacted various operations across end-use industries, including learning and development. During the pandemic, about 1.6 billion students globally were affected due to schools starting online distance mode of learning. This new trend provided immense growth opportunities for use of Artificial Intelligence (AI), especially use on conversational AI applications, to support online education. As per a survey, 99.4% of educational institutes consider AI a crucial element for improving their institution's competitiveness in the coming years, with a majority of already having started using AI-based student teaching methods. Presently, institutions and online teaching platforms are deploying digital human avatars based on conversational AI technology to provide a dynamic, engaging learning environment to students. Also, demand for digital human avatars has registered a rapid rise in retail and healthcare sectors for providing enhanced services to customers.

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Current Trends and Innovations

Rising focus by leading IT companies worldwide on development of metaverse, which represents an online three-dimensional digital world with virtual objects, land, and real estate, and consists of virtual spaces that users can explore via an avatar, which they create. Digital human avatars are considered a promising approach in the metaverse for a video game's Non-Playing Characters (NPCs) that can respond and react according to users' actions. In the metaverse, digital human avatars can also be deployed as retail store attendants and waiters in virtual coffee shops, among others.

Geographical Outlook

Digital human avatar market in North America accounted for significantly robust revenue share in 2020, attributed to increasing deployment of advanced technologies such as conversational AI, deep learning, and Natural Language Processing (NLP), and increasing venture funding initiatives in countries in the region. Additionally, presence of leading firms such as UneeQ and Microsoft Corporation is supporting growth of the market in the region.

Strategic Initiatives

In December 2021, Synthesia, which is a startup based in London, U.K. and engaged in developing AI-based video avatars of real people, made an announcement about raising USD 50 million from Kleiner Perkins and GV, Silicon Valley venture capital firms, among other investors.

Some Key Highlights From the Report

• Among the product type segments, the non-interactive digital human avatar segment accounted for largest revenue share in 2020. Non-interactive digital human avatars are normally used for promotional and advertising purposes, for showcasing digital human models, or staging a digital singing or dance show, or any interaction in which audiences or visitors is not involved.
• Among the industry vertical segments, the BFSI segment accounted for a significantly large revenue share in 2020. Digital human avatars are considered immensely beneficial in delivering enhanced experience to banking customers. These avatars aid in accelerating digital adoption through a multi-sensory approach, similar to a one-to-one interaction with a human agent. Also, digital human avatars, while incorporating audio-visual elements to guide a customer towards completion of a goal, eradicate the need for excessive text and complicated instructions, which are major factors drawing away customers from self-service channels. Moreover, digital humans hyper-personalize customer interactions, thus aiding banking institutions deepen customer relations.
• In April 2021, Offbeat Media Group, which is a digital media startup, made an announcement about receiving investment from Atlanta Ventures and Mark Cuban. Offbeat created VirtualHumans.org as a hub for designing, promotion, and strategizing virtual influencers for companies and brands.
• Some major companies in the global 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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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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• Regional Outlook (Revenue, USD Billion; 2018?2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• France
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

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