Digital Human Avatar Services Market Size Worth USD 109.81 Billion in 2032 | Emergen Research
Customer-centric companies are investing efforts and integrating innovations to provide more emotionally engaging experiences for customers, which is a key factor driving Digital Human Avatar Services market revenue growth
Vancouver, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The global digital human avatar services market size was USD 4.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 37.9% during the forecast period. Customer-centric companies are investing efforts and integrating innovations to provide more emotionally engaging experiences for customers, which is a key factor driving market revenue growth.
The incorporation of conversational intelligence into a virtual human avatar allows for scaled interaction between a human and the avatar, enabling a more personalized approach to understanding a customer's demands. Digital human avatars can communicate with customers via text or speech to provide product recommendations. Besides, such avatars can assist visitors in navigating a product listing, starting a conversation in any language, and understanding consumer needs by their responses based on a prebuilt algorithm, to provide appropriate responses to a customer's queries.
In addition, increasing focus on providing 24/7 serviceability to customers is another key factor driving market revenue growth. A digital customer support assistant is accessible 24/7, which does not take rest and can process information far more correctly and efficiently than its humans. This implies that if a customer has a question, it will be answered immediately rather than having to wait on hold for hours. With so many different digital options accessible, it is simple for a customer to go on to a brand that will fulfil their demands promptly. Hence, businesses do not need to get someone on the team spending majority of their time dealing with questions or complaints. Rather, employees may concentrate on their primary duties.
The lack of awareness about benefits of digital human avatars is a key factor, which could restrain market revenue growth. As Artificial Intelligence (AI) continues to gain traction in the corporate world, many companies are seeking areas where technologies, such as Machine Learning (ML) and deep learning, can give a competitive edge. Customer service automation is among the most potential use cases; over the last several years, many companies have developed avatars that can help companies ease the load on their customer support employees and engage with consumers at scale.
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A recent trend in the market is use of digital humans in the metaverse. Digital humans are computer-generated avatars that are supposed to look and behave like actual humans. These are utilized for a number of functions in the metaverse, including virtual customer service, virtual events, and virtual social interactions. In addition, digital humans can improve the user experience in a metaverse by making it more personalized and immersive and can be made to appear and act exactly like actual ones. Furthermore, these can also be used to develop virtual assistants, customer service representatives, and other digital characters capable of interacting with people in a natural and intuitive manner.
*Segment Insights*
*Service Category Insights:*
Based on service category, the digital human avatar services market is segmented into sales services, marketing services, Human Resource (HR) services, customer interaction services, and others.
The sales services are expected to account for largest market share in the global digital human avatar services market over the forecast period. This is because a digital human avatar can be used in a sales service setting as a virtual representative to interact with customers. This technology can be used in various ways such as online customer service, virtual consultations, or even virtual showrooms.
The avatar can be used as a virtual salesperson, providing product information, answering customer questions and guiding them through the sales process. This method allows for a more personalized and engaging customer experience, as the avatar can be programmed to have human-like mannerisms and expressions. In addition, digital human avatars can provide a service 24/7 and can help increase the number of potential customers that can be assisted.
For instance, in February 2022, Soul Machines, a pioneer in the production of autonomously animated digital humans in the metaverse and digital worlds, announced a USD 70 million Series B1 funding backed by new investor SoftBank Vision Fund 2. This round was also attended by existing investors such as Temasek, Salesforce Ventures, and Horizons Ventures. The current round of funding takes the company's total investment to USD 135 million. Furthermore, increasing significant funding in Research & Development (R&D) activities is also expected to drive revenue growth of this segment.
*Industry Vertical Insights:*
Based on industry vertical, the digital human avatar services market is segmented into BFSI, education, retail, healthcare, automotive, Information Technology (IT) & telecommunications, gaming & entertainment, and others.
The BFSI segment is expected to account for significantly large market share in the global digital human avatar services market over the forecast period. This is due to the fact that digital humans are the future of banking customer experience. With a multi-sensory approach similar to a one-on-one engagement with a human agent, these can assist expedite digital adoption. Digital humans eliminate the need for extensive text and confusing instructions that drive customers away from self-service channels by harnessing audiovisual components while directing customers towards goal accomplishment.
Along with guiding consumers through their customer journeys and responding to enquiries in real-time, digital humans can hyper-personalize client interactions, assisting banks in deepening customer relationships. Furthermore, these can rapidly analyze large volumes of unstructured data and process complicated user information using AI to discover and forecast client behavior to give dynamic persona-based recommendations.
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*Regional Insights: *
North America is expected to account for largest market share in the global digital human avatar services market during the forecast period attributed to increasing activities by key market players in countries in this region. For instance, Wonder Dynamics' goal is to make visual effects available to living-room-level artists using AI and cloud services, yet the company has maintained its products under covers. The start-up, which has a star-studded advisory board, has received a USD 10.0 million A round ahead of its scheduled launch later in 2022.
Asia Pacific is expected to register fastest growth rate in the global digital human avatar services market over forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, LionRocket, an AI video generation company, is using digital human technology to redefine client experiences received USD 5.5 million in additional investment in its most recent Series A funding round. ID Ventures, Daesung Private Equity, Harang Invest, IBK Industrial Bank of Korea, and an existing investor, T Investment, led the round. LionRocket focuses on deep-learning-based speech and video synthesis for the creation of digital humans.
*Scope of Research
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*Report Details* *Outcome*
Market Size in 2022 USD 4.40 Billion
CAGR (2023–2032) 37.9%
Revenue Forecast To 2032 USD 109.81 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Million and CAGR in % from 2023-2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Product type, service category, industry vertical, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled Deepbrain AI, Uneeq, Soul Machines, Hour One, Microsoft Corporation, Didimo Inc., Samsung Electronics Co., Ltd., Amelia US LLC, Wolf 3D, and Spatial Systems, Inc.
Customization Scope 10 hours of free customization and expert consultation
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*Major Companies and Competitive Landscape *
The global digital human avatar services market is consolidated, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective digital human avatar services. Some major players included in the global digital human avatar services market report are:
· Deepbrain AI
· Uneeq
· Soul Machines
· Hour One
· Microsoft Corporation
· Didimo Inc.
· Samsung Electronics Co., Ltd.
· Amelia US LLC
· Wolf 3D
· Spatial Systems, Inc.
*Strategic Development*
In April 2022, Hour One raised a USD 20 million series to introduce more ‘virtual humans’ into the workplace. Users of any mobile or desktop device can quickly make video from text using the Reals self-service platform. Users enter text, which is subsequently read aloud by an avatar speaking in sync with the appropriate voice and images.
In December 2021, Synthesia, a startup based in the UK raised USD50 million from Silicon Valley venture capital firm Kleiner Perkins and GV, formerly known as Google Ventures, and other investors. This funding will accelerate the company’s growth and improve the technology.
In August 2021, Deepbrain AI (formerly Moneybrain) start-up company, a company based in South Korea raised USD 44 million in a series B round led by Korea Development Bank at a post-money valuation of USD 180 million. This start-up will use the funds to expand and enhance its business of ‘synthetic humans,’ or human-like avatars that respond to natural language questions.
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For the purpose of this report, Emergen Research has segmented the global digital human avatar services market on the basis of product type, service category, industry vertical, and region:
· *Product Type Offering Outlook (Revenue, USD Billion; 2019–2032)*
· Interactive
· Non-Interactive
· *Service Category Outlook (Revenue, USD Billion; 2019–2032)*
· Sales Services
· Marketing Services
· Human Resource (HR) Services
· Customer Interaction Services
· Others
· *Industry Vertical Outlook (Revenue, USD Billion; 2019–2032)*
· Banking, Financial Services, and Insurance (BFSI)
· Education
· Retail
· Healthcare
· Automotive
· Information Technology (IT) & Telecommunications
· Gaming & Entertainment
· Others
· *Regional Outlook (Revenue, USD Million, 2019–2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. UK
3. France
4. Spain
5. BENELUX
6. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. Israel
4. Rest of Middle East & Africa
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