The digital human global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Digital Human Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The digital human market size has grown exponentially in recent years. It will grow from $22.87 billion in 2023 to $33.96 billion in 2024 at a compound annual growth rate (CAGR) of 48.5%. The growth in the historic period can be attributed to advancements in AI and machine learning, improvements in graphics and animation, growth of virtual reality (VR) and augmented reality (AR), demand for personalized user experiences, and cost reduction and scalability.
The digital human market size is expected to see exponential growth in the next few years. It will grow to $166.46 billion in 2028 at a compound annual growth rate (CAGR) of 48.8%. The growth in the forecast period can be attributed to expansion of virtual commerce, integration with Internet of Things (IoT) devices, ethical and regulatory considerations, and the emergence of metaverse platforms. Major trends in the forecast period include hyper-personalization, multi-modal interaction, collaborative and co-creative capabilities, diverse representation and inclusivity, and continuous learning and adaptation.
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Scope Of Digital Human Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Digital Human Market Overview
Market Drivers –
The rise in the use of robots in industrial applications is expected to propel the growth of the digital human market going forward. Robots in industrial applications refer to automated machines designed to perform tasks traditionally carried out by humans in manufacturing and other industrial settings. Robotics use in industrial applications is significantly increasing due to Industry 4.0 and automation trends, performance improvement, safety enhancement, cost reduction, and application expansion. Digital humans complement robots in industrial applications by improving communication, training, interface design, data visualization, and customer interaction. For instance, in May 2023, according to the International Federation of Robotics, a Germany-based non-profit organization, industrial robot installations in manufacturing climbed by 12% overall in 2022 to reach 41,624 units. The automotive industry, mainly consisting of US, Canadian, and Mexican businesses, was the top adopter with 20,391 installed units, a 30% rise from 2021. Therefore, the rise in the use of robots in industrial applications is driving the growth of the digital human market.
Market Trends –
Major companies operating in the digital human market are developing innovative technologies, such as digital human SDK (software development kit) with AI-powered technology, to serve customers with advanced features better. The digital human SDK is a software development kit designed to reduce time-to-value and alleviate challenges for development teams. It empowers brands to forge deeper connections with their customers, enhancing web conversion rates, improving customer experience, and fostering brand loyalty. For instance, in July 2023, UneeQ Digital Humans, a New Zealand-based software company, announced the launch of its first digital human SDK. The new SDK allows enterprises to quickly deploy AI-powered digital human experiences into digital environments, including augmented and virtual reality applications such as Apple’s Vision Pro. This technology enables brands to integrate AI-powered digital humans into their AR or VR applications, bringing life into their virtual worlds and providing a more immersive and interactive customer experience.
The digital human market covered in this report is segmented –
1) By Product Type: Interactive Digital Human Avatar, Non-Interactive Digital Human Avatar
2) By Technology: 3D Scanning, 3D Modelling, Natural Language Processing, Natural Language Generation, Artificial Intelligence (AI)
3) By Application: Virtual Agents, Virtual Assistants, Virtual Influencers, Virtual Companions, Virtual Characters
4) By Industry: Gaming, Entertainment, Banking, financial services and insurance (BFSI), Information Technology (IT) And Telecommunication, Education, Automotive, Advertisement, Health And Sports, Other Industries
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Regional Insights –
North America was the largest region in the digital human market in 2023. Asia Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the digital human market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the digital human market report are Samsung Electronics Co. Ltd.; Microsoft Corporation; Meta Platforms Inc.; Tencent Holdings Limited; Nvidia Corporation; Netease Inc.; iFLYTEK Corporation; Epic Games Inc.; Digital Domain; Inworld AI; Didimo Inc.; Genies; Xsens Technologies B.V.; Reallusion Inc.; HOUR ONE AI; Soul Machines; Synthesia Ltd.; DeepBrain AI; Daz Production Inc.; Wolf3D; Offbeat Media Group; UneeQ; DeepMotion; Ziva Dynamics; Virtually Human Studio
Table of Contents
1. Executive Summary
2. Digital Human Market Report Structure
3. Digital Human Market Trends And Strategies
4. Digital Human Market – Macro Economic Scenario
5. Digital Human Market Size And Growth
…..
27. Digital Human Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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