Publication Month: Nov 2022 | Report Code: TIPRE00029777 | No. of Pages: 158 | Category: Electronics and Semiconductor | Status: Published
The social media platforms using avatars are gaining momentum which is one of the factors contributing towards the 3D avatar solution market growth. With the rapid adoption of smartphones and high internet penetration, the gaming industry has experienced significant growth across the globe over the last decade. According to data published by the World Bank, more than 40% of the global population is engaged in playing various video games. The rising number of people involved in playing video games is influencing game developers to invest in advanced technologies such as AR, VR, metaverse, NFTs, and blockchain for developing interactive games. Many game-developing companies are adopting these technologies to offer players a realistic and futuristic gaming experience. For instance, 2022 experienced the launch of games such as No Man's Sky, God of War, and Horizon Forbidden West.
Further, the adoption of multi-player games such as FIFA, PUBG, and Fortnite has been growing among the global population. The gaming industry is also collaborating with various fashion brands to showcase its products. The gaming platforms enable the players to build their own avatars and buy clothes from fashion stores for a customized appearance. For instance, in September 2021, Balenciaga launched its virtual store on Fortnite, the global gaming platform, to offer players a customized look for their avatars, which is attracting new players who are fashion enthusiasts. Therefore, the rising adoption of technologically advanced games among the global population is increasing the demand for 3D avatar solutions in the gaming industry, which is expected to fuel the growth of the 3D avatar solution market over the forecast period.
|Market Size Value in||US$ 106.43 Million in 2022|
|Market Size Value by||US$ 544.87 Million by 2028|
|Growth rate||CAGR of 31.3% from 2022 to 2028|
|No. of Pages||158|
|No. of Tables||83|
|No. of Charts & Figures||83|
|Historical data available||Yes|
|Segments covered||Component, Model, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 crisis has drastically affected two huge markets in APAC, namely India and China. Governments of APAC countries took possible steps to reduce the effects of the pandemic through lockdowns, which hampered the operations of various industries. The lockdown has led to the implementation of work from home model, which accelerated the usage of gaming apps, visualization, mobile applications, and digital marketing, thus raising the demand for 3D avatars. Also, the pandemic has posed an excellent opportunity for the media & entertainment industries. As the need for animated movies increased during the pandemic, the demand for high quality video content also increased, thus raising the demand for more realistic 3D models in the market. Hence, the 3D avatar solution market continues to grow during the COVID-19 pandemic. Moreover, the rising use of 3D technologies in hospitals, laboratories, and health research centers to develop medicines, enhance treatment, and help in surgical procedures is rising which is projected to create opportunities for using 3D avatar solution.
The adoption of e-commerce continues to increase across APAC. Countries such as South Korea, China, Australia, and India record high e-commerce spending per capita annually. This has influenced e-commerce companies to adopt advanced technologies to offer customers a realistic experience through e-commerce websites by enhancing their shopping experience. For instance, in October 2022, Flipkart collaborated with eDAO, a Polygon incubated organization, and announced its plan to launch a virtual shopping platform in the metaverse. This will enable the shoppers to have an interactive virtual trial of products, offering them a realistic experience in online shopping. These factors are further increasing the demand for 3D avatars in the APAC fashion industry, thereby contributing to the growth of the 3D avatar solution market.
The APAC population has been increasing the adoption of telemedicine over the years owing to improved efficiency; reduced time spent on traveling, hospitals, or clinical queues; and easy accessibility of healthcare services. This has influenced the rise in the adoption of advanced technologies in the medical industry of the region, enabling healthcare professionals to offer efficient digital consulting services to patients. 3D avatar helps create 3D models of patients and a clear medical image of their diagnosis. Thus, the adoption of 3D avatars in digital consultation helps doctors properly diagnose medical conditions. These factors are further expected to increase the demand for 3D avatar solutions across the region, thereby contributing to the 3D avatar solution market growth over the forecast period.
Based on model, the 3D avatar solution market analysis is conducted considering stylized, realistic, and futuristic 3D models. The stylized segment held the largest 3D avatar solution market share in 2021. A stylized model is a model that can be visualized as a real thing. Creating a stylized model helps to appeal artistically by adding a sense of style and emotion to the model. In addition, stylized characters tend to look more expressive and alive, which is raising its demand in the 3D avatar solution market. Also, working with stylized models is much simpler and more efficient, which further increases its demand. Hence, many companies are developing high-tech stylized avatars. For instance, in May 2022, Pinscreen announced that they had created a technology for high-quality stylized digital avatars that does a volumetric capture without the need for multiple cameras.
The 3D avatar solution market analysis is performed based on component, model, end user, and geography. Based on component, the 3D avatar solution market is bifurcated into solution and services. Based on model, the 3D avatar solution market is segmented into stylized, realistic, and futuristic. Based on end user, the 3D avatar solution market is segmented into media and entertainment, healthcare, fashion, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
MotionWerx LLC; Texel Inc LLC; Osensus GmbH; Bodygee AG; Polyga Inc; IN3D Inc; TG3D Studio Inc; Itseez3D Inc; 3D Generation GmbH; and NeXR Technologies SE are some of the key 3D avatar solution market players profiled in the market study.
Players operating in the 3D avatar solution market players are mainly focused on the development of advanced and efficient products.