$4550
The 3D avatar solution market size is expected to grow from US$ 106.43 million in 2022 to US$ 544.87 million by 2028; it is estimated to grow at a CAGR of 31.3% from 2022 to 2028.
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.
3D Avatar Solution Market -
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3D Avatar Solution Market: Strategic Insights
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 Forecast Period 2022-2028 Base Year 2022
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3D Avatar Solution Market: Strategic Insights
| 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 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on 3D Avatar Solution Market
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.
Lucrative Regions for 3D Avatar Solution Market
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Market Insights – 3D Avatar Solution Market
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.
Model-Based Insights
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.
- In 2022, Itseez3D Inc announced that they are partnering with Zappar. Under this partnership, the companies will further align their tools and platforms to make the creation, publishing, and distribution of avatars in XR more accessible and seamless for developers and customers.
- In 2022, Meta announced that they plan to introduce 3D avatars to Brazil, Argentina, Colombia, and Puerto Rico. The virtual characters will be available on Instagram and can also be shared on Facebook and Messenger.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Model, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Solution segment dominated the global 3D avatar solution market in 2022.
The US held the largest market share in 3D avatar solution market in 2022.
APAC is expected to register highest CAGR in the 3D avatar solution market during the forecast period (2022-2028).
China, India, and South Korea are expected to register high growth rate during the forecast period.
Osensus GmbH, TG3D Studio, NeXR Technologies SE, Texel, and Bodygee AG are the key market players expected to hold a major market share of 3D avatar solution market in 2022.
• Adoption of advanced technology like metaverse and 3D avatar in global fashion industry
• Rise in development of new 3D avatar solutions
The global 3D avatar solution market is expected to be valued at US$ 106.43 million in 2022
The List of Companies - 3D Avatar Solution Market
- MotionWerx LLC
- Texel Inc LLC
- Osensus GmbH
- Bodygee AG
- Polyga Inc
- IN3D Inc
- TG3D Studio Inc
- Itseez3D Inc
- 3D Generation GmbH
- NeXR Technologies SE.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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