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The market for virtual humans is projected to expand to $440.3 billion in 2031, from $11.3 billion in 2021, according to global market research firm Allied Market Research.
In a report, the company said the expected size of the virtual humans market reflects a compound annual growth rate (CAGR) of 44.7 percent from 2022 to 2031. Virtual humans, resembling human-like characters accessible through various mediums, including speakers and computer screens, pose challenges in precise definition, blurring distinctions with terms like “artificial intelligence” (AI). The United States emerged as the top revenue contributor to the avatars segment in 2021, while Japan and South Korea are anticipated to experience substantial CAGRs of 50 percent each. Geographically, Asia-Pacific claimed a significant share in the global virtual humans market, attributed to the region’s expanding wireless connectivity and escalating digitalization. China, Japan, and South Korea currently dominate the virtual humans market in the Asian region. Source: Business Mirror
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