31.3% CAGR for 3D Avatar Solution Market to Gain $544.87Mn, Globally, by 2028

The global 3D avatar solution market growth is fuelled by adoption of advanced technology like metaverse and 3D avatar in global fashion industry and integration of 3D Avatars in gaming industry.

New York, Dec. 06, 2022 (GLOBE NEWSWIRE) — According to The Insight Partners, “3D Avatar Solution Market Size and Share Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution and Services), Model (Stylized, Realistic, and Futuristic), and End User (Media and Entertainment, Healthcare, Fashion, and Others)” the 3D avatar solution market size is estimated to grow from USD 106.43 million in 2022 to USD 544.87 million by 2028; it is estimated to grow at a CAGR of 31.3% from 2022 to 2028.

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Global 3D Avatar Solution Market – Report Scope:

Growth Rate CAGR of 31.3% from 2022 to 2028
Market Size Value in USD 106.43 Million in 2022
Market Size Value by USD 544.87 Million by 2028
Growth rate CAGR of 31.3% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
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

Global 3D Avatar Solution Market Analysis: Competitive Landscape and Key Developments

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. Several other essential 3D avatar solution market players were studied and analyzed to get a holistic view of the market size and its ecosystem.

In 2020, Texel announced its plan to create a system for consumers to try on clothes online in virtual reality fitting rooms through an avatar of themselves, which is produced using 3D scanning techniques. Texel has raised US$ 1.5 million in funding to finance the expansion of its proprietary 3D scanning technology into the retail sector. The company’s third round of investment was led by Rusnano Sistema and return investors Internet Initiative Development Fund (IIDF). The additional funding will enable the firm to scale its business and grow its presence in international markets.

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In 2021, Polyga Inc announced that the company upgraded and is expanding its Compact S1 professional 3D scanner series with two new models, S1 Standard and the S1 Wide. The new scanners provide a higher resolution projector which increases the scanner’s accuracy by 25% and scanning speed by 50%.

Global 3D Avatar Solution Market: COVID-19 Impact

The COVID-19 outbreak impacted the global economy during its peak in 2020. In its initial days, the pandemic also led to numerous challenges, including disrupting business operations. The increased adoption of 3D technologies for various applications such as fashion, CAD, medical imaging, marketing, and video games fueled the 3D avatar solution market growth during the pandemic. The imposition of lockdown to mitigate the spread of SARS-CoV-2 compelled people to stay at home; as a result, the adoption of remote work models and app-based entertainment services increased, which boosted the media & entertainment industry’s growth. Simulation technologies have allowed the broadcasting & media industry to offer advanced imaginative experiences for learning, shopping, and working. Thus, the high need for visualization, mobile applications, gaming, and digital marketing during the pandemic increased the demand for 3D avatars, propelling the market growth. Although the global 3D avatar solution market plummeted initially due to the adverse effects of the COVID-19 pandemic and related regulations, it is expected to gradually recover owing to the increasing adoption of VFX technology and advancement in animation technology across the globe.

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The 3D avatar solution market analysis is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. APAC is expected to grow at the highest CAGR in the 3D avatar solution market over the forecast period. The region has experienced a rise in the consumption of various social media platforms such as Facebook, Instagram, TikTok, and Twitter. These social platform developers, over the years, have enhanced their platform experience with the integration of technology with personalized service offerings for individuals and businesses. For instance, in June 2022, Meta launched its 3D avatar in APAC with customized options for disabled individuals. The feature provided new facial shapes and assistive devices associated with disabled individuals to improve their experience. These factors are further expected to contribute to the growth of the APAC 3D avatar solution market. Additionally, the emergence of local fashion brands across countries such as India and China, owing to government initiatives that include Make in India and Make in China, is boosting the region’s fashion industry. The rise in the adoption of various digital solutions for automating shaping & fitting processes and offering customized clothing to the APAC population is expected to fuel the APAC 3D avatar solution market share.

A few small, medium, and large-scale companies are expected to emerge in the 3D avatars industry. Since the concept of virtual space, metaverse, and AI-based avatars is growing, the inclination toward 3D avatar solutions is also increasing. Moreover, developing fashion, healthcare, and gaming industries are also boosting the demand for 3D avatars. The 3D avatar solution market is still in an emerging phase; therefore, the number of startups is much higher than old players and leaders. The companies are getting involved in strategies such as developing new platforms, attracting funding, making an investment for generating avatars, upgrading the software, and creating new 3D scanning technologies. Such business development strategies are anticipated to support the 3D avatar solution market growth during the forecast period.

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Global 3D Avatar Solution Market Study: End User Overview

Based on end user, the 3D avatar solution market is segmented into fashion, media and entertainment, healthcare, and others. The fashion segment dominated the market in 2021. The fashion industry is witnessing the commercialization of 3D avatars for sizing, virtual stores, streaming, illustration, and catalog visualization applications. The use of 3D avatars would assist the end users in making precise purchasing decisions due to the aid of interactive 3D product viewing and configuration. Developments in 3D avatars are increasing; for instance, the sizing solution of DaveAI suggests that using 3D avatar technology can resolve problems concerned to product fit. DaveAI is an AI-powered sales augmentation platform assisting brands to increase sales via virtual sales avatar. DaveAI’s avatar-based sizing solution begins with personalized recommendations defined by the physical attributes of people. Furthermore, Nike and Gucci are a few companies using the digital avatar strategy in their marketing tools to involve Gen Z customers. The above-mentioned aspects are contributing to the rising adoption of 3D avatar-based products in the fashion industry.

Moreover, the media and entertainment segment is expected to grow at the highest CAGR during the forecast period. In the media & entertainment industry, 3D avatars are receiving high momentum pertaining to the easy creation of ultra-personalized animation videos, including the representation of the participants. The mentioned customer-specific content is becoming popular since customer engagement is high. In addition, music concerts, film production houses, gaming world are in rapidly exploring 3D avatars as customer involvement and increasing conceptualization of virtual spaces.

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