According to our latest market study on "3D Avatar Solution Market Forecast to 2028 - Global Analysis - by Component, Model, and End User," the market is expected to grow from US$ 106.43 million in 2022 to US$ 544.87 million by 2028; it is anticipated to grow at a CAGR of 31.3% from 2022 to 2028.
The global fashion industry has experienced rapid integration of advanced technologies in its apparel and designing and manufacturing processes. Global fashion brands such as Zara, Gucci, Burberry, Adidas, and Nike have launched their metaverse stores, enabling consumers to purchase clothes and accessories through metaverse for their avatars. For instance, in July 2019, Under Armour collaborated with Alvanon to announce the launch of its 3D fashion design for improving sizing and standardization of its sportswear. Thus, the rising adoption of 3D designing of clothes and accessories using advanced technologies is boosting the adoption of 3D avatar solutions by the global fashion industry, thereby contributing to the 3D avatar solution market growth over the forecast period.
The fashion industry, over the last five years, has been experiencing rapid adoption of advanced technologies such as artificial intelligence (AI) and virtual reality (VR). The fashion industry is adopting several automated technologies for producing clothes and accessories for customized offerings and production of the same in less time. The industry is adopting AI for studying fashion trends among the global population and VR for designing clothes and accessories on 3D models for proper shaping & fitting. Mentioned technologies are projected to propel the 3D avatar solution market size.
Global fashion brands are adopting non-fungible tokens (NFTs) marketplaces for selling their products by offering services such as digital changing rooms and avatars. For instance, in February 2021, Nike, through the RTFKT platform, sold more than 500 sneakers digitally. The buyers had an option for a virtual trial of sneakers by creating their digital avatars and trying out their preferred colors and styles. Similarly, in June 2021, Gucci sold a bag for US$ 4,000 on the Roblox platform. Such developments will make the 3D avatar solution market rise.
Thus, the fashion industry is rapidly adopting these NFTs platforms to sell their products owing to several benefits such as high-profit margin, secondary market profits, reduction in inventory wastage, and low design & production time. Therefore, these factors are positively influencing the demand for 3D avatar solutions in the global fashion industry and thus impacting the 3D avatar solution market size.
Key Findings of Market Study:
The Middle East & Africa 3D avatar solution market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The healthcare sector in the MEA has experienced significant growth owing to a rise in investment across the sector by both private and public players. The rapid adoption of various healthcare technologies has increased the efficiency of the region's healthcare system. As a result, healthcare technology companies are developing new and innovative healthcare product offerings for the treatment of various diseases and disorders. For instance, Esaal, a healthcare start-up company in the MEA, raised US$ 1.7 million in June 2022 to develop a telemedicine platform. The platform is expected to integrate advanced technologies and human animated characters to offer a personalized experience to the visitors. Such investments in the development and adoption of telemedicine are expected to boost the MEA 3D avatar solution market share in the coming years.
The UAE fashion industry has been booming over the years. The rapid adoption of digital solutions is supporting the fashion industry across the country, including a shift toward e-commerce by the urban population. The digitization of the fashion industry is expected to regulate the industry path in the coming years, with fashion brands increasingly adopting digital marketing strategies to cater to a modern digital audience. These factors are expected to contribute to the rise in demand for 3D avatar and therefore penetrating the 3D avatar solution market. Additionally, in October 2021, the country hosted the Future Blockchain Summit with a focus on 3D NFTs meta avatars. Such events are expected to increase awareness about 3D avatars across various industries in the country and encourage investors to invest in the same, thereby offering lucrative opportunities to the country's 3D avatar solution market share.
In the MEA, Turkey, Iran, Iraq, Israel, Saudi Arabia, and the UAE had many confirmed COVID-19 cases and associated deaths. The implementation of stringent measures such as factory lockdowns, business shutdowns, and travel bans aggravated the economic issues of the countries in the MEA, which hampered the 3D avatar solution market growth in the initial days of the COVID-19 pandemic. However, in 2021, growing digital transformation in the region accelerated the growth of the 3D avatar solution market in the MEA. The region comprises many growing economies, such as the UAE and Saudi Arabia, which are prospective markets for 3D avatar providers due to the huge presence of a diverse customer base. Increasing investments in advancing 3D modeling and new virtual reality technology are anticipated to drive the 3D avatar solution market growth over the forecast period. Due to the COVID-19 pandemic, the implementation of staying at home model has increased the adoption of video games and the use of digital media, which is likely to fuel the 3D avatar solution market growth over the coming years.
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