The digital avatar market is already worth $27.5 billion, even though consumers have barely adopted them, but in the next decade demand is going to soar.
A report from market.us forecasts that the Compound Annual Growth Rate for digital avatars will be at a whopping 45.8%, with this exponential rise reaching $533.8 billion by the 2032. This is a huge expansion, but it begs the question, what’s stopping this from happening now?
Consumers and businesses have been wary of using avatars in video presentation due to the possibility of them looking a bit uncanny. But things are improving rapidly, and it has become very difficult to tell whether a pre-recorded video is created using trained generative AI or original footage.
They’ve found their home in corporate training videos, particularly in large international organisations that need to train the same processes in multiple languages. Soon, however, we can see avatars being used much more widely – from sales and marketing through to internal comms. Presented video will be so cheap to produce using digital avatar technology that it will become ubiquitous.
A huge time and money saver in business video production
This will save an extraordinary amount of time and cost in business video presentation, as businesses will no longer need to produce videos in a ‘bespoke’ fashion. All you’ll need is a script to generate accompanying video.
Added, you’ll be able to translate all of this material seamlessly, opening business up to more international markets, as well as creating major communication benefits for multi nationals.
There’s the often quoted Ethan Mollick adage that ‘this is the worst version of AI that it will ever be’. Significant improvements will be made in the next year that takes us completely out of ‘uncanny valley’ and into parity with human presentation for simple video creation like training material.
This will probably lead to a ‘digital twin’ – an extension of ourselves that essentially represents us in the Metaverse.
We see huge potential technology, and we’ve been experimenting with HeyGen and Synthesia, with results that had many people on LinkedIn asking us how we did it.
