According to a new report by UnivDatos Market Insights, The Virtual Influencers Market was valued at approximately USD 16 billion in 2023 and is expected to grow at a substantial CAGR of around 23% during the forecast period (2024-2032). The surge in advancements in AI and CGI technologies has made it possible to develop near-life virtual influencers with human-like characteristics and appearances. Adding to this, the rising use of social media platforms such as Instagram, TikTok, and YouTube makes social media a broader market for virtual influencers and has therefore become an efficient way to market virtual influencers to consumers. Moreover, the growth of virtual influencers raises questions about transparency, authenticity, and ethical use. In June 2023, Hamburg launched the virtual AI influencer named KAI who posts weekly AI news on the Linkedin job network. This unusual influencer will shed light on the possible use of AI in media and allow users to weigh up the pros and cons of the technology.

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Fashion and Lifestyle Growth in the Market

Fashion and Lifestyle segments held a significant share of the market in 2023. This is mainly due to their ability to bring creativity, innovation, and consistency to brand campaigns. Moreover, virtual influencers can easily match with the latest fashion trends within the shortest time, and this makes it easier for brands to test various style and fashions that is a reality with physical models. For instance, in 2023, Myntra introduced its first virtual influencer whose name is Maya. The company has already set up her Instagram profile under the username, "maya unlimited," where she has over one lakh followers. Myntra adds its virtual influencer that advocates body positivity, mental health, and inclusivity. She is also said to have no "physical or geographic limitations."

Here are five examples of government regulations, laws, and legal frameworks that influence the Virtual Influencers market:

·        10 AUG 2023: The Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution, has released Additional Guidelines for celebrities, influencers and virtual influencers in the field of health and wellness. These guidelines are an important extension to the Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022 released on 9th June 2022, and in lieu of the "Endorsement Know-hows!" guide booklet released on 20th January 2023.

·        The Additional Influencer Guidelines for Health and Wellness Celebrities, Influencers and Virtual Influencers has been developed after detailed discussions with all stakeholders including Ministry of Health, Ministry of Ayush, Food Safety and Standards Authority of India (FSSAI) and Advertising Standards Council of India (ASCI).

·        On 17 February 2024, the Digital Services Act came into force in the EU. Among other things, the DSA requires influencers uploading content to declare whether such content contains commercial communications. In addition, influencers qualifying as traders now need to provide information to ensure their traceability before they use an online platform to promote or offer their products or services. These obligations already apply to the very large online platforms (such as Instagram, TikTok, YouTube, Facebook, X and Snapchat). Smaller platforms must comply from 17 February.

Click here to view the Report Description & TOC https://univdatos.com/report/virtual-influencers-market/

According to the report, the impact of Virtual Influencers has been identified to be high for the Asia-Pacific area. Some of how this impact has been felt include:

The rise in technological advancement in the region enhances the development of CGI and AI technologies for the creation of complex virtual influencers. Additionally, cultural factors also find their place since Asian consumers are used to having some digital personas as new unique concepts mostly based on the future. For instance, in 2023, China’s hyper-realistic virtual influencer Ayayi officially launched her eponymous brand this year. Building on years of cultivation in digital content and virtual technology, Ayayi proposes the phygital brand concept, combining physical and digital substantial presence to create a unique style and product forms exclusive to the brand. With a growing number of brands and consumers, embracing virtual influencers due to their novelty and promotional capabilities. Similar to Lipa, Ling in China of Weibo or Ayayi of Douyin which are both similar to Tiktok is gradually turning into celebrity-status virtual characters and serving as the primary promoters for brands. 

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