The Latin America, Middle East and Africa Virtual Influencer Market would witness market growth of 42.5% CAGR during the forecast period (2023-2030).
Prominent organizations consistently contribute to the market's development through the introduction of novel avatars and technologies that are anticipated to improve the overall user experience. As an illustration, in December 2022, TopSocial India, a provider of influencer advertising platforms, introduced Sravya, a virtual influencer that can speak Tamil, Telugu, Kannada, and Malayalam and was created specifically for the South Indian market. This aims to support the marketing efforts of Key Opinion Leaders (KoLs) and customer engagement managers from South India.
Additionally, the continuous progressions in the technology propel the market in a positive direction by facilitating the development of these influencers that are progressively more lifelike and captivating. With the progression of consumer preferences, there is an increasing need for brand interactions to exhibit authenticity and transparency. By providing brands with a robust resource for establishing genuine and authentic connections with consumers, they are anticipated to fuel market expansion throughout the forecast period.
The LAMEA region has witnessed a steady increase in digitalization and social media adoption. Saudi Arabia boasts one of the world's highest smartphone penetration rates (97 percent). Smartphones enable the creation and consumption of visually appealing and interactive content. these influencers leverage these features to provide engaging content, including high-quality images, videos, and interactive stories, which resonates well with smartphone users in Saudi Arabia. Brands leverage these influencers for endorsements and product launches, creating a seamless connection between the influencer's content and the smartphone user's purchasing journey. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The Brazil market dominated the LAMEA Virtual Influencer Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $965.6 million by 2030. The Argentina market is showcasing a CAGR of 43.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 42.2% during (2023 - 2030).
Free Valuable Insights: The Worldwide Virtual Influencer Market is Projected to reach USD 37.8 Billion by 2030, at a CAGR of 38.1%
Based on Offering, the market is segmented into Solution, and Services. Based on Type, the market is segmented into Human Avatar, and Non-human. Based on End-use, the market is segmented into Fashion & Lifestyle, Food & Entertainment, Travel & Holiday, Sports & Fitness, Banking & Finance, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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