Vertex Animator v5.2+

This plugin was developed as an alternative to Skeletal Meshes, and more optimized than the traditional VertexAnimation that bakes all vertex positions, allowing it to use LODs or even Nanite with the trade off of a slightly lower visual quality.

It basically requires a regular rig, a few adjustments on a 3D software of your choice and the setup inside the plugin afterwards. The plugin allows you to bake several animations at once as well as editing the StaticMesh bounds and reduction settings.

This trade off offers a huge benefit in performance, as most of the information is delegated to the GPU at runtime (as after baking the animation is read by a shader). Ideal solution for large crowds.