NEWARK, Del, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The value of augmented and virtual reality in education is US$ 20.1 billion in 2023. In 2022, the value was US$ 17 billion. The market is predicted to grow at a healthy CAGR of 16.2% from 2023 to 2033. The valuation of the web conferencing market is anticipated to reach US$ 90 billion by 2033.
When it comes to the augmented reality and virtual reality market, visualization plays a crucial role in driving the education sector. These technical platforms create immersive and interactive experiences that students find fascinating, promoting a deeper understanding of several abstract concepts.
The implementation of augmented reality (AR) in education has had a critical positive impact, enhancing the learning process in the classroom. Augmented reality platforms have shown their worth in geometry teaching. The advancements in the primary and fundamental concepts such as areas, perimeter, and diameters have been explained thoroughly to the learners.
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Virtual reality (VR) offers immersive experiences in parallel environments that resemble reality. This kind of technology has found its application in the education market, facilitating the learning of complex subjects and fostering cultural connections among learners. By leveraging virtual reality, educators can teach the importance of respecting and appreciating cultural diversity promoting acceptance of differences among learners.
Growing high-speed data communication and 5G internet service are expected to create lucrative opportunities for the AR VR market as a marketing push by smartphones and VR headset manufacturers.
“The rise of immersive digital knowledge and practical experience contributes to the growth of augmented and virtual reality in the education market by embedding digital information such as video, audio, and news. The market has vast expansion in all regions as a critical element for the personalized education market.” opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Key Takeaways from the AR VR Software Market
- The global augmented and virtual reality in education market is estimated to register a CAGR of 16.2% with a valuation of US$ 90 billion by 2033.
- The market captured a CAGR of 20.7% in the historical period between 2018 and 2022.
- The United Kingdom is anticipated to dominate the global market by registering a 19.2% CAGR during the forecast period.
- With a 16.6% CAGR, China is significantly driving the global market by 2033.
- During the forecast period, Japan is anticipated to secure a CAGR of 18.3% in the global market.
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Key Players and Strategies for Success in the AR VR Software Market
In recent years, there has been a rush in innovations and collaboration within the industry with education institutes and universities. These strategic partnerships and technical advancements aim to accelerate learner’s knowledge. The key players in AR and VR technologies are attracting and retaining their customer base by providing immersive and practical learning experiences, enhancing the development of practical skills, and connecting the breach between the classroom and practical applications.
Key Players
- Avantis Systems Ltd
- Blippar.Com Limited
- DAQRI LLC
- EON. Reality Inc.
- Google LLC
- Immersion VR
- Magic Leap, Inc.
- Microsoft Corporation
- Oculus VR, LLC
- Osterhout Design Group, Inc. (ODG)
- Samsung Electronics Co. Ltd
Recent Developments
- In March 2023, Google partnered with AL Azhar University in Egypt to introduce Google Workspace for Education (GWFE) as an authorized learning platform. This productive education platform digitally recasts the knowledge for remote and rural learners.
- In February 2023, Avantis Systems partnered with USC to develop AR/VR content for USC's Institute for Creative Technologies. The aim is to create immersive experiences for education, healthcare, and training.
- EON Reality, a global leader in AR and VR technologies, announced a significant update to two flagship solutions in March 2022, showcasing its commitment to continuous innovation and advancement.
Restraints:
While the market is flourishing, it is not without its challenges. The initial investment required for implementing AR and VR in educational settings can be a significant barrier for some institutions. Furthermore, ensuring the quality and safety of educational content and experiences in the virtual realm is crucial. Striking a balance between cutting-edge technology and responsible usage remains a challenge.
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Market Segmentation
By Offering:
- Solutions
- Services
- Hardware
By Deployment Mode:
- Cloud
- On-Premises
By Application:
- K-12
- Higher Education
- Vocational Training
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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