Richmond, Dec. 20, 2023 (GLOBE NEWSWIRE) -- According to a research report "Metaverse in Education Market”, by Component (Hardware {AR Devices, VR Devices, MR Devices and Interactive Displays and Projectors}, Software {Extended Reality Software, Gaming Engines, Metaverse Platforms, 3D Mapping, Modelling, and Reconstruction} and Service {Professional Services and Managed Services}), Application (Learning, Skill Development, Educational Apps, Self-Regulation Skills, Cultural Understanding and Others), End User (Academic, K-12, Higher Education and Corporate), and Region - Global Forecast to 2030.
Global Metaverse in Education Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 5.6 Billion |
| Market size value in 2030 | USD 54.2 Billion |
| CAGR (2023-2030) | 38.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Application, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Metaverse in Education Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Metaverse in Education Market is witnessing a transformative wave, reshaping traditional educational paradigms with immersive and interactive experiences. As an amalgamation of virtual and augmented reality technologies, the metaverse in education opens up new dimensions for learning, fostering engagement and collaboration. This dynamic market is characterized by a surge in demand for virtual classrooms, collaborative virtual spaces, and experiential learning environments. Students can transcend geographical boundaries, immersing themselves in virtual realms where they interact with educational content and peers. The metaverse facilitates personalized and adaptive learning experiences, catering to diverse learning styles. With the integration of cutting-edge technologies, the Metaverse in Education Market is poised to revolutionize the educational landscape, offering a glimpse into the future of innovative and interconnected learning ecosystems.
Major Vendors in the Global Metaverse In Education Market:
- Adobe Inc.
- Avantis Systems Ltd.
- Axon Park
- Devden
- Fotonvr
- Hatchxr
- HP Inc.
- Kwark Education
- Lenovo
- Meta Platforms, Inc.
- Microsoft
- Roblox Corporation
- Samsung Electronics
- Unity Software Inc.
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Increase in industry training and deployment in the education sector
Advanced reality technologies have the potential to profoundly reshape the learning process, placing significant demands on educational institutions to deliver optimal learning environments and technologically enriched instruction to an increasingly diverse student body. The primary objective of deploying this technology in education is to make knowledge exceptionally accessible and engaging for students. Extended reality technology takes this a step further by enhancing learning experiences through highly realistic information displays, heightened engagement in simulated settings, and substantial reductions in cognitive load for learners. Universities, such as the University of Michigan, are making substantial investments to integrate virtual reality technology into both residential and online courses, aiming to elevate the quality of teaching and learning. The evolution of the metaverse has introduced numerous opportunities for the education sector to transform various facets. Students can leverage virtual reality for immersive experiences such as virtual field trips, business visits, museum explorations, exhibitions, and various other interactive activities.
Market Dynamics
Drivers:
- Immersive and Engaging Learning Experiences
- Skills Development for the Future of Work
- Collaboration and Social Interaction
Opportunities:
- Developing Engaging Metaverse Learning Platforms
- Addressing Cybersecurity and Privacy Concerns
Standardization and Interoperability
The Metaverse in Education Market is increasingly emphasizing the critical importance of standardization and interoperability to ensure a seamless and collaborative virtual learning environment. Standardization involves establishing common frameworks, protocols, and guidelines to enhance consistency and compatibility across diverse metaverse applications and platforms used in education. Interoperability, on the other hand, focuses on the ability of different systems and technologies to work together efficiently. Achieving standardization and interoperability in the metaverse education space is pivotal for breaking down silos and promoting the exchange of content and experiences across various virtual environments. This ensures that educators and learners can seamlessly transition between different metaverse platforms, fostering a more cohesive and integrated educational experience within the evolving landscape of virtual learning.
The market for Metaverse in Education is led by North America.
In 2022, The North America market for metaverse in education is poised to claim a significant share of revenue shortly, with expectations of being the leading region. This projection is driven by the accelerated revenue growth anticipated in the region, attributed to a surge in startups dedicated to crafting metaverse platforms for commercial use. The Asia Pacific region is also set to experience swift growth in the global metaverse education market, propelled by the increasing presence of international competitors in this sector, contributing to the overall expansion of the industry. During the study period, the market is foreseen to receive additional impetus from substantial investments by key suppliers in enhancing product capabilities and expanding their business operations. Notably, several market participants are eyeing promising opportunities in emerging economies such as China and India, where large populations coincide with recent advancements across various industries.
The Rotary Wing Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
In terms of components, the market is segmented into hardware, software and services. Among these the hardware segment emerges as a significant contributor to the global Metaverse in Education market. Anticipated for substantial dominance in 2022, this prominence is attributed to companies intensifying their focus on developing products that enhance user experiences and extend immersion levels. Manufacturers are actively working towards the creation of more sophisticated hardware, including VR/AR headgear, sensory devices, and sensors, aiming to amplify the realism of virtual environments. The projected revenue growth of this market is further fueled by the innovation of user interfaces that enable access to 3D content on various devices, ranging from smartphones and upcoming TVs to augmented reality devices such as HoloLens.
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