Dublin, June 02, 2023 (GLOBE NEWSWIRE) -- The "Metaverse in Education Market by Component (Hardware (AR devices, VR devices, MR devices, and interactive displays and projectors), Software, Professional Services), End User (Academic and Corporate) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The metaverse in the education market is expected to grow from USD 3.9 billion in 2023 to USD 19.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 37.7%
When the current educational system is criticized for being disconnected from the real world, the metaverse can help create virtual worlds that enable teachers to communicate with students regardless of geographic restrictions. Metaverse also helps provide immersive learning environments where students, instructors, and staff can explore and interact with concepts and scenarios.
By component, the hardware segment holds the highest CAGR during the forecast period
The metaverse in the education market by component is divided into hardware, software, and professional services. The hardware segment is estimated to hold the highest CAGR during the forecasted metaverse in the education market. The hardware components in the metaverse in the education market include VR, AR, MR, and interactive displays and projectors.
The AR, VR, and MR devices are predicted to rise due to the use of heads-up devices (HUD) in the metaverse in the education market. The use of AR technology in numerous applications has grown because of its capacity to merge the actual world with virtual items. The most popular AR device for industrial applications is AR smart glasses, which help AR devices grow.
Furthermore, head-mounted devices (HMDs) are anticipated to be at the core of the market's expansion in the VR devices segment. Users have responded positively to these displays from brands including Samsung Electronics, Lenovo, and Meta Platforms, Inc. Microsoft HoloLens 2 is primarily in charge of the MR devices segment and is anticipated to gain popularity in the education market for experiencing the metaverse.
By professional services, the application development and system integration segment held the highest CAGR during the forecast period
The metaverse in the education market, by professional services, is segmented into application development, system integration, strategy, and business consulting.
The application development and system integration segment will hold the highest CAGR during the forecast period. Educators require these services and cooperate at various stages, from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum RoI.
Metaverse education development platform, metaverse app development, metaverse NFT marketplace development, metaverse real estate platform development, metaverse social media platform development, and metaverse event platform development are a few services offered in the metaverse application development business.
To seamlessly integrate the metaverse within existing or new systems, the need for system integration services is demanded by corporators and educators in the metaverse in the education market.
Based on region, the Europe region holds the second-highest CAGR during the forecast period
The Europe region is expected to hold the second-highest CAGR during the forecast period. Europe has dominated the deployment of metaverse in education market.
Significantly expanding economies in the European region, such as in the UK, Germany, France, and the rest of Europe, is anticipated to create a market for corporate and academic users of the metaverse in education. Further, the demand is driven by Europe's dedication to continuous learning and skill development, as the metaverse offers a platform for ongoing professional growth and the development of skills relevant to the future.
Overall, the ability of the metaverse in education in Europe to improve learning, promote inclusivity, and prepare students for a globally connected and technologically advanced future. Moreover, in order to facilitate in-person interactions between students and teachers, European educational institutions are implementing virtual collaboration and communication solutions.
Group projects, online conversations, and virtual classrooms are made possible by these tools, which creates a more active and interesting learning environment with the help of metaverse platform therefore the market in the region is expected to grow exponentially.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 231 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.9 Billion |
| Forecasted Market Value (USD) by 2028 | $19.3 Billion |
| Compound Annual Growth Rate | 37.7% |
| Regions Covered | Global |
Premium Insights
- Drastic Geographic Change and Technological Evolution to Drive Metaverse in Education's Archiving Growth
- Software Component to Account for Largest Share in 2023 and 2028
- Ar Devices to Become Largest Hardware Market by 2028
- Strategy & Business Consulting Segment to Account for Larger Share Among Professional Services in 2023
- Academic End-Users to Account for Larger Share Than Corporate End-Users
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Increase in Industrial Training and Deployment in Education Sector
- Rapid Adoption of Virtual Technologies
- Decrease in Price of Vr Headsets
Restraints
- Requirement of Reliable and Scalable Technology Infrastructure
- Health and Mental Issues from Excessive Use
- High Installation and Maintenance Costs of High-End Metaverse Components
Opportunities
- Immersive Experience Offered to Students
- Major Infusion of Educational Technology Prompted by COVID-19 Pandemic
- Constantly Evolving 5G Technology
Challenges
- Fear of Content Development, Digital Inequality, and Access Issues
- Innovation in Transforming Education Ecosystem
Case Study Analysis
- Stevens Institute of Technology Utilized Samsung Interactive Boards for Distant Classrooms
- Ecnu Xiping Bilingual School Supported Superior Educational Experiences with Lenovo Thinkagile Vx Series
- Ontario College Turned to Microsoft's Mixed Reality for Future of Training
- Katherine Warington School Enhanced Classroom Engagement with Classvr
- Unity Prepares Tafe Queensland Students for In-Demand Careers with Uaa
Technology Analysis
- Ai and Ml
- 5G Network
- Internet of Things
- Virtual Reality
- Augmented Reality
Company Profiles
Key Players
- Meta Platforms, Inc.
- Microsoft Corporation
- Adobe Inc.
- Hp Inc.
- Unity Software Inc.
- Samsung Electronics
- Lenovo
- Roblox Corporation
- Epic Games
- Baidu, Inc.
Other Players
- Avantis Systems Ltd.
- Axon Park
- Tomorrow's Education
- Nextmeet
- Classvr
- Metable GmbH
- Virbela
- Labster
- Victoryxr
- Engage plc
- Vedx Solutions
- Stemuli
- Netease
- Htc
- Sandbox
- Startups/Smes
- Medroom
- Marvrus
- Fotonvr
- Ibentos
- Legend of Learning
- Sophia
- Devden
- Immerse
- Kwark Education
- Hatchxr
- Metaverse Learning Limited
For more information about this report visit https://www.researchandmarkets.com/r/dlb9vm
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