Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global virtual reality in education market size was valued at USD 3.42 billion in 2022 and is projected to grow from USD 4.40 billion in 2023 to USD 28.70 billion by 2030, exhibiting a CAGR of 30.7% during the forecast period. VR Education Soars Market as Immersive Learning Takes Center Stage. Fortune Business Insights presents this information in their report titled Global Virtual Reality in Education Market Forecast, 2023–2030.
Virtual Reality (VR) technology has experienced significant growth and acceptance as a result of the pandemic and the growing desire for immersive experiences. The education sector has seen notable technological advancements, leading to the emergence of new VR businesses and widespread adoption of immersive learning experiences in prestigious educational institutions.
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Key Industry Development
- January 2022: zSpace announced the launch of new inspire editions to the zSpace Learning Station Family. The launch of ultimate VR/AR learning device handles the computing needs and substantial graphics of Career and Technical Education (CTE) and STEM as well as modeling and simulation, esports, and data visualization.
Key Takeaways
- Rapid Advancements in VR Platform during COVID-19 to Boost the Market
- Innovations in VR-based Assessment Evaluation and Personalized Learning Experiences to Enhance the Demand for VR in Education
- Limited Compatibility with Existing Media Content and Higher Setup Costs to Impede the Market Growth
- By Component: Hardware Segment is Expected to Witness More Demand from Various Organizations
- Virtual Reality in Education Market Size in North America was USD 1.03 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Virtual Reality in Education Market Are Google LLC (Alphabet, Inc.) (U.S.), EON Reality (U.S.), Schell Games (U.S.), Avantis Systems Ltd. (U.K.), zSpace, Inc. (U.S.), VRSim, Inc. (U.S.), Veative Group (U.K.), Mursion (U.S.), Immersion VR (U.K.), Unimersiv (U.S.), Alchemy Immersive (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 30.7% |
| 2030 Value Projection | USD 28.70 Billion |
| Base Year | 2022 |
| Virtual Reality in Education Market Size in 2022 | USD 3.42 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Application and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-in-education-market-101696
Drivers and Restraints
Coursera Expands Learning Opportunities with VR Technology Courses and AR Certifications
The education industry has witnessed a consistent rise in demand for experiential learning platforms in recent years. In April 2023, Coursera took a significant step by introducing three courses focused on virtual reality technology. Furthermore, Coursera collaborated with Meta to provide students with Augmented Reality (AR) course certifications upon completing their training.
However, the virtual reality in education market growth may be hindered by compatibility limitations with existing media content and higher setup costs.
Segmentation:
By Component
- Hardware
- Software
- Content
By Application
- K-12
- Higher Education
- Vocational Training
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America Takes the Lead with Increasing Adoption and Investment
North America dominated the VR in education market share due to the growing adoption and investments across various application sectors in the region.
On the other hand, Asia Pacific is projected to experience a substantial growth rate during the forecast period. This growth can be attributed to the availability of VR devices offered by local companies in countries such as China and India.
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Competitive Landscape
Top Players Expand Global Reach through Industry-Specific Solutions and Strategic Collaborations
To broaden market reach and increase the virtual reality in education market share globally, leading players in the VR industry are actively expanding their geographical boundaries. They achieve this by introducing specialized solutions tailored to specific industries. These players strategically collaborate with and acquire local companies, aiming to establish a strong foothold in each region.
FAQ’s
How big is the Virtual Reality in Education Market?
Virtual Reality in Education Market size was USD 3.42 billion in 2022.
How fast is the Virtual Reality in Education Market growing?
The Virtual Reality in Education Market will exhibit a CAGR of 30.7% during the forecast period, 2023-2030
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