Pune, March 14, 2023 (GLOBE NEWSWIRE) -- The global Metaverse in Education Market is estimated to reach over USD 102.57 billion by 2031, exhibiting a CAGR of 38.42% during the forecast period.
Metaverse technology has the power to alter how people connect, how people communicate, how people understand different cultures, and how people learn in general. Educational institutions are using the metaverse to build virtual universities or classrooms that let students visit and engage with instructors and classmates in various learning environments based on their choices.
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Additionally, rapid use of virtual technologies in the education sector, expanding acceptance of the metaverse and its tools, and greater investment in Metaverse ed-tech companies are further drivers anticipated to propel market revenue growth throughout the forecast period. Important metaverse-based businesses are also developing cutting-edge platforms to encourage more participatory teaching and learning.
Furthermore, some of the factors that could impede metaverse in education market growth over the forecast period include worries about steadily increasing ostracism as a result of the widespread use of augmented reality, the high cost of developed metaverse technology and the lack of rising tools in developing and underdeveloped countries, as well as concerns about privacy and safety.
Recent Developments:
- In March 2022, The health and fitness company GOFA International has released Luca & Friends, a new ground-breaking app that uses AI (artificial intelligence) backed motion capture technology to get kids moving through fun, immersive educational games, to help families, schools, and after-school programmes address this issue in today's tech-driven world.
List of Prominent Players in the Metaverse in Education Market:
- Invact Metaversity
- Tomorrow’s Education
- Sophia Technologies Ltd. Metaverse Group
- Shenzhen Meten International Education Co. Ltd.
- Shenzhen Shengxue Culture Communication Co. Ltd.
- WU Executive Academy
- 21K School
- Luca & Friends
- Skillful Craftsman Education Technology Ltd.
- Jiangsu Hibao Tech Software Co. Ltd.
- Roblox
- Microsoft
- The University of Miami
- The University of Nevada
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Metaverse In Education Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 5.60 Bn |
| Revenue forecast in 2031 | USD 102.57 Bn |
| Growth rate CAGR | CAGR of 38.42% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Component And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The COVID-19 epidemic has expedited the transition to e-learning and the use of technology in teaching and learning. This change is a fundamental component of creating engaging and engaging learning experiences and is anticipated to drive market revenue growth. The adoption of VR and AR technology by instructors worldwide, the rise of interactive virtual education, and rising interest in the metaverse in the education sector are some of the major drivers anticipated to propel market revenue development throughout the forecast period.
Challenges:
A few significant factors that are anticipated to restrain the expansion of the global metaverse market's revenue during the forecast period include worries about data security and privacy in these settings, problems with the user identity, difficulties in convincing subscribers to use money transfers there. However, the high cost of metaverse in education and the availability of technical facilities are expected to hamper the market's overall growth over the coming years.
Regional Trends:
The North America metaverse in the education market is projected to register a major market share. Because more attention is being paid to establishing metaverse platforms, more metaverse platforms are being used to provide virtual college tours. More importantly, firms are investing in creating instructional games for schools and colleges. Many schools and universities, including the University of Miami, utilize the metaverse through their AR and XR programs to offer immersive learning experiences in various fields, including architecture, healthcare, and behavioral research. Another aspect that may contribute to the market's revenue growth in the region for the projected period is the quick adoption of cryptocurrencies like Bitcoin for college tuition payments. Besides, Asia Pacific had a substantial share of the market. The industry is anticipated to continue rising due to the expanding number of players in the global metaverse in the education Market. Additionally, it is anticipated that during the research period, leading vendors will increase their investments in product capabilities and company expansion.
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Segmentation of Metaverse in Education Market-
By Component
- Hardware
- Software
By Application
- Learning
- Skill Development
- Educational Apps
- Self-Regulation Skills
- Cultural Understanding
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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