The Global Metaverse In Education Market Size is valued at 7.61 billion in 2023 and is predicted to reach 102.57 billion by the year 2031 at a 38.71% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- This industry is anticipated to experience growth due to the rising use of virtual and augmented reality technologies in formal and professional education.
- This industry is anticipated to witness expansion due to the increasing need for learning experiences that are both interactive and individualized.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- VR/AR device prices and the absence of standards for VR/AR content production and distribution could impede the market's expansion.
A digital approach to social learning and skill development is achieved by metaverse, which makes use of augmented reality tools and decentralized technology to encourage communication and engagement among users. With the growth of internet platforms, lecturers can now impart knowledge to live audiences in real-time while also conducting online classes, which has the potential to alter how institutional education can be financially supported.
Additionally, continuing to increase e-learning adoption, rising interest in immersed learning environments, and rising spending on metaverse-related learning is a prime factor driving metaverse in education market expansion. The global economy has grown tremendously due to the constant expansion of internet connectivity and several technical breakthroughs, including 5G, cryptocurrency, cloud services, the (IoT), and (AI). Thus, anticipated to fuel the metaverse in education market demand.
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.
Competitive Landscape:
Some of the Metaverse in Education market players are:
- Meta Platforms, Inc.
- Microsoft Corporation
- Adobe Inc.
- HP Inc.
- Unity Software Inc.
- Samsung Electronics
- Lenovo
- Roblox Corporation
- Epic Games
- Baidu, Inc
- Other Prominent Players
Market Segmentation:
The metaverse in education market is segmented based on component and application. Based on component, the metaverse in the education market is segmented as hardware, software and professional services.
The software segment comprises 3D Mapping, Modelling, and Reconstruction, Extended Reality Software, Gaming Engines, and Metaverse Platforms. Secondly, the Hardware segment comprises AR Devices, Interactive Displays and Projectors, MR Devices and VR Devices. The Professional Services include Application Development and System Integration, Strategy and Business Consulting.
The market is segmented by application learning, skill development, educational apps, self-regulation skills, cultural understanding and others.
Based On Components, The Hardware Segment Is A Major Contributor To The Metaverse In The Education Market
The hardware category is expected to hold a major share in the global Metaverse in Education market in 2021 due to an increasing focus among companies on manufacturing products that give a better user experience and enable more extended user immersion. Manufacturers are also attempting to create more sophisticated gear, such as VR/AR headgear, sensory devices, and sensors, to enhance the realism of virtual worlds. This market's expected revenue growth will also be fueled by the creation of user interfaces that let users access 3D material on some gadgets, including cellphones, upcoming TVs, and the augmented reality (smart glasses known as HoloLens.
The Educational Apps Segment Witnessed Growth At A Rapid Rate
The educational apps segment is projected to grow rapidly in the global metaverse in the education market. Creating educational apps for all age groups drives the market's growth over the anticipated period. The market's expansion depends on some variables, such as increasing public programs, rising interest in STEM-related apps, and a rise in cellular internet use. Therefore, mobile apps are the most interesting and educational tools for students to advance their studies and boost productivity. Modern educational applications are among the most enjoyable and practical ways to motivate pupils to learn and boost output. According to research, children will have access to mobile phones in this technologically advanced era and will be more motivated to learn outside the classroom.
The North America Metaverse In The Education Market Holds A Significant Revenue Share In The Region
The North America metaverse in the education market is expected to witness the highest market share in revenue soon. The regional market is projected to experience faster revenue growth due to the growing number of start-ups focusing on developing metaverse platforms for commercialization. Asia Pacific is also anticipated to have rapid growth in the global metaverse education market.
The expanding number of foreign competitors in the "metaverse in education market" is predicted to further fuel industry expansion. The market is also projected to be encouraged during the study by rising capital invested by significant suppliers in product capabilities and business expansion. Many market participants are seeing promising opportunities in developing nations like China and India, where sizable populations are paired with recent advancements in numerous industries.
Metaverse In Education Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 7.61 Bn |
|
Revenue forecast in 2031 |
USD 102.57 Bn |
|
Growth rate CAGR |
CAGR of 38.71% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
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 |
|
Competitive Landscape |
Meta Platforms, Inc., Microsoft Corporation, Adobe Inc., HP Inc., Unity Software Inc., Samsung Electronics, Lenovo, Roblox Corporation, Epic Games, Baidu, Inc, Other Prominent Players |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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