What Has Been The Evolution of the Metaverse In Education Market in Recent Years?
The metaverse in education market has seen considerable growth due to a variety of factors.
• The size of the metaverse in the education sector has witnessed phenomenal growth in the past few years. It is projected to rise from $11.34 billion in 2024 to $15.83 billion in 2025, experiencing a compound annual growth rate (CAGR) of 39.7%.
This surge during the historical period is linked to the soaring demand for immersive learning experiences, greater support from governmental bodies and academic institutions, an uptick in industry-centric training and implementation in education, and a heightened demand for online learning.
How Will the Metaverse In Education Market?
The metaverse in education market is expected to maintain its strong growth trajectory in upcoming years.
• The metaverse in education sector is set to experience a rapid surge in growth over the next several years, reaching $61.26 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 40.3%.
This promising trend throughout the forecast period can be attributed to a proliferation of startups aiming at metaverse platforms developments, increased interest in self-regulation skills, and the worldwide spread of education, as well as an accelerated use of virtual technology within the education sphere. The next several years will see an increased accessibility of technology, wider acceptance of metaverse and its associated gadgets, growing investment in metaverse-centric education, AI-driven personalization, emergence of virtual libraries and archives, and establishment of virtual classrooms as the key trends.
Which Factors Are Boosting Growth In The Metaverse In Education Market?
The upward trend of virtual learning is predicted to drive the expansion of the metaverse in the education market. Virtual learning, an academic setting where students engage in a digital curriculum, facilitated by professors via video or audio lectures, augments the metaverse's role in education. It enhances the education quality within such environments, utilizing virtual and augmented reality technologies. For instance, per a July 2024 report from The E-Learning/Online Learning Statistics, a US-based statistical authority, a consistent rise in online learners has been observed, with a prediction of nearly 60 million learners by 2027. This surge in virtual learning demand is propelling the metaverse's growth in the education market. The subsequent surge in demand for corporate training is anticipated to fuel the metaverse's growth in the education market. Corporate training, which involves educating employees via various learning programs, plays a significant part in the Metaverse in Education. It enables the creation of immersive learning environments, the incorporation of storytelling and role-playing, offers AI assistants, and facilitates digital spaces, all of which are nonviable via traditional training methods. For example, in a July 2022 survey involving 1001 US workers by the Society for Human Resource Management (SHRM), a professional human resources membership association in the US, more than half (55%) of employees reported a need for additional training for better performance, while approximately 76% were likelier to stay with companies that offered constant training. This hike in demand for corporate training is accelerating the metaverse's expansion in the education market.
What Key Areas Define The Segmentation Of The Global Metaverse In Education Market?
The metaverse in education market covered in this report is segmented –
1) By Component: Hardware, Software, Professional Services
2) By Deployment: Cloud, On-Premise
3) By Application: Learning, Skill Development, Educational Apps, Self-Regulation Skills, Cultural Understanding, Other Applications
4) By End-User: K-12, Higher Education, Corporate Training
Subsegments:
1) By Hardware: Virtual Reality (VR) Headsets, Augmented Reality (AR) Devices, Interactive Displays, Haptic Devices
2) By Software: Learning Management Systems (LMS), Simulation Software, Content Creation Tools, Collaboration Platforms
3) By Professional Services: Consulting Services, Integration And Deployment Services, Support And Maintenance Services, Training And Development Services
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What Trends Are Reshaping The Future Of The Metaverse In Education Market?
Leading corporations in the metaverse education sector are keen on advancing their solutions, including the incorporation of artificial intelligence (AI) and the production of AI-based merchandise to bolster their market status. AI technologies are being employed in line with various education models like the learner model, pedagogical model, and domain model, all geared towards streamlining education systems for improved instruction and evaluation. For example, in January 2023, AVer Information Inc, a company from Taiwan that specializes in metaverse education, business interaction, and wireless presentation technology, introduced the A30 - the world’s initial all-in-one camera with AI audio for learning environments. This multipurpose teaching tool, which fuses a document camera, web camera, microphone, and speaker, is designed to enhance learning experiences. It relies on superior AI audio technology to generate crisp sound with echo elimination, thus bettering learning settings.
Who Are the Key Players In The Metaverse In Education Market?
Major companies operating in the metaverse in education market are:
• Microsoft Corporation
• Meta Platforms Inc.
• Baidu Inc.
• Epic Games Inc.
• Roblox
• Arizona State University
• Rec Room
• Linden Lab
• Labster
• The University of Miami
• Hatch Early Learning
• NEOMA Business School
• Skillful Craftsman Education Technology
• Talespin
• High Fidelity Inc.
• TinyTap
• MedRoom
• Shenzhen Meten International Education Co. Ltd.
• 21K School
• Axon Park
• Immerse
• Invact Metaversity
• Marvrus
• NextMeet
• Tomorrow‘s Education
• VictoryXR Inc.
• VR Chat
• Avantis Education
• Sophia Technologies Ltd.
What Is The Most Dominant Region In The Metaverse In Education Market?
North America was the largest region in the metaverse in education market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in metaverse in education market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
