Global Metaverse in Education Market Size worth $19.3 billion by 2028, growing at a CAGR of 37.7% Report by MarketsandMarkets™

Chicago, June 12, 2023 (GLOBE NEWSWIRE) -- The global Metaverse in Education Market size 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% during the forecast period, according to a new report by MarketsandMarkets™. In the metaverse, teachers can design interactive simulations and games that let students experiment and explore in safe environments. As students can interact with virtual content at their own pace and dig deeper into subjects that interest them, the metaverse offers a more individualized learning experience. Such factors are boosting the adoption of the metaverse in the education market. Moreover, the metaverse can be used for professional development and training purposes is also driving its adoption across corporate users.

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200 - Tables
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230 - Pages

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Scope of the Report

Metaverse helps elevate online learning by allowing students to study whenever and wherever they want. Therefore, they are free from compromising their mental health to upgrade their skills while managing a busy schedule and financial concerns. Additionally, the metaverse offers chances for group- and team-based learning. Through their avatars, students can communicate virtually and work together on assignments in a virtual environment, which is expected to enable students to learn from one another and improve their problem-solving abilities.

The component segment of the metaverse in the education market is segmented into hardware, software, and professional services. The software segment is estimated to hold the largest market share during the forecasted metaverse in the education market. End users use extended reality software, gaming engines, metaverse platforms, and 3D mapping, modeling, and reconstruction. Using various education metaverse software, students and teachers can produce and distribute interactive simulations, virtual field trips, and other immersive learning opportunities that help improve engagement and an understanding of complex subjects. To create realistic and natural-looking spaces, the demand for software is increasing.

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The metaverse in the education market is segmented into five regions: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific is estimated to hold the highest CAGR during the forecasted metaverse in the education market. Asia Pacific comprises China, Japan, India, and the Rest of Asia Pacific. Rising investment in the R&D process, rising adoption of advanced technologies, higher internet penetration, and government initiatives are the few factors expected to fuel the market growth in the region during the forecasted period. Moreover, educational universities in the area are increasingly adopting the metaverse to enhance teaching, learning, and overall educational experiences. For instance, in March 2022, Associate Professor Gasinee Witoonchart of Thammasat University in Thailand announced the plan to open a new campus utilizing the T-Verse platform. The platform is expected to change students' learning experiences and the country's education system as part of the university's ambitious digital transformation path. It will address the constraints brought on by the absence of interactions usual in traditional and online learning through immersive-learning classes. Utilizing virtual reality technology will establish settings where students can study history, democracy, and ancient culture.

Top Trends in Global Metaverse in Education Market

• Attacks on business email accounts that have been compromised have become more frequent and sophisticated. Attackers are always coming up with new strategies to use social engineering and email system flaws to deceive people and organizations into sending money or revealing sensitive data.
• To boost the effectiveness of BEC schemes, cybercriminals have been modifying and improving their attack strategies. They use a variety of strategies to mimic CEOs or reliable sources and trick their victims, including spear-phishing, CEO fraud, invoice manipulation, and impersonating emails.
• Despite the fact that initially larger organizations were the main targets of BEC attacks, fraudsters are increasingly concentrating on smaller companies. SMEs are especially susceptible to BEC scams because they sometimes have fewer resources and may not have strong cybersecurity safeguards.
• BEC attacks are not just seen in certain places or nations. These assaults may be carried out by cybercriminals from any location in the globe, making it a worldwide problem. The global business environment's interconnectedness has made it easier for BEC frauds to transcend across borders.
• BEC attack participants frequently work together and pool resources. They take part in activities like trading knowledge on effective strategies or selling email lists or viruses. They can keep one step ahead of security precautions and improve the potency of their attacks thanks to this cooperation.

Key Industry Development

• Organisations have made investments in staff awareness-raising as a result of their recognition of the rising threat posed by BEC assaults. They hold training sessions to inform personnel of the dangers of BEC scams, focusing on the best practises for email security and how to spot dubious emails or requests.
• The creation and use of sophisticated email security solutions has been essential in thwarting BEC assaults. These solutions use machine learning (ML) and artificial intelligence (AI) algorithms to analyse email behaviour patterns, identify possible BEC risks, and detect and filter suspicious communications.
• Email spoofing and impersonation, which are frequent strategies employed in BEC attacks, may be avoided with the aid of the email authentication standard DMARC. Organisations are using DMARC more frequently to safeguard their email domains and confirm the legitimacy of incoming emails.
• Organisations, business associations, and law enforcement agencies have started collaborating to exchange information and fight BEC schemes. This entails exchanging information on new threats, recognising recurring attack patterns, and coordinating actions to stop cybercriminal operations.
• The BEC danger is being addressed by governments and regulatory authorities. Stronger cybersecurity safeguards, reporting of BEC events, and information exchange between organisations and law enforcement agencies are all mandated by new legislation and standards.
• In order to successfully lessen the impact of BEC assaults, organisations have started investing in enhancing their crisis response capabilities. To guarantee a prompt and successful reaction, this includes creating response plans, creating incident response teams, and regularly doing incident drills and simulations.

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