Chicago, Aug. 09, 2024 (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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Metaverse in Education Market Dynamics:
Drivers:
- Increase in industrial training and deployment in education sector
- Rapid adoption of virtual technologies
- Decrease in price of VR headsets
Restraints:
- Requirement of reliable and scalable technology infrastructure
- Health and mental issues from excessive use
- High installation and maintenance costs of high-end metaverse components
Opportunities:
- Immersive experience offered to students
- Major infusion of educational technology prompted by COVID-19 pandemic
- Constantly evolving 5G technology
List of Key Players in Metaverse in Education Market:
- Meta Platforms, Inc. (US)
- Microsoft Corporation (US)
- Adobe Inc. (US)
- HP Inc. (Australia)
- Unity Software Inc. (US)
- Samsung Electronics (South Korea)
- Lenovo (China)
- Roblox Corporation (US)
- Epic Games (US)
- Baidu, Inc. (China)
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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.
Some of the significant Metaverse in education vendors are Meta Platforms, Inc. (US), Microsoft Corporation (US), Adobe Inc. (US), HP Inc. (Australia), Unity Software Inc. (US), Samsung Electronics (South Korea), Lenovo (China), Roblox Corporation (US), Epic Games (US), and Baidu, Inc. (China). These companies have an established portfolio of reputable products and services, a robust market presence, and strong business strategies to dominate the market ecosystem.
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