Metaverse in Education Market worth $19.3 billion by 2028- Exclusive Report by MarketsandMarkets™

CHICAGO, May 29, 2023 /PRNewswire/ -- With technological breakthroughs, increased acceptance, broader content, international collaboration, integration with upcoming technologies, and a focus on lifelong learning, the Metaverse in education has a bright future. To ensure responsible and inclusive usage, privacy and ethical issues will be crucial.

The 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™. Education has significantly changed human society and shaped the entire world. Modern online learning platforms and virtual reality simulations have replaced more conventional teaching techniques, including spoken explanations and whiteboard drawings over time. The COVID-19 epidemic accelerated the adoption of virtual learning, which has increased interest in using metaverse technology to deliver education.

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Scope of the Report

With the rise of the Metaverse, this technology is poised for significant development. In education, Metaverse enables students to participate in remotely accessible virtual classes that simulate aspects of a traditional classroom. Educational institutions and technology-based companies are working towards removing physical boundaries and making learning more immersive, engaging, and communicative.

By hardware, the AR devices segment captured the largest market share during the forecast period.

The Metaverse in the education market, by hardware, includes AR devices, VR devices, MR devices, and interactive displays and projectors. The AR devices segment is estimated to account for the highest market share based on hardware. With the help of this technology, users can view and interact with virtual items or information in a physical setting. There are various AR devices, including smart glasses, headsets, and mobile devices. Depending on the application, each type of gadget has distinct advantages and features and can be used in various ways. AR devices can be utilized to design engaging, immersive learning experiences that will help students comprehend complex ideas. For instance, by overlaying 3D models onto photographs from textbooks, AR apps enable students to explore and interact with the models in a metaverse. IN THE EDUCATION MARKET, AR devices can be used in Metaverse, such as AR head-mounted displays (HMD) and AR head-up displays. AR HMD devices include smart glasses, which help students to explore and engage with virtual surroundings created with AR smart glasses. Students can study digital recreations of actual locations or historical events across topics such as geography or history, which can be extremely helpful. AR HUDs can take notes and arrange the information more effectively without using their hands.

Based on professional services, the strategy and business consulting segment is expected to account for the largest market share during the forecast period

The Metaverse in the education market, by professional services, is segmented into application development, system integration, strategy, and business consulting. It is expected that during the forecast period, the strategy and business consulting segment is estimated to account for the largest market size and share in the Metaverse in the education market. Consulting services focus on selecting metaverse technology providers and platforms that align with the institution's goals and requirements. Consultants help clients create a metaverse strategy that aligns with their goals. Numerous consumers that use consulting services regularly request adjustments to their solutions and service offerings, and they deal with complex concerns. These services place a greater emphasis on providing excellent customer service.

North America is projected to hold the largest market share during the forecast period.

The Metaverse in the education market has been segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global Metaverse in the education market in 2023, and this trend is expected to continue during the forecast period. The Metaverse in the education market in North America has been studied for countries including the US and Canada. The adoption of the Metaverse in education is expected to be the highest in North America compared to other regions. According to secondary data, a university opens a Metaverse learning hub in Canada, one of the significant developments. The hub intends to offer a platform for investigating and creating metaverse-based educational applications. To facilitate discussion and explore the potential of the Metaverse in education, the hub also organizes conferences and seminars that bring together academics, researchers, and business leaders.

Additionally, some edtech companies are looking at the educational applications of the Metaverse. For instance, the platform Engage provides online classrooms and collaborative capabilities for distance learning. The metaverse platform enables educators and students to collaborate in a 3D virtual setting while developing original activities and material. The field of metaverse education is still growing. Thus, there are a lot of issues that need to be resolved, as well as numerous potentials. These include problems with digital equity, privacy, and accessibility. However, the Metaverse's potential for use in education is stimulating, and it will be interesting to watch how it develops and alters education in North America.

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Metaverse in Education Market Dynamics

Driver:

• Increase in industrial training and deployment in education sector
• Rapid adoption of virtual technologies
• Decrease in price of VR headsets

Restraint:

• 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

Challenges:

• Fear of content development, digital inequality, and access issues
• Innovation in transforming education ecosystem

Top Key Companies in Metaverse in Education Market:

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).

Recent developments:

• In March 2023, Microsoft launched Microsoft Mesh as a new mixed-reality platform that enables users to collaborate and interact with each other in a shared virtual space. Mesh provided users with various tools for creating and customizing virtual avatars, objects, and environments. Mesh was also integrated with other Microsoft products like HoloLens and AltspaceVR to enable cross-platform collaboration.
• In January 2022, HP Inc. unveiled HP Fortis laptops, a new line of PCs designed to handle the demands of classrooms. Further, the new HP Fortis portfolio, designed for active and mobile learners, represents the strength and toughness required to help survive drops, resist spills, and keep keys where they belong: on the keyboard. Students of all ages find gripping and handling lightweight devices simpler because of the textured surfaces.
• In April 2021, Unity Reflect launched as a real-time 3D rendering and visualization platform that allowed designers and architects to create immersive, interactive 3D models of buildings and other structures. These models could be used for virtual walkthroughs, design reviews, architecture, engineering, education, and construction applications.

Metaverse in Education Market Advantages:

• Learning may be done in a very immersive and participatory setting thanks to the metaverse. The learning process can be made more pleasurable and effective by allowing students to interact with instructional content in a more engaging and experiential way. It enables practical applications, role-playing, and virtual field visits, which improve comprehension and recall of difficult ideas.
• A vast variety of learning tools, such as 3D models, virtual libraries, and scientific simulations, are available for educators to build and curate in the Metaverse. This promotes curiosity and discovery by giving students access to a range of knowledge and experiences that they might not have in regular settings.
• The Metaverse has the capacity to provide individualised and flexible learning opportunities. Platforms for education can examine student data and offer activities and content that are customised to each student's needs and learning preferences. This personalization promotes active involvement and allows students to learn at their own speed, improving learning results.
• No matter where they are physically located, teachers and students can work together in virtual environments thanks to the metaverse. They can participate in group tasks, conversations, and problem-solving exercises that promote cooperation and social engagement. When students originate from different geographical origins or in distant learning circumstances, this feature is especially advantageous.
• Education may now reach a worldwide audience because to the Metaverse, which defies geographical limitations. It gives kids in faraway places, underserved groups, or those with physical limitations equitable access to educational opportunities. This inclusiveness encourages educational equity and aids in closing the digital divide.

Report Objectives

• To describe and forecast the metaverse in the education market based on components, end users, and regions.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market's subsegments for individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To analyze industry trends, patents and innovations, and pricing data related to the market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape.
• To track and analyze competitive developments, such as product developments, product enhancements, partnerships, and collaborations, in the market.

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