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Virtual Reality in Education Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Application (K-12, Higher Education, and Vocational Training), and Regional Forecast, 2023– 2030

Region : Global | Format: PDF | Report ID: FBI101696

 

KEY MARKET INSIGHTS

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The global virtual reality in education market size was valued at USD 3.42 billion in 2022 and is projected to grow from USD 4.40 billion in 2023 to USD 28.70 billion by 2030, exhibiting a CAGR of 30.7% during the forecast period.


Virtual Reality technology has gained wide recognition and acceptance due to the pandemic and rising demand for immersive experience. Recent technological advancements in this education sector gave rise to emerging VR businesses and the increasing adoption of learning experiences at leading schools, colleges, and universities.


Virtual reality in education has also gained considerable importance in the world of education. It provides an immersive experience to students and learners. Students also learn complex topics by entering a realistic virtual world where they can talk, make decisions, and learn while interacting with 3D simulations and objects. Such applications have led to an increased demand for virtual reality in education.


Furthermore, educational institutions are incorporating practical and hands-on teaching modules into their education systems, consisting of field trips, group activities, laboratory experiments, and technical projects. The introduction of virtual reality in education elevated learning and teaching practices by providing an interactive experience to engage students, and enhance their understanding of complex subjects. Immersive and interactive learning through virtual reality has been proven to be an effective tool for evolving and expanding knowledge, as it provides a digitally-crafted solution and context, which also reflects real-world experiences that are fundamentally inaccessible to learners with minimum costing and infrastructure.


COVID-19 IMPACT


Rapid Advancements in VR Platform during COVID-19 to Boost the Market


The COVID-19 pandemic had a significant impact on the global market. As schools closed and shifted to remote learning, there was a rapid increase in demand for VR as an alternative education tool. VR allowed students to engage in immersive learning experiences from their homes, simulating real-world environments and maintaining their motivation and engagement during the pandemic.


The pandemic and lockdowns created a surge in demand for VR-based educational solutions as institutions sought to replicate the interactive and experiential aspects of in-person learning, VR solutions and field trips became valuable tools for students to explore new concepts, visit historical sites, and engage in hands-on learning, through a safe place such as home.


However, limited access to VR content and high setup costs hindered the widespread implementation, particularly in underserved communities. For instance,



  • July 2020 – VR Education, a VR technology company, launched ENGAGE Mobile, an android version of its VR platform, expanding its user base and meeting the increased demand for virtual communication and training. The launch enabled the company to cater to enterprises, event organizers and educators globally, leveraging widespread usage of mobiles and tablets.


LATEST TRENDS


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Innovations in VR-based Assessment Evaluation and Personalized Learning Experiences to Enhance the Demand for VR in Education


Innovations in VR-based assessment evaluation and personalized learning experiences are emerging, as a result of increased demand in the market. With the integration of advanced technologies such as artificial intelligence and machine learning, VR platforms are offering immersive and interactive assessment methods, enabling educators to evaluate students’ knowledge and skills in a more comprehensive and engaging manner.


Moreover, implementation of virtual reality in education also encourages active learning, critical thinking, and problem solving skills, empowering students to take ownership of their education and fostering a deeper understanding of the subject matter.


Thus, innovations in assessment evaluation and personalized learning experiences are expected to boost the market.


DRIVING FACTORS


Increasing Demand for Experiential Learning Platforms and Access to Remote Locations across the Globe to Enhance VR Market in Educational Sector


The demand for experiential learning platforms has been steadily increasing in recent years, particularly in the education industry. It is primarily due to the growing recognition of Attention Deficit Disorders (ADD) and traditional classroom learning, which is hindering student’s learning growth in this modern world. As a result, educators are increasing the adoption of VR technology as a means to provide students with an immersive and hand-on learning experience.


Another key advantage of virtual technology is the ability to transport students to remote locations across the globe, providing them with opportunities to explore and learn about different cultures in a safe and efficient environment. For instance,



  • April 2023 - Coursera launched three courses in VR technology to enhance the student’s learning experience, while also providing them with Meta’s Augmented Reality (AR) course certifications after their training.


Such type of experiential learning has produced effective results in enhancing student engagement, learning outcomes, and student motivation.


Therefore, demand for such solutions are driven by the growing need for effective remote learning solutions, which gained recognition during the pandemic.


RESTRAINING FACTORS


Limited Compatibility with Existing Media Content and Higher Setup Costs to Impede the Market Growth


The market in the education industry has experienced significant changes in recent years due to changes in many norms such as virtual meetings, and work from home, among others. Numerous educational institutions have a significant and dedicated amount of digital content that is being utilized in their teaching programs, which creates issues while transferring regular content into VR-based. Additionally, discrepancies in the student syllabus across regions, prevents the use of a common forum, resulting in less VR-based content being generated that is specific to student’s syllabus and academic course. Such factors limit educational institutions and may hamper the market growth of virtual reality in education.


SEGMENTATION


By Component


Hardware Segment is Expected to Witness More Demand from Various Organizations


Hardware segment dominated the market in 2022 with the highest market share. Moreover, as the price of VR systems falls and more people become interested in this new technology, adoption in the education sector is expected to grow. Moreover, Content is expected to showcase a highest CAGR as the increasing adoption of VR helps students to access virtual environments where they can engage in immersive content, potentially enhancing learning.


By Application


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Higher Education is Likely to Inflate the Demand for VR Applications in the Market


By application, higher education segment held major market share in 2022. Virtual reality offers seamless learning opportunities to the student. Student recruitment, fundraising, and immersive learning are the applications of VR in higher education.


Furthermore, vocational training segment is predicted to grow with the highest CAGR during the forecast period as this application can be used to simulate real-world work environments, allowing students to practice skills without the risk of injury or damage. This can be particularly beneficial for training in high-risk or expensive industries such as aviation, construction, and healthcare.


REGIONAL INSIGHTS


North America Virtual Reality in Education Market Size, 2022 (USD Billion)


In terms of region, the market is divided into five key regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.


The North America Virtual Reality in Education Market size was valued at USD 1.03 Billion in 2022 and is growing at a CAGR of 27.6% from 2023 to 2030. North America holds the largest virtual reality in education market share due to increasing adoption of investments across various sectors of applications in the region. Furthermore, players are focusing on expanding their business to enhance their customer base in the region. For instance,



  • In September 2022: Mesmerise, a company that helps enterprises globally to make best use of VR opened their office in the U.S. to help the existing U.S. clients and accelerated the expansion into the region’s growing enterprise market.


Asia Pacific is expected to witness a rapid growth rate during the forecast period owing to availability of VR devices by local companies in China and India. Additionally, integration of 5G with VR is one of the reasons for market growth in the region. Thus, investments in VR and metaverse are increasing among the countries in the region are driving the demand for virtual reality in education.


Europe is expected to showcase a steady growth rate during the forecast period. The region’s growth is due to European schools and universities are experimenting with introducing VR as an educational tool and incorporating VR lectures into their curricula. Therefore, several companies are pushing the concept of virtual reality in education even further by offering a whole new interface for learning and exploration. 


Similarly, South America shows significant growth opportunities for the metaverse in coming years owing to improving access to education in this region. Additionally, big companies including Meta are investing in the educational program to promote talent by entering into partnership with institutions in the region.


The Middle East & Africa (MEA) market is expected to witness growth in coming years. The countries lag behind developed economies in digital adoption. However, the increasing IT spending in the region is expected to transform the economy.


KEY INDUSTRY PLAYERS


Focus on Business Expansion to Fuel Key Players’ Market Share


The top players of virtual reality in education are focused on expanding their geographical boundaries across the globe by introducing industry-specific solutions. These players are strategically collaborating and acquiring local players to gain strong grip in the region. Moreover, key players in the market are introducing products to attract and retain their customer base. Also, continuous investments toward research & development of product offerings is thriving the global virtual reality in education market growth. Thus, by adopting such corporate strategies players sustain their competitiveness in the market.


List of Key Companies Profiled:



  • Google LLC (Alphabet, Inc.) (U.S.)

  • EON Reality (U.S.)

  • Schell Games (U.S.)

  • Avantis Systems Ltd. (U.K.)

  • zSpace, Inc. (U.S.)

  • VRSim, Inc. (U.S.)

  • Veative Group (U.K.)

  • Mursion (U.S.)

  • Immersion VR (U.K.)

  • Unimersiv (U.S.)

  • Alchemy Immersive (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • April 2023: EON Reality Inc. partnered Holistic EHS to develop its business consulting offerings. With EON Reality's AI-powered XR solutions, Holistic EHS can offer improved and new services to its consulting clients in various XR areas. The EON Reality suite's new spatial AI-based capabilities enable Holistic EHS and its customers to develop better safety tools, training, and other procedural and immersive software.

  • April 2023: The Center of Technical Excellence and EON Reality has announced an expanded partnership to launch Malaysia's first spatial AI-based collaboration to enhance Sarawak's digital talent development pathways and training programs. With its AI-powered XR solution from EON Reality, CENTEXS aims to help local students and developing workforce members learn and upskill more efficiently.

  • March 2023: Google Cloud has announced a partnership with AI Azhar University, an Egypt-based educational institution. The collaboration includes the introduction of Google Workspace for Education (GWFE) as a certified learning and productive platform to digitally convert the learning experience for international and local students.

  • October 2022: VRSim, Inc. and Lincoln Tech University announced the launch of SimSpray at six Lincoln Tech locations across the U.S. Consistent with Lincoln Tech's innovative teaching approach, SimSpray removes barriers to the learning experience by providing hands-on training without traditional materials to start a coating project. The introduction of this platform benefits students nationwide from training for careers in accident repair.

  • April 2022: VRSim, Inc. announced the launch of VRNA, an immersive virtual reality training system for users to prepare for face-to-face clinical training and the Certified Nursing Assistant "CNA" national exam. The launch of this platform benefits students working on lab content while providing a self-directed and active learning experience to practice patient care skills in a risk-free environment.


REPORT COVERAGE


An Infographic Representation of Virtual Reality in Education Market

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The report provides a detailed analysis of the market and focuses on key asapects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation
















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 30.7% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Component



  • Hardware

  • Software

  • Content



By Application



  • K-12

  • Higher Education

  • Vocational Training



By Region



  • North America (By Component, By Application, and By Country)

    • U.S.

    • Canada

    • Mexico



  • South America (By Component, By Application and By Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (By Component, By Application, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain 

    • Rest of Europe



  • Middle East & Africa (By Component, By Application, and By Country)

    • Turkey

    • Israel

    • GCC

    • South Africa 

    • Rest of the Middle East & Africa



  • Asia Pacific (By Component, By Application, and By Country)

    • China

    • India

    • Japan 

    • ASEAN

    • Oceania

    • Rest of Asia Pacific





Frequently Asked Questions

The market is projected to reach USD 28.70 billion by 2030.

In 2022, the market was valued at USD 3.42 billion.

The market is projected to grow at a CAGR of 30.7% during the forecast period.

The hardware segment is expected to lead the market.

Increasing demand for experiential learning platforms and access to remote locations across the globe are the key factors driving market growth.

Google LLC, EON Reality, Unimersiv, Alchemy Immersive, VRSim, Inc., Schell Games, Immersion VR, Mursion, zSpace, Inc., and Avantis Systems Ltd. are the top players in the market.

North America is expected to hold the highest market share.

By application, the higher education segment is expected to grow with a remarkable CAGR during the forecast period.

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