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The global virtual reality in education market size was USD 656.6 million in 2018 is projected to reach USD 13,098.2 million by 2026, exhibiting a CAGR of 42.9% during the forecast period.
Virtual reality has enormously transformed the education sector creating new ways to teach and learn. Virtual reality offers you an immersive environment to explore things out of the classroom. Visualization will help students to grasp information quickly and explore new ways of learning.
Telerobotics is a recent technological trend in the education domain. Telerobotics involves operating robots from a distance. Students can perform the task and make use of virtual reality to identify the actions of the robot. Moreover, students can experience the events that happened in history. VR is expected to offer the ability to travel in time and space and better enjoy learning time.
It is a fact that early education is all about learning through experience. Virtual reality has the potential to bring the information in the books to life using the VR features. The primary aim of virtual reality in education sector is to make education more effective and exciting. VR simulations provide an in-depth understanding of the concept of its applications in real life.
The benefits of VR in education are enhanced comprehension, increased collaboration, and improved performance. Students’ knowledge will increase owing to the immersive experience in the virtual world. Virtual classrooms will help to increase peer-to-peer collaboration.When students are within the immersive learning environment, their focus and experimentation with things eventually improves the learning expirence and thus enhances their performance.
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Virtual reality has given humongous market opportunities to market players in the education sector. The VR applications can be bifurcated into two main groups’ school or universities and workplace learning. Schools, universities and other private educational institutions are continuously on the verge of adopting advanced technologies to provide quality education. This is expected to positively influence the virtual reality in education sector in the coming years.
“Increasing Adoption of Virtual Learning Environment and Advancements in the VR Headsets will Boost Growth ”
The era of digitization and the growing adoption of online education has caused a major change in the education industry. The concept of the virtual classroom has been applied by various organizations in recent years. The main difference between the traditional and the virtual classroom is that the students or the participants may or may not be in the same area. They might use the web cameras, microphones, or other devices for communication
Furthermore, the adoption of a virtual learning environment has offered a range of benefits over the traditional learning environment in the education sector including flexible schedule, more individual accountability, mobility, student-centered learning, and others. Despite these benefits, the virtual spaces require fewer costs than the cost needed to build a classroom infrastructure.
According to the factors mentioned above, we can conclude that increasing the adoption of virtual learning environment and advances in the VR headsets is likely to drive the virtual reality in education market growth during the forecast period.
“Partnerships and Collaboration in the Education and Corporate Industries to Deliver VR Based Education and Training Programs”
Recently, Canada’s Queens University and SimforHealth have partnered with HTC to open a VR training facility for medical students to let them get the experience of real-time operations in an immersive virtual environment. HTC vive will also offer the ability to simulate a wide range of clinical situations in the virtual environment.
Walmart uses the Oculus Go Standalone headsets as a training tool. Walmart is actively working with Strivr a California based VR training company, to develop its training scenarios. Walmart uses Strivr’s virtual reality training modules on Oculus devices to train thousands of employees across all the stores. Fidelity, United rentals, and Jetblue also use VR to assist with employee training.
Boeing gives access to the VR based hands-free interactive 3D diagram, which helps the technicians to install the electrical wirings properly. The company states that there is a 40% improvement in the company’s productivity. The increasing retention rates drive the interest of the companies towards the adoption of virtual reality as a training tool.
Hence considering the above examples, we can say that partnerships and collaboration in the education and corporate industries to deliver VR based education and training programs are expected to drive the market growth in the coming years.
“The Hardware Segment is expected to Witness More Demand from Various Organizations “
Based on the component, the market is divided into hardware, software, and content. The hardware segment is estimated to generate the highest revenue in the market during the forecast period. The VR hardware encompasses VR headsets, HMD’s and other controllers. Developments in the VR headsets and sufficient affordability of headsets such as Oculus Rift, HTC Vive, Google Cardboard, and others are expected to contribute to generate a significant market revenue.
VR content is expected to grow at a remarkable CAGR between 2019 to 2026. There is an immense need for VR content development because lack of content may restrict the market growth. VR content can provide a 360-degree immersive experience to the user. Students can explore the working of an engine from its budding mechanics. This will make the learning process more enhanced and exciting.
The key players in the virtual reality market provide several VR software such as Science VR, History VR, Astronomy VR, and others. For instance, SpinVR, in partnership with SpinVFX has developed BrioVR which is an unlicensed VR software platform. BrioVR enables the students to simply drag the content related to any subject, and the software converts the content into VR and improves overall engagement of the students.
“Higher Education is Likely to Inflate the Demand for VR Applications in the Market”
By application, the market is segmented into K-12, higher education, and vocational training. The higher education segment is expected to generate a larger revenue share in the market during the forecast period. Virtual reality offers seamless learning opportunities to the students. Fundraising, student recruitment, immersive learning are some of the major applications of VR in higher education.
Higher education is expected to be the leading application of virtual reality in the education sector. In recent years’ digital media has created many opportunities in terms of the access to dynamic content. Experimental learning, mastery-based learning, and personalized learning are the most important viable benefits of VR in the education industry.
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Other applications such as vocal training will demand for VR based communication technology for advanced interactions such as video conferencing, and others. Furthermore, VR will help students to build their future careers. Virtual reality in education sector has led to quality education and high level of innovative thinking among the students.
Global Virtual Reality in Education Market Share, By Application, 2018
Geographically, the market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
North America is expected to augment the virtual reality in education market during the forecast period. In 2018 North America generated a revenue of USD 263.9 million and is projected to generate a notable market share till 2026.Organizations in North America such as Google, Facebook are aiming towards developing educational games based on the VR technology including 360 Degree Educational Video Viewing and other trainings. This is one of the major factors that is driving the market growth.
Asia pacific is estimated to witness a significant growth rate during the forecast period. The proliferation of smartphones and increasing internet penetration will contribute to expand the market size across the region. There is huge demand for advanced education system from the countries such as India, China and japan due to their tremendous population. This will drive the need for virtual reality applications across the region.
North America Virtual Reality in Education Market Size, 2018 (USD Million)
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Europe is likely to hold a significant share in the market followed by North America and Asia Pacific. Developments in highly developed graphics, new software platforms, and advanced standards available in android, iOS, windows are expected to drive the growth of European VR in education market.
Regions such as Middle East and Africa, and Latin America are expected to exhibit a moderate growth rate in the market during the forecast period. Lack of in-house expertise and specialization may restrict the market growth in the region. Also, skills shortage and other requirements of IT infrastructure would be a reason for the moderate growth of the region.
“Key players in virtual reality in education market to focus on further strengthening their market position”
To capitalize increasing role of VR’s in visual education Oculus distributed a number of VR headsets and standalone Go headsets to education institutes across many countries. Oculus has also worked with the California state library, conducted a research with MIT and Harvard universities to promote the VR headsets.
HTC Vive offers educational VR games such as Lifeliqe VR museum, and Speech trainer. This games are good to develop the creative capabilities, problem solving and motivation. Many educational institutions deploy this games to offer advanced education to the students and explore several ways to gain knowledge.
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The report provides qualitative and quantitative insights into the virtual reality in education market and detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, macro and microeconomic factors, SWOT analysis, and key VR in education industry trends, competitive landscape, and company profiles.
Value (USD million)
Fortune Business Insights says that the value of the global virtual reality in the education market was USD 656.6 million in 2018
As per our study, the market is projected to reach USD 13,098.2 million by 2026.
The market will grow at a rate of 42.9% CAGR. Many education institutions are making investments in VR applications in the education sector
In the virtual Reality in education market, component and applications are the leading segments. There is a growing demand for VR hardware and software to leverage the VR features in various applications. Whereas, due to the developments in digitalization there is a lot of scope for VR content.
Some of the driving factors for the Virtual Reality in Education market are Increasing adoption of virtual learning environment and advances in the VR headsets and partnerships and collaboration in the education and corporate industries to deliver VR based education and training programs.
In the virtual reality in education market, some of the key players are Facebook Technologies, Google, ZeroLight, HTC. These players are focusing on acquisition and partnership with other players to provide virtual reality applications in education.
North America is expected to hold the highest market share in the virtual Reality in education market. Organizations in North America such as Google, Facebook are focusing towards developing educational games based on the VR technology including 360 Degree Educational Video Viewing and other training
The Asia Pacific is projected to witness a fast growth rate in the virtual reality in education market. There is huge demand for advanced education systems from countries like India, China, and Japan due to their large population.
By application higher education is expected to show high adoption of virtual reality in the education sector. Many education institutions are leveraging VR technology to provide advanced education.