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Virtual Reality in Education Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Content), By End User (Academic Institutions and Corporate Training), and Regional Forecast 2024 – 2032

Last Updated: July 10, 2024 | Format: PDF | Report ID: FBI101696

 

KEY MARKET INSIGHTS

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The global virtual reality in education market size was valued at USD 14.55 billion in 2023. The market is projected to grow from USD 17.18 billion in 2024 to USD 65.55 billion by 2032, exhibiting a CAGR of 18.2% during the forecast period. 


Virtual reality in education has gained considerable importance in education, providing students and learners immersive experiences. Students 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, hands-on teaching modules into their education systems, such as field trips, group activities, laboratory experiments, and technical projects. The introduction of virtual reality in education has revolutionized learning and teaching practices by fostering interactive experiences that 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 cost and infrastructure.


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. This 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, all from the comfort and safety of their homes.


IMPACT OF GENERATIVE AI


Generative AI and VR to Enable Personalized Adaptive Learning Experiences


Generative AI is revolutionizing the virtual reality sector in education by creating dynamic, multi-sensory environments that adapt to individual learner’s needs. This prevailing combination enabled immersive and personalized learning experiences that actively engage students. Generative AI algorithms can generate customized VR environments, tailoring the content and difficulty level based on real-time feedback and analysis of student performance. This approach promotes a deeper understanding of concepts through interactive exploration and hands-on practice within realistic simulated scenarios.


The convergence of generative AI and VR offers unparalleled scalability and accessibility, enabling the delivery of high-quality, adaptive learning experiences to learners regardless of their geographical location. Real-time feedback within these AI-generated VR environments provides continuous guidance, fostering growth and mastery of skills. While challenges surrounding privacy and quality control persist, the future of this technology paints a picture of limitless, and impactful learning journeys. This synergy represents a paradigm shift, pushing the boundaries of traditional education and unlocking boundless possibilities for transformative educational experiences.


According to XRToday’s blog in January 2024, the partnership between Engage and Lenovo’s ThinkReality VRX marks a significant advancement in educational technology, particularly with the integration of generative AI. This collaboration is poised to democratize XR development and experiences, empowering learners and educators to create and engage with immersive content seamlessly.


Virtual Reality in Education Market Trends


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 market demand. 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 developing a deeper understanding of the subject matter.


VR technology supports personalized learning experiences by adapting content, pace, and difficulty levels to individual learners’ needs, preferences, and learning styles. Learners can navigate through virtual environments at their own pace, revisit challenging concepts, and receive immediate feedback and guidance based on their performance. Personalized learning paths enhance engagement, motivation, and self-directed learning by empowering learners to take ownership of their learning journey and tailor it to their unique goals and interests.


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


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Virtual Reality in Education Market Growth Factors


Increasing Demand for Experiential Learning Platforms and Addressing Learning Challenges to Boost Market Growth


The demand for experiential learning platforms has been steadily increasing in recent years, particularly within 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 to provide students immersive and hand-on learning experience.


In addition, VR enables experiential learning by allowing learners to participate actively in simulated experiences, experiments, or simulations. Learners can engage in hands-on activities, experiments, and problem-solving tasks within virtual environments, gaining practical skills, insights, and knowledge through trial and error. This experiential learning approach fosters critical thinking, creativity, and problem-solving skills by encouraging exploration, experimentation, and discovery.


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,


In 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 experiential learning approaches have produced effective results in enhancing student engagement, learning outcomes, and student motivation. Therefore, demand for such solutions is 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 Regional Syllabus Variations to Impede Market Growth


The virtual reality in education 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 prevent the use of a common forum, resulting in less generation of VR-based content tailored to specific to student’s syllabus and academic course. Such factors limit educational institutions and may hamper the market growth of virtual reality in education.


Virtual Reality in Education Market Segmentation Analysis 


By Component Analysis


Hardware Segment to Witness More Demand Owing to its Ability to Offer Enhanced Experience of Learning


By component, the market is divided into hardware, software, and content.


The hardware segment captured the highest market share in 2023 as it enable students to learn concepts in more meaningful and authenticate way. 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. The content segment is expected to showcase the highest Compound Annual Growth Rate (CAGR) during the forecast period, driven by the increasing adoption of VR. This helps students to access immersive virtual environments, potentially enhancing learning outcomes.


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By End User Analysis


Corporate Training Holds a Major Market Share due to Workplace Relevance, ROI, and Flexibility


By end user, the market is bifurcated into academic institutions and corporate training. Academic institutions are further categorized into K-12 and higher education, while corporate trainings are segregated into IT and telecommunication, retail and e-commerce, healthcare, and others.


Corporate training holds a major market share due to the immediate applicability of VR training to job-specific skills. Additionally, corporations have the flexibility to rapidly deploy and scale new training technologies.


Academic institutions often face more bureaucratic and budgetary constraints that limit their VR adoption compared to the corporate sector. The safety, compliance, and engagement benefits of VR training also makes it a more compelling solution for corporations than traditional training methods.


While academic institutions such as K-12 schools and universities are exploring the use of VR for educational purposes. Its adoption have been rising significantly over the years, aiding in enhancing experiential learning, visualizing complex concepts, and fostering collaborative activities. Thus, academic institutions is expected to showcase highest CAGR during the forecast period.


REGIONAL INSIGHTS


Based on geography, the virtual reality in education market is studied across North America, South America, Europe, the Middle East & Africa, and the Asia Pacific. These regions are further categorized into several dominating countries.


North America Virtual Reality in Education Market Size, 2023 (USD Billion)

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North America holds the largest virtual reality in education market share due to increased investments across various applications sectors. 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 its office in the U.S. to help and support their existing U.S. clients.


The Asia Pacific region is expected to witness a rapid growth rate during the forecast period owing to availability of VR devices from local companies in China and India. Additionally, the integration of upcoming 5G technology enhances applications, driving market growth in the region. Investments in VR and metaverse are increasing across the region, driving demand for virtual reality in education.


Europe is expected to experience a steady growth rate during the forecast period. The region’s growth is due to European schools and universities 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. Additionally, major companies including Meta are investing in educational programs and partnering with institutions to promote talent in the region.


List of Key Companies in Virtual Reality in Education Market


Major Players Focus on Business Expansion to Gain Competitive Edge


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 a strong grip in the region. Moreover, key players in the market are introducing products to attract and retain their customer base. Continuous investments toward research & development of product offerings is thriving the global virtual reality in education market growth. Thus, by adopting such strategies players sustain their competitiveness in the market.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • November 2023: XRHealth launched the first VR headset for mental health in space, in collaboration with HTC VIVE and Nord-space APS. The headset was sent to the ISS for treating astronauts during their mission, addressing the challenges of stress and isolation in space.

  • November 2023: Government of India partnered with IIT-Delhi to offer courses on blockchain, AI technology, and computer vision. The courses were for final year students, to enhance their skills and employment opportunities.

  • October 2023: The Department of Justice (DOJ) offered USD 4 million in funding for the VR training development for law enforcement programs. The initiative aimed to enhance police responses to individuals in crisis by developing immersive VR-based training for law enforcement interactions.

  • August 2023: Varjo was selected as the headset technology provider for the U.S. Army’s RVCT Air Program. The headsets were used to enable squadrons to navigate exercises using actual computer generated movements.

  • April 2023: EON Reality Inc. partnered with 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.


REPORT COVERAGE



  • The report provides a detailed analysis of the market and focuses on key aspects 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.


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Report Scope & Segmentation






































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 18.2% from 2024 to 2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Component



  • Hardware

  • Software

  • Content


 By End User



  • Academic Institutions

    • K-12

    • Higher Education



  • Corporate Training

    • IT and Telecommunication

    • Retail and E-Commerce

    • Healthcare

    • Others (Automotive)




By Region



  • North America (By Component, By End User, and By Country)

    • U.S.

    • Canada

    • Mexico



  • South America (By Component, By End User, and By Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (By Component, By End User, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



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

    • Turkey

    • Israel

    • GCC

    • South Africa

    • Rest of the Middle East & Africa



  • Asia Pacific  (By Component, By End User, and By Country)

    • China

    • India

    • Japan

    • ASEAN

    • Oceania

    • Rest of Asia Pacific








Frequently Asked Questions

The market is projected to reach USD 65.55 billion by 2032.

In 2023, the global market was valued at USD 14.55 billion.

The market is projected to grow at a CAGR of 18.2% during the forecast period.

The hardware segment led the market in 2023.

Increasing demand for experiential learning platforms and access to remote locations across the globe.

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 holds the highest market share.

By end user, the academic institutions are expected to grow with the highest CAGR during the forecast period.

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