Metaverse in Education Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
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. In the metaverse, educators usually use avatars, virtual representations of users that students can use to communicate with one another. Moreover, teachers can communicate with each other in these virtual learning environments using their avatars and simulating a classroom setting.
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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.
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The surrounding virtual environment can be easily modified to fit the lessons taught, significantly expanding the learning potential. For instance, students could engage in a 3D simulation of the human body or a virtual world simulation of historical events. Students can participate in online classes and collaborate with classmates from any location using the metaverse for remote education. Such factors are driving the growth of the market.
Major vendors in this market are based in North America and Asia Pacific. 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) are among a few leading players operating in the metaverse in the education market. These vendors can concentrate on forming new connections and partnerships. Key players have adopted various strategies such as new product launches, contracts, partnerships, and mergers & acquisitions to strengthen market dominance.
Unity Software Inc.
Unity Software is a platform that helps creators bring their visions to reality, including game developers, artists, architects, educators, automobile designers, and filmmakers. The Unity platform offers a complete range of software options for developing and managing real-time 2D and 3D content for various devices, including mobile phones, tablets, PCs, consoles, and AR and VR headsets. With the introduction of products such as Unity VR, which offers tools for developing VR applications, and Unity MARS, which enables developers to create AR experiences that combine digital material with the actual world, Unity has also entered the virtual and augmented reality spaces. For educational uses, such as training simulations, virtual field trips, and interactive science experiments, Unity Software can be utilized to create immersive and interactive experiences. Moreover, Unity Software can be considered a tool for creating educational environments like the metaverse. Many tools and services that Unity has developed can be used to create educational content, including Unity Learn, which offers tutorials and learning resources for beginners, and Unity Asset Store, which provides a wide selection of pre-built assets and tools that can be used to create educational content quickly and easily.
ClassVR
ClassVR is one of the leading technologies designed to help and raise engagement & increase knowledge retention for students of all ages. It offers virtual reality headsets for schools with intuitive controls for teachers, an original user interface for students, gesture controls, and incorporated educational resources. It provides different VR/AR content, such as explorable scenes. The platform is aimed at K-12 schools and offers a range of curriculum-aligned resources across multiple subject areas, including science, history, and geography. VR experiences are designed to be immersive and engaging, allowing students to explore complex concepts and topics directly and interactively. ClassVR also offers a content creation tool, allowing teachers to create and customize their VR experiences to fit their curriculum and learning objectives. Additionally, the platform includes management and tracking tools, enabling teachers and administrators to monitor student progress and usage of the VR resources.
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