Home AR/VR The market for AR and VR in education is projected to grow at a CAGR

The market for AR and VR in education is projected to grow at a CAGR

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The market for AR and VR in education is projected to grow at a CAGR

Source: www.globenewswire.com

New York, USA, June 7, 2022 (GLOBE NEWSWIRE) — ARVR in Education Market Overview:

According to a comprehensive research report from Market Research Future (MRFR), “AR and VR in the educational market Analysis by Offer, Deployment Model, Devices: Forecast to 2027” is poised to grow at a CAGR of 18.2% over the forecast period (2022-2027).

AR and VR in Education Market Report Scope:

The growing need for AR and VR in corporate training using connected systems such as software-defined kits, head-mounted displays, and gesture recognition systems will offer strong opportunities for the market during the forecast period. In addition, the increasing adoption of advanced technology devices and products and the growing development in the educational sector are also adding augmented and virtual reality in the growth of the educational market.

Report metric Details
Market size $12.4 billion (2020)
CAGR 18.2%
base year 2021
forecast period 2022-2027
Historic information 2020
Forecast Units Value (millions of USD)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors and Trends
Covered segments Offering, Deployment Model, Devices, and Region
Covered Geographies North America, Europe, Asia-Pacific and Rest of the World (RoW)
key suppliers Sony, Samsung Electronics, HTC, Google, Microsoft, Panasonic, Hitachi, Barco, LG Electronics, Veative Labs, Cisco, Blackboard, Dell, IBM, Saba Software, Oracle, Edvance360, Electa Communications, BrainCert, SKYPREP, Impero Software, WizIQ, BigBlueButton, Digital Samba, TutorRoom, Eon Reality Inc., Facebook Technologies LLC and Varjo Technologies Oy
Key market opportunities Growing need for AR and VR in corporate training to deliver strong opportunities
Key Market Drivers Growing need for interactive virtual field trips among students to drive market growth

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drivers

Growing need for interactive virtual field trips among students to drive market growth

The growing need for interactive virtual field trips among students will drive the growth of the market during the forecast period. One of the main factors driving the growth of the market is the increasing demand for various virtual tours, especially to museums, with many countries using virtual reality headsets in the classroom or at home. The increasing use of virtual tours allows students to gain an immersive experience on historical events which, in turn, drives the growth of the market. Additionally, virtual tours help in creating one’s own immersive spaces, and personalized virtual experiences are expected to drive the growth of the virtual and augmented reality market in education.

Privacy and data security concerns to act as a market restraint

Data privacy and security concerns caused by poor implementation or integration of augmented reality and virtual reality platforms are stifling market growth. AR and VR apps are used for academic purposes and may contain sensitive student data that needs to be protected to prevent data leaks and cyber attacks. As the cloud-based implementation became more popular, security issues such as false data injection, data leakage, or unauthorized data access emerged, stifling the growth of the virtual reality market and increased in education.

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Market segments for augmented and virtual reality in education

The global market for virtual and augmented reality in education is divided on the basis of end users, application, deployment model, devices, and supply.

By offering, the hardware segment will lead the market for augmented and virtual reality in education during the forecast period.

By deployment model, the cloud segment will dominate the market during the forecast period.

By devices, mobile computing devices will lead the market for augmented and virtual reality in education during the forecast period. The increased expectation of mobility and flexible learning, which allows employees and students to access all educational material and administrative work, is driving the adoption of smart devices in education. BYOD is a powerful tool that allows students and school staff to use their mobile devices. The BYOD trend in education would engage students, increase staff productivity, and expand collaboration. Educational institutions, for example, are using tablets and mobile devices to reduce school costs by combining calculators, books, and word processors into one convenient device.

By application, the virtual and augmented reality in education market is segmented into student recruitment, virtual field trips, e-learning, certifications, corporate learning management, classroom learning, and others.

By end users, the academic (higher education) segment will hold a majority share of the augmented and virtual reality in education market during the forecast period. Educational institutions and universities are taking advantage of innovative educational technology developments to engage students, expand their global presence, and avoid campus congestion. Since IT spending is used for these processes, the selection and implementation of AR and VR in education are becoming strategic decisions as well as an important part of the education industry. Higher education can benefit from the convenience of time and place that AR and VR bring to education. In higher education, virtual and augmented reality facilitate the highest quality education and intellectually satisfying learning experiences.

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Regional analysis of the virtual and augmented reality market in education

North America to lead AR and VR in the education sector

North America holds the largest market share in the education sector for virtual and augmented reality in education. The United States and Canada are the main contributors to the overall growth of the North American region. Due to the presence of several prominent educational institutions and the quality education they provide, the education industry in North America is always looking for growth. Technological advances have resulted in an increase in the use of smart education and technologically advanced classrooms in both educational and corporate settings, which help in creating a learning environment that is focused on the learning needs of an individual or organization. The main drivers of the growth of the virtual and augmented reality market in education in this region are the adoption of digital learning and the collaboration of educational software and hardware providers.

North American organizations such as Google and Facebook aim to develop educational games based on virtual reality technology, such as viewing 360-degree educational videos and other training. It is a major factor driving the growth of the market. The increased deployment of AR, especially in the education system, combined with technological advancements, is expected to drive the growth of the market in the next ten years. One of the main growth drivers in the augmented reality in education market is the presence of several global vendors within the region. The latest trends in augmented reality in education in Germany, as well as the growing need for augmented reality in higher education in Japan, complement the growth of AR in education in these countries.

Competitive analysis of the AR and VR market in education

The Dominant Key Players in AR/VR in Education Market Covered are:

  • Sony
  • Samsung Electronics
  • htc
  • Google
  • Microsoft
  • panasonic
  • Hitachi
  • boat
  • LG Electronics
  • venative labs
  • cisco
  • Board
  • dell
  • IBM
  • sabasoftware
  • oracle
  • Edvance360
  • Elect Communications
  • brain certification
  • SKYPREP
  • Empire Software
  • WizIQ
  • bigbluebutton
  • digital samba
  • TutorRoom
  • Eon Reality Inc.
  • Facebook Technologies LLC
  • Varjo Technologies Oy

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COVID-19 analysis

Businesses are resuming operations again and adjusting to the new normal as they recover from the impact of COVID-19, which had previously resulted in restrictive containment measures such as remote working, social distancing and business closures, which resulted in operational challenges. . Also, in the wake of COVID, children have started learning from home; As a result, technologies such as VR, AR, and AI are being considered by a number of edtech investors as future technologies with the potential to change the future of the augmented reality educational market.

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USD 12.4 billion in 2020


        

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