Metaverse in Education Market
Metaverse in Education Market Size, Share & Trends Analysis Report by Component (Hardware, Software), by Application (Learning, Skill Development, Educational Apps, Self-Regulation Skills), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Metaverse in Education Market:||2022 - 2028|
|Historical Years for Metaverse in Education Market:||2016 - 2021|
|Revenue 2021 for Metaverse in Education Market:||USD 4.39 Billion|
|Revenue 2028 for Metaverse in Education:||USD 32.39 Billion|
|Revenue CAGR (2022 - 2028) for Metaverse in Education Market :||39.50%|
|Fastest Growing Region (2022 - 2028) for Metaverse in Education Market:||Asia Pacific|
|Largest Region (2021) for Metaverse in Education Market:||North America|
The global Metaverse in Education market valued at USD 4.39 Billion in 2021 and is projected to reach a value of USD 32.39 Billion by 2028 at a CAGR of 39.50% over the forecast period.
Metaverse allows users to create and visit a virtual world in which they can interact as avatars and digital characters while performing various activities. The Metaverse has the potential to transform social interactions, communication, cultural understanding, and the education sector as a whole. Educational institutions are leveraging the metaverse to create virtual campuses or classrooms that allow students to visit and interact with faculty and classmates in a variety of class settings based on their personal preferences. In the medical field, virtual reality and augmented reality simulations can be used to teach surgical procedures and help students improve their skills in a safer environment. These simulations can also be used to improve learning environments in fields such as construction and architecture.
Metaverse Learning is an online learning platform with a diverse portfolio of virtual learning solutions for industrial and educational institutions. The site includes learning spaces for developing specific skills in which learners are exposed to a situation related to the skill they wish to develop. Other factors expected to drive market revenue growth over the forecast period include rapid adoption of virtual technologies in the education industry, growing acceptance of metaverse and its tools, and increased investment in metaverse edtech startups. Furthermore, key metaverse-based companies are creating innovative platforms to promote more interactive teaching and learning experiences. Concerns about increased social exclusion as a result of high adoption of virtual reality, the high cost of advanced metaverse technology and the lack of high-end tools in developing and underdeveloped countries, and issues of privacy and safety are some of the factors that could stymie market growth over the forecast period. The rapid shift to e-learning and the integration of technology in teaching and learning, accelerated by the COVID-19 pandemic, is a key factor contributing to engaging and interactive learning experiences and is expected to significantly fuel market revenue growth over the forecast period.
The Metaverse in Education market is segmented on the basis of Component, Technology and Application. On the basis of Component, the market is segmented into Hardware and Software. On the basis of Application, the market is segmented into Learning, Skill Development, Educational Apps, Self-Regulation Skills, Cultural Understanding and Others.
Below tree is interactive. You can click the nodes to get more information.
Based on Component
Due to advancements in hardware technology, the rapid adoption of AR devices and VR headsets for more immersive experiences, and technological advancements in sensing displays and optics technologies, the hardware segment is expected to grow at a significantly faster rate than the overall market during the forecast period. Furthermore, advancements in haptic devices to deliver more enhanced metaverse-focused sensory experiences, as well as increased investment and efforts by companies to develop advanced haptic devices, are some of the key factors expected to contribute to the segment's revenue growth in the future.
Based on Application
Over the forecast period, the learning segment is expected to account for the largest revenue share in the global market, owing to the development of metaverse platforms that provide context and experiences to boost collaboration and provide immersive experiences to learners of all ages. Learning in the metaverse can facilitate connection between learners from all over the world and enable them to interact in meaningful ways due to its unlimited accessibility to every individual. From social learning to surgical training, interactive and impactful learning can improve communication, learning and skill development, and confidence. VR and AR learning experiences can improve learning efficiency and provide realistic content for adults and children to provide immersive learning experiences.
North America Held the Greatest Share in the Global Metaverse in Education Market
North America acquired the largest market share during the year 2021 with a share of 43.10%. North America is expected to account for the largest revenue share during the forecast period, owing to a growing focus on advancing metaverse platforms, increased use of metaverse platforms to offer virtual college tours, and increased investment by key companies in developing educational games for schools and colleges. Through their AR and XR programmes, many colleges and universities, such as the University of Miami, are harnessing metaverse to provide immersive learning experiences in a variety of sectors, including architecture, healthcare, and behavioural research, among others. Furthermore, the fast acceptance of cryptocurrency such as Bitcoin for college tuition payments is another factor that could help to the market's revenue growth in the region throughout the forecast period.
Key players operating in the global Metaverse in Education Market include- Invact Metaversity, Tomorrow’s Education, Sophia Technologies Ltd. Metaverse Group, Shenzhen Meten International Education Co. Ltd. Shenzhen Shengxue Culture Communication Co., Ltd., WU Executive Academy, 21K School, Luca & Friends, Skillful Craftsman Education Technology Ltd., Jiangsu Hibao Tech Software Co., Ltd., Roblox, Microsoft, The University of Miami, The University of Nevada
Segmentation of Metaverse in Education Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Questions
the global demand for Metaverse in Education
in terms of revenue?
The global Metaverse in Education valued at USD 4.39 Billion in 2020 and is expected to reach USD 32.39 Billion in 2028 growing at a CAGR of 39.50%
are the prominent players
in the market?
The prominent players in the market are Invact Metaversity, Tomorrow’s Education, Sophia Technologies Ltd. Metaverse Group, Shenzhen Meten International Education Co. Ltd. Shenzhen Shengxue Culture Communication Co., Ltd., WU Executive Academy, 21K School, Luca & Friends, Skillful Craftsman Education Technology Ltd., Jiangsu Hibao Tech Software Co., Ltd., Roblox, Microsoft, The University of Miami, The University of Nevada.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 39.50% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Metaverse in Education include
- Increased demand for e-learning
region accounted for the
largest share in the market?
North America was the leading regional segment of the Metaverse in Education in 2020.