Metaverse in Education Market

Market Synopsis:

The global Metaverse in Education market valued at USD 5.57 Billion in 2022 and is projected to reach a value of USD 79.01 Billion by 2030 at a CAGR of 39.30% 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.

Market Segmentation:

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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.

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.