Rising popularity of e-learning, increasing preference for immersive learning experiences, and increasing investment to develop metaverse-related learning platforms are some key factors expected to drive market revenue growth
Metaverse in Education Market Dynamics:
Metaverse leverages augmented reality solutions and decentralized technology to facilitate connection and interaction among users and achieve a digital approach to social learning and skill development. Metaverse has the potential to change how institutional education can be monetized and with growth of online platforms, lecturers can teach in real-time to live audience while simultaneously teaching online class.
Metaverse can connect students and teachers from across the globe to encourage enhanced interaction and sharing of knowledge to improve learning experiences. Rising popularity of metaverse in the education sector, increasing investment to develop robust and collaborative learning platforms, acceptance of VR and AR tech by teachers across the globe, and growth of virtual digital education are some key factors expected to drive market revenue growth over the forecast period.
Metaverse is the next iteration of the internet and refers to a shared virtual space where users can interact with each other through their digital avatars. This virtual world is an amalgamation of advanced technologies such as virtual reality, augmented reality, extended reality, AI, and effectively combines attributes of social media, games, and cryptocurrencies. Metaverse can be employed in the education sector to offer immersive learning experiences to students to create dynamic and impactful learning environment.
Metaverse tools and technologies can enhance engagement and involvement in online classes and significantly improve effectiveness of learning, increase retention of information in online learning, and take less time. Rapid advancements in e-learning platforms and increasing investment in metaverse by key companies such as Microsoft and Meta is expected to open up lucrative opportunities for development of robust digital educational platforms and further contribute to revenue growth of the market going ahead.
Metaverse can enable universities to create and record lectures to be presented by a variety of animated and avatar professors across the globe to enable students to study from any university worldwide without needing to shift to the location and this can further open up a world of opportunities for people globally. This can further contribute to adoption of metaverse in education sector and fuel revenue growth of the market to a significant extent going ahead.
Major Companies in the Metaverse in Education Market:
- 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
Segment for Augmented Reality to Post Strong Revenue CAGR:
Augmented reality segment is expected to register robust revenue CAGR over the forecast period attributable to increasing adoption of AR devices due to its ability to offer enhanced and real-world learning experiences. Augmented reality can enable a more tactile and collaborative learning experience and can facilitate improved communication between teachers and students. Augmented reality can enable active and constructive knowledge experiences and can blend two environments to make learning more informed and effective and these are some other factors expected to contribute revenue growth of the segment over the forecast period.
To dominate other application segments is the learning segment:
Learning segment is expected to account for a significantly large revenue share over the forecast period attributable to increasing adoption of metaverse platforms to offer immersive learning experiences to students of all ages, facilitate communication between learners across the globe, and advancements in e-learning platforms. Learning in the metaverse can improve its interactivity and impact and improve communication and skill development.
North America will have the highest revenue share.:
North America is expected to account for largest revenue share over the forecast period attributable to rapid adoption of metaverse platforms by universities and education institutions in the region to offer immersive experiences to students and rising investment to develop educational games for schools and colleges. Increasing integration of AR and XR programs to in curriculum to offer more impact learning experience across various disciplines such as behavioral research, healthcare, and architecture and acceptance of cryptocurrencies for tuition fees payment are some other factors expected to drive market growth in the region.
Source Link: https://www.emergenresearch.com/industry-report/metaverse-in-education-market
