According to a research report "Metaverse in Education Market by Component (Hardware (AR devices, VR devices, MR devices, and interactive displays and projectors), Software, Professional Services), End User (Academic and Corporate) and Region - Global Forecast to 2028" published by MarketsandMarkets, 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. Education has significantly changed human society and shaped the entire world. Modern online learning platforms and virtual reality simulations have replaced more conventional teaching techniques, including spoken explanations and whiteboard drawings over time. The COVID-19 epidemic accelerated the adoption of virtual learning, which has increased interest in using metaverse technology to deliver education.
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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.
North America is projected to hold the largest market share during the forecast period.
The Metaverse in the education market has been segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global Metaverse in the education market in 2023, and this trend is expected to continue during the forecast period. The Metaverse in the education market in North America has been studied for countries including the US and Canada. The adoption of the Metaverse in education is expected to be the highest in North America compared to other regions. According to secondary data, a university opens a Metaverse learning hub in Canada, one of the significant developments. The hub intends to offer a platform for investigating and creating metaverse-based educational applications. To facilitate discussion and explore the potential of the Metaverse in education, the hub also organizes conferences and seminars that bring together academics, researchers, and business leaders.
Additionally, some edtech companies are looking at the educational applications of the Metaverse. For instance, the platform Engage provides online classrooms and collaborative capabilities for distance learning. The metaverse platform enables educators and students to collaborate in a 3D virtual setting while developing original activities and material. The field of metaverse education is still growing. Thus, there are a lot of issues that need to be resolved, as well as numerous potentials. These include problems with digital equity, privacy, and accessibility. However, the Metaverse's potential for use in education is stimulating, and it will be interesting to watch how it develops and alters education in North America.
Some of the significant Metaverse in education vendors are 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).
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