LONDON, Dec. 19, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Metaverse In Education Global Market Report 2024, the metaverse in education market has witnessed an extraordinary surge, catapulting from $8.11 billion in 2023 to an estimated $11.34 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 39.8%. This unprecedented metaverse in education market growth is attributed to the escalating demand for immersive learning experiences, extensive support from governments and educational institutions, a surge in industry training and deployment within the education sector, and an increasing appetite for e-learning.
Anticipated Growth Trajectory
Forecasts indicate that the metaverse in education market is on track for exponential growth, poised to reach $43.35 billion by 2028 with a sustained CAGR of 39.8%. The expected expansion is fueled by the proliferation of startups dedicated to developing metaverse platforms, a growing emphasis on self-regulation skills, the globalization of education, and the swift integration of virtual technologies in the education sector. Key trends in the forecast period include heightened technology accessibility, growing acceptance of metaverse tools, increased investment in metaverse-related learning, AI-powered personalization, the advent of virtual libraries and archives, and the creation of virtual classrooms.
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Driving Force: Increasing Demand for Virtual Learning
The metaverse in education is at the forefront of meeting the soaring demand for virtual learning, an educational environment where learners engage in a digitally based curriculum guided by professors who deliver lectures online through video or audio mediums. This transformative approach enhances the quality of education in virtual learning environments by leveraging the capabilities of virtual and augmented reality technologies. Notably, in 2021, approximately 61% of all undergraduate students in the United States, totaling 9.4 million students, were enrolled in at least one distance learning course, marking a substantial increase from 36% in 2019. With 28% of American undergraduate students, or about 4.4 million, participating in distance education courses in 2021, the surge in virtual learning is undeniably steering the growth of the metaverse in education market.
Key Players and Technological Advancements
Major players driving the metaverse in education market include Microsoft Corporation, Meta Platforms Inc., Baidu Inc., Epic Games Inc., and Roblox, among others. These industry leaders are committed to advancing solutions, such as mixed reality, to maintain their competitive edge. Microsoft’s Microsoft Mesh, launched in November 2021, seamlessly combines the productivity tools of Microsoft Teams with the mixed-reality capabilities of Microsoft Mesh. This innovative feature enables individuals across different physical locations to engage in collaborative and shared holographic experiences, offering a glimpse into the future of immersive collaboration.
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Stakeholders in the metaverse in education industry can harness the insights provided in this comprehensive market report to strategize effectively. The report offers a nuanced understanding of market segments, regional dynamics, emerging trends, and growth opportunities. Businesses can leverage this knowledge to make informed decisions, identify avenues for expansion, and stay ahead of market trends. By navigating the evolving landscape with the guidance of this metaverse in education market report, industry players can position themselves for success and contribute to the dynamic growth of the metaverse in education market.
Metaverse In Education Global Market Report 2024 by The Business Research Company provides insights on the metaverse in education market size, metaverse in education market segments, metaverse in education market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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