The "Metaverse in Education Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global metaverse in education market has grown exponentially in recent years. It will grow from $8.11 billion in 2023 to $11.34 billion in 2024 at a compound annual growth rate (CAGR) of 39.8%. The global metaverse in education market is expected to see exponential growth in the next few years. It will grow to $43.35 billion in 2028 at a compound annual growth rate (CAGR) of 39.8%.
The growth in the historic period can be attributed to growing demand for immersive learning experiences, growing support from governments and educational institutions, increase in industry training and deployment in the education sector, and increased demand for e-learning.
The growth in the forecast period can be attributed to growing number of start-ups focusing on developing metaverse platforms, rising interest in self-regulation skills, globalization of education, and rapid use of virtual technologies in the education sector. Major trends in the forecast period include increased access to technology, expanding acceptance of the metaverse and its tools, rising spending on metaverse-related learning, AI-powered personalization, virtual libraries and archives, and creating virtual classrooms.
The metaverse in education market is poised for growth, driven by the growing demand for virtual learning. Virtual learning entails learners participating in a digitally-based curriculum, with instruction delivered by professors via online video or audio. In the context of education, the metaverse enhances the quality of virtual learning environments through the utilization of virtual and augmented reality technologies.
The rising demand for corporate training is poised to drive the growth of the metaverse in education market in the future. Corporate training involves the process of instructing employees through various learning programs and activities, aimed at enhancing their knowledge and skills. Metaverse in education plays a crucial role in corporate training by enabling the creation of immersive learning environments, integrating storytelling and role-playing, offering AI-driven assistance, and establishing digital spaces that traditional training methods cannot replicate. Growing demand for corporate training is a driving force behind the expansion of the metaverse in the education market.
Concerns regarding privacy and safety within the metaverse have the potential to significantly impede the growth of the metaverse in education market. The absence of regulatory frameworks to enforce privacy standards in the metaverse is a prominent worry. Given that the metaverse is a relatively new concept, it lacks specific regulations to safeguard the privacy and security of users. This dearth of privacy and safety measures may result in users being hesitant to participate in virtual environments, ultimately limiting the adoption of metaverse technology in education.
Prominent players in the metaverse education market are actively concentrating on the development of advanced solutions, particularly in the realm of mixed reality, to maintain their market standing. Mixed reality, an immersive technology, seamlessly integrates physical and digital elements to facilitate interaction between the two.
North America was the largest region in the metaverse in education market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in metaverse in education report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the metaverse in education market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $11.34 Billion |
| Forecasted Market Value (USD) by 2028 | $43.35 Billion |
| Compound Annual Growth Rate | 39.8% |
| Regions Covered | Global |
Metaverse in Education Market Competitive Landscape and Company Profiles
- Metaverse in Education Market Competitive Landscape
- Metaverse in Education Market Company Profiles: Overview, Products and Services, Strategy
- Microsoft
- Meta Platforms Inc.
- Baidu Inc.
- Epic Games Inc.
- Roblox
Metaverse in Education Market Other Major and Innovative Companies
- Arizona State University
- Rec Room
- Linden Lab
- Labster
- The University of Miami
- Hatch Early Learning
- NEOMA Business School
- Skillful Craftsman Education Technology
- Talespin
- High Fidelity Inc.
- TinyTap
- MedRoom
- Shenzhen Meten International Education Co. Ltd.
- 21K School
- Axon Park
For more information about this report visit https://www.researchandmarkets.com/r/gjhb2l.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240819070179/en/
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