Metaverse In Education Global Market Report 2024 - By Size, Report, Demand, Industry Trends, Outlook By 2033

The metaverse in education market size 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 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, increased demand for e-learning.

The metaverse in education market size 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 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, 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, creating virtual classrooms.

Market Overview -
The metaverse in education refers to virtual and augmented reality technologies that allow students to participate in virtual classrooms from a distance while experiencing aspects of the actual classroom. Metaverse enables students to tap and explore virtual settings, interact with virtual products and work with classmates and teachers in real-time.

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Rising Demand For Virtual Learning Ignites Growth Of Metaverse In Education
Increasing demand for virtual learning is expected to propel the growth of the metaverse in the education market going forward. Virtual learning is an educational environment where learners participate in a digitally based curriculum and are instructed by professors who deliver lectures online via video or audio. The metaverse in education helps improve the quality of education in virtual learning environments by leveraging virtual and augmented reality technologies. For instance, in May 2023, according to the National Center for Education Statistics (NCES), a US-based federal entity for collecting and analyzing education data, approximately 9.4 million American students, or 61% of all undergraduate students, were enrolled in at least one course through distance learning in 2021, up from 36% in 2019. Additionally, 28% of American undergraduate students, or about 4.4 million students, enrolled in distance education courses in 2021, up from 15% in 2019. Therefore, the increasing demand for virtual learning is driving the growth of the metaverse in the education market.

Competitive Landscape -
Major players in the metaverse in education market are Microsoft Corporation, Meta Platforms Inc., Baidu Inc., Epic Games Inc., Roblox, 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, Immerse, Invact Metaversity, Marvrus, NextMeet, Tomorrow's Education, VictoryXR Inc., VR Chat, Avantis Education, Sophia Technologies Ltd.

Leading Companies In Education Metaverse Embrace Mixed Reality For Advanced Solutions
Major companies operating in the metaverse in the education market are focused on developing advanced solutions, such as mixed reality to sustain their position in the market. Mixed reality is an immersive technology that combines physical and digital elements to interact with each other. For instance, in November 2021, Microsoft Corporation, a US-based technology company, launched Microsoft Mesh. The new feature combines Microsoft Teams' productivity tools with the mixed-reality capabilities of Microsoft Mesh, which enables people in various physical locations to participate in collaborative and shared holographic experiences. Mesh expands on current Teams capabilities like together mode and presenter mode, which enhance collaboration and immersion in distant and hybrid meetings. The users of Mesh for Teams can enter virtual environments with their unique, customized avatars to experience the virtual meetings that lead to innovation.

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Key Segments -
The metaverse in education market covered in this report is segmented -
1) By Component: Hardware; Software; Professional Services
2) By Deployment: Cloud; On-Premise
3) By Application: Learning; Skill Development; Educational Apps; Self-Regulation Skills; Cultural Understanding; Other Applications
4) By End-User: K-12; Higher Education; Corporate Training

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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