The report is updated with the latest economic scenario and market scope with regard to the ongoing COVID-19 pandemic. The report covers growth prospects as well as current and futuristic revenue estimations in a post COVID scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.
According to Emergen Research, the global Metaverse in Education Market Size was USD XX Billion in 2021 and is expected to reach USD XX Billion in 2030 and register a rapid revenue CAGR over the forecast period, 2022-2030.
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.
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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.
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Augmented Reality Segment to Register Robust 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.
Learning Segment to Dominate Other Application Segments:
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 to Account for Largest 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.
Major Companies in the Market Include:
- 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.
- The University of Miami
- The University of Nevada
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For the purpose of this report, Emergen Research has segmented the global metaverse in education market on the basis of component, technology, end use, and region:
Component Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
- Skill Development
- Educational Apps
- Self-Regulation Skills
- Cultural Understanding
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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