Immersive Learning: The Power of AR and VR in Education Market
The global Augmented Reality (AR) and Virtual Reality (VR) in Education Market in education grew significantly, reaching a value of USD 3.8 billion in 2023. Over the course of the forecast period, it is expected to reach USD 14.2 billion, with a noteworthy Compound Annual Growth Rate (CAGR) of 29.6%. This increase in market value highlights how AR and VR technologies are being used in classrooms all over the world. Demand for immersive and interactive educational solutions is rising as stakeholders and educational institutions realise how transformative AR and VR can be in improving learning experiences. By providing creative ways to involve students, support experiential learning, and replicate real-world situations, these technologies are revolutionising conventional teaching approaches.
The increasing popularity of Augmented Reality (AR) and Virtual Reality (VR) technologies in the educational sector can be ascribed to their capacity to augment comprehension via visual aids and to promote continuous innovation and growth in pedagogy. With the use of these immersive technologies, students can interact and participate in dynamic ways with the instructional material, which facilitates deeper understanding and memory of difficult concepts. The growth of educational experiences is further aided by the ongoing developments in AR and VR technologies, which give teachers the ability to use cutting-edge teaching strategies and modify their instruction to meet the varied needs of their pupils. Consequently, there is an increasing need for AR and VR tools in the classroom due to the goal of improving student learning outcomes and creating a more stimulating and productive learning environment.
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Sony Group Corporation (Japan), HTC Corporation (Taiwan), Meta (US), Google (US), Microsoft (US), Panasonic Holdings Corporation (Japan), Vuzix (US), Cornerstone OnDemand, Inc. (US), Lenovo (Hong Kong), Anthology Inc. (US), Dell Inc. (US), IBM (US), Cornerstone (US), Oracle (US), Edvance360 (US), Electa Communications Ltd (Canada), BrainCert (US), SkyPrep Inc (Canada), Impero Solutions Ltd. (UK), WizIQ (US), BigBlueButton Inc. (Canada), Digital Samba (Spain), TutorRoom (Taiwan), Wikitude (Austria), PTC (US) are some of the key players in the AR and VR in education market. These players have adopted growth strategies to retain their presence in the AR and VR in Education Market. Product launches and developments have been the most dominating strategy adopted by the key players from 2020 to 2023 to help them broaden their customer base.
SONY GROUP CORPORATION
The well-known international technology and media giant Sony Group Corporation is extensively involved in the creation, design, production, and marketing of a wide range of electronic instruments, devices, and equipment for the consumer and industrial markets. The company primarily operates through production facilities situated in Asia and offers a wide range of products and services that cover multiple industries. In addition to its primary technology endeavours, Sony Group Corporation is actively involved in a variety of ancillary companies. These include network services, advertising agency efforts in Japan, and financial services that include both life and non-life insurance operations.
The business activities of the organisation are divided into multiple categories that are subject to reporting requirements and contribute to its diverse portfolio. Gaming and Network Services, Music, Film, Entertainment, Technology & Services, Imaging & Sensing Solutions, and Financial Services are some of these categories. Notably, by offering services across areas like Game & Network Services, Entertainment, Technology & Services, and Imaging & Sensing Solutions, Sony Group Corporation plays a vital role in the AR and VR scene. By means of these many endeavours, Sony Group Corporation sustains its standing as a prominent participant in the worldwide technology and media arena, providing inventive solutions spanning several sectors.
HTC CORPORATION
Virtual reality (VR) gadgets, smartphones, and other electronic items are the areas of expertise for HTC Corporation, a well-known consumer electronics manufacturer. Smartphones are the company's main product, with an emphasis on personal computers in a variety of form factors. Upstream vendors supply parts, operating systems, and other necessary components. HTC's network of distributors, merchants, and telecom service providers ensures that its goods are widely available.
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Notably, HTC entered the VR market with great significance when it released the HTC Vive headset, which was created in partnership with Valve Corporation (US). At the 2016 Consumer Electronics Show (CES), the HTC Vive won more than 22 accolades, including the coveted Best of CES title. It was highly praised. Building on this achievement, HTC keeps innovating in the VR market by releasing new devices that meet changing customer demands.
Through its subsidiaries, Communications Global Certification (Taiwan), HTC America (US), High Tech Computer Asia Pacific (Singapore), and HTC America Innovation, HTC Corporation, with operations in the Americas, Europe, and Asia, maintains a global presence. HTC continues to be at the forefront of technical innovation, providing cutting-edge solutions to customers all over the world with its extensive range of products and broad market reach.
Renowned for its expertise in advertising, search, hardware, operating systems and platforms, and enterprise software, Google is a leading worldwide player in technology. The company offers a wide array of services and products that address different aspects of online activity and technology solutions. Google Inc., a major participant in the media and high-tech industries, operates under the parent company Alphabet, Inc. and provides creative solutions utilising augmented reality (AR) and virtual reality (VR) technologies.
Google Services, Google Cloud, and Other Bets are the three main operating segments that Alphabet, Inc. uses to disclose its revenue. Of these, Google generates the most revenue. Non-Google companies fall under the umbrella of the company and are referred to as Other Bets. Google's dedicated platform ArCore, which makes it easier to develop AR solutions, is a clear indication of the company's dedication to advancing AR-based technology. In addition to integrating AR technology into already-existing products like Google Search, Google Maps, and the Pixel Camera, the company is now venturing into the AR market with hardware offers like Google Glass.
In addition, Google invented Tango, an augmented reality computing platform that uses computer vision to let mobile devices determine their location in relation to their surroundings without the need for outside signals. With a diverse range of products including head-mounted displays, software development kits (SDKs), software solutions, and apps, the company is still at the forefront of innovation in the AR/VR field, demonstrating its unwavering dedication to advancing technological developments and influencing the direction of immersive experiences in the future.
META
Formerly known as Facebook, Meta has developed into a social metaverse startup committed to creating technology that encourages communication, community development, and commercial expansion. Two separate business areas make up the company: Reality Labs (RL) and the Family of Apps (FoA). Popular platforms that enable various forms of social contact, like Facebook, Instagram, Messenger, WhatsApp, and other comparable services, are included in the FoA section. By comparison, the RL segment covers consumer gear, software, and content related to augmented and virtual reality (AR/VR) technology.
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Meta has demonstrated its dedication to AR and VR innovation by releasing a number of ground-breaking products. The Oculus Quest 2, a stand-alone virtual reality headset known for its immersive experiences, and Portal, a smart display that uses augmented reality (AR) to improve video chats and communication, are two of them that stand out. In addition, Meta's AR creation platform, Spark Studio, highlights the company's commitment to democratising the development of AR content by enabling consumers to create immersive AR experiences at scale.
These developments highlight Meta's strategic goal of influencing AR technology's future and promoting user interaction. In order to maintain its position as a pioneer in the rapidly changing field of augmented reality, Meta plans to redefine social interaction boundaries and deliver users immersive and transformative AR experiences by utilising its experience and investing in AR development.
MICROSOFT
The multinational technology corporation Microsoft is well-known for its wide array of consumer devices, online services, and software products. The Windows operating system, the Office productivity suite, and the Xbox gaming consoles are among the company's well-known software products. These products have achieved considerable recognition and usage on a global scale. Apart from software, Microsoft holds a significant position in the cloud computing industry, providing an extensive range of services via Azure, one of the top cloud platforms globally.
Microsoft operates in three main business divisions: More Personal Computing, Intelligent Cloud, and Productivity and Business Processes. The company offers a wide range of products and services to meet the needs of different market sectors. The More Personal Computing division includes services connected to Windows, Surface, Xbox, and gaming, demonstrating the company's dedication to providing cutting-edge solutions in a variety of markets.
Microsoft meets a wide range of consumer and business needs with its extensive product portfolio, which includes operating systems, productivity apps, server apps, and hardware including PCs, tablets, and game consoles. To further bolster its position as a leader in the technology sector, the firm also provides cloud-based solutions, consulting services, and well-known brands including Office, Windows, Skype, and Xbox.
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