29.6% CAGR: How AR and VR in Education Market are Shaping the Future of Education
Augmented and Virtual Reality in Education Market Size
With a projected valuation of USD 3.8 billion in 2023, the global AR and VR in Education Market Size is expected to grow at a robust CAGR of 29.6% to reach USD 14.2 billion by 2028.
The reason for this noteworthy expansion is the growing incorporation of immersive technologies into curricula across the globe. Through the provision of dynamic and captivating educational experiences, augmented reality (AR) and virtual reality (VR) are revolutionising traditional learning environments. With the aid of these technologies, students can better comprehend and remember material by visualising difficult ideas, taking part in virtual field trips, and interacting with interactive simulations. Furthermore, because AR and VR provide dynamic alternatives to traditional classroom settings, the adoption of these technologies has accelerated due to the rise in distant learning brought about by global conditions.
Augmented and Virtual Reality in Education Market Growth
A major factor in the rising demand for AR and VR technology in educational settings is the continued innovation and growth in this field, which is advancing education. One of the main forces behind this expansion is the rise of personalised learning experiences that are catered to the needs of specific students. By creating immersive, interactive classes that accommodate various learning styles, instructors can improve student engagement and comprehension through the use of AR and VR technologies. Additionally, by giving students real-world experience in a virtual setting, these technologies help students prepare for careers and real-world applications. For example, engineering students can experiment with complex apparatus without the costs and risks involved, and medical students can practise difficult surgical operations.
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Augmented and Virtual Reality in Education Market Segmentation
In 2022, the software offering category held a bigger market share, a trend fueled by various important elements that improve the educational process. First of all, by producing dynamic and captivating information that transcends conventional teaching techniques, AR and VR software improves learning experiences. Since students are more likely to stay focused and motivated when they can actively participate in their education, this interactivity greatly raises student engagement. Second, knowledge retention is enhanced by the immersive qualities of AR and VR technologies. Students are more likely to retain information when they are able to visualise and engage with it. Finally, one big benefit is being able to study difficult ideas in a secure virtual setting.
In 2022, managed services held the most market share; this supremacy was ascribed to a number of important causes. First off, a great deal of experience in configuring and overseeing AR and VR hardware, software, and network infrastructure is brought by managed service providers (MSPs). Their expertise guarantees that educational establishments may successfully incorporate these cutting-edge technology into their surroundings. Second, MSPs can provide helpful advice on best practices to achieve optimal performance and improve user experience because they have experience integrating AR and VR technology into educational settings in a smooth manner. Additionally, MSPs greatly streamline the process for educational institutions by managing the complications related to AR and VR technology. This relieves educational institutions of the strain of managing technological issues so they may concentrate on providing high-quality instruction.
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In 2022, the on-premise category held the biggest market share due to a number of important aspects that make it a desirable choice for academic institutions. Institutions like to keep critical information inside their own infrastructure to reduce the risk of breaches, therefore data security is crucial. Another important consideration is network reliability, since on-premise systems can provide consistent performance without relying on erratic external internet connections. Compliance considerations are also important; on-premise systems can more easily fit the tight restrictions that many educational institutions must abide by respecting data storage and privacy.
In 2022, the VR devices sector held the biggest market share, a gain that was ascribed to multiple significant factors. A wider spectrum of educational institutions can now use VR devices due to their rising availability and cost. These devices are now more better and more functional thanks to technological improvements, which makes them more attractive for use in teaching. Virtual reality (VR) devices provide students with engaging and interactive learning experiences that improve retention of knowledge.
The revolutionary potential of AR/VR technology propelled the classroom learning sector to hold the greatest market share in 2022. With the rapid evolution and increased accessibility of these technologies, traditional classrooms can now be transformed into vibrant, dynamic learning environments. Learning becomes more palpable and engaging when AR and VR are combined to create immersive, interactive worlds where students can visualise difficult concepts and take part in simulations.
The sector with the biggest market share in 2022 was Academic Institutions, which was indicative of the revolutionary effects of AR and VR technology on education. By enhancing immersion and interactivity, augmented reality and virtual reality are transforming education. By allowing students to participate in interactive activities and visualise difficult concepts, which traditional techniques cannot provide, these technologies aid in improving students' comprehension and retention of material. Personalised learning is made easier by AR and VR, which offer experiences that are customised to meet the needs of each user. Students can learn at their own pace and in a way that best fits their individual learning styles thanks to this customisation. To improve comprehension and recall, augmented reality (AR) can be utilised to develop interactive math practice sessions where students can handle virtual objects to solve problems.
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Augmented and Virtual Reality in Education Market Regional Analysis
In 2022, North America accounted for the highest share of the AR and VR in education market, a trend that is anticipated to be true throughout the duration of the projection. This region is growing due to a number of factors, one of which is the large number of technological startups and enterprises who are leading the way in creating and deploying AR and VR solutions. These businesses gain from significant investments in educational technology, which drives the market forward even further. Another important factor is North America's sophisticated digital infrastructure. The seamless integration of AR and VR technologies into educational settings is made possible by ubiquitous access to digital devices and high-speed internet.
Augmented and Virtual Reality in Education Market - Key Market Players
Sony Group Corporation (Japan), HTC Corporation (Taiwan), Meta (US), Google (US), Microsoft (US), Panasonic Holdings Corporation (Japan), Vuzix (US), Cornerstone OnDemand, Inc. (US), Anthology Inc. (US), Lenovo (Hong Kong).
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