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The Rise of Metaverse in Education Market: A $19.3 billion Industry Dominated by Tech Giants - Meta Platforms, Inc. (US) and Microsoft Corporation (US)| MarketsandMarkets™c
Chicago, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The global Metaverse in Education Market size is expected to grow from USD 3.9 billion in 2023 to USD 19.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 37.7% during the forecast period, according to a new report by MarketsandMarkets™. In the metaverse, teachers can design interactive simulations and games that let students experiment and explore in safe environments. As students can interact with virtual content at their own pace and dig deeper into subjects that interest them, the metaverse offers a more individualized learning experience. Such factors are boosting the adoption of the metaverse in the education market. Moreover, the metaverse can be used for professional development and training purposes is also driving its adoption across corporate users.
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Metaverse in Education Market Dynamics:
Drivers:
Increase in industrial training and deployment in education sector
Rapid adoption of virtual technologies
Decrease in price of VR headsets
Restraints:
Requirement of reliable and scalable technology infrastructure
Health and mental issues from excessive use
High installation and maintenance costs of high-end metaverse components
Opportunities:
Immersive experience offered to students
Major infusion of educational technology prompted by COVID-19 pandemic
Constantly evolving 5G technology
List of Key Players in Metaverse in Education Market:
Meta Platforms, Inc. (US)
Microsoft Corporation (US)
Adobe Inc. (US)
HP Inc. (Australia)
Unity Software Inc. (US)
Samsung Electronics (South Korea)
Lenovo (China)
Roblox Corporation (US)
Epic Games (US)
Baidu, Inc. (China)
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Metaverse helps elevate online learning by allowing students to study whenever and wherever they want. Therefore, they are free from compromising their mental health to upgrade their skills while managing a busy schedule and financial concerns. Additionally, the ...