press release
Published May 25, 2023
InsightAce Analytic Pvt. Ltd. announces the release of its market assessment report. “Global Metaverse in the Education Market Size, Share and Trend Analysis Report by Component (Hardware and Software) and Application (Learning, Skill Development, Educational Apps, Self-Regulating Skills, Cultural Understanding) – Market Outlook and Industry Analysis for 2031”
The global Metaverse in Education market is estimated to reach over US$102.57 billion by 2031, exhibiting a CAGR of 38.42% during the forecast period.
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Metaverse technology has the power to change the way people connect, communicate, understand different cultures, and learn in general. Educational institutions are using the Metaverse to build virtual universities and classrooms, allowing students to visit and interact with instructors and classmates in different learning environments based on their own choices.
In addition, the rapid use of virtual technology in the education sector, growing acceptance of the Metaverse and its tools, and increasing investment in Metaverse edtech companies will be additional drivers expected to drive market revenue growth throughout the forecast period. . Significant metaverse-based companies are also developing cutting-edge platforms to facilitate more participatory teaching and learning.
In addition, factors that may hinder the growth of the Metaverse in the education market during the forecast period include concerns over steadily increasing ostracism as a result of the adoption of augmented reality, and the high cost of developed Metaverse technologies. , lack of development tools, etc. Not only privacy and safety concerns, but also in developing countries.
List of Metaverse Prominent Players in the Education Market:
- Invict Metaversity
- education of tomorrow
- Sophia Technologies, Inc. Metaverse Group
- Shenzhen Meitian International Education Co., Ltd.
- Shenzhen Shengxue Cultural Communication Co., Ltd.
- WU Executive Academy
- 21K School
- luca & friends
- Skilled Craftsman Education Technology Co., Ltd.
- Jiangsu Haibao Technology Software Co., Ltd.
- roblox
- microsoft
- University of Miami
- University of Nevada
Market dynamics:
driver-
The COVID-19 pandemic has accelerated the move to e-learning and the use of technology in teaching and learning. This change is a fundamental factor in creating engaging and engaging learning experiences and is expected to drive revenue growth of the market. Adoption of VR and AR technologies by instructors worldwide, rise of interactive virtual education, growing interest in the metaverse in the education sector are some of the key drivers expected to propel market revenue development over the forecast period. is.
Theme:
Some of the key factors expected to constrain revenue growth of the global metaverse market during the forecast period include data security and privacy concerns in these settings, user identity issues, and the use of remittances there. This includes difficulties in persuading subscribers. However, the high cost of metaverse in education and the availability of technical facilities are expected to hinder the growth of the overall market in the coming years.
Regional trends:
The North American metaverse in the education market is projected to record a large market share. As more attention is focused on establishing the Metaverse platform, more and more Metaverse platforms are being used to offer virtual college tours. More importantly, companies are investing in creating educational games for schools and colleges.
Many schools and colleges, including the University of Miami, are leveraging the Metaverse through their AR and XR programs to deliver immersive learning experiences in fields as diverse as architecture, medicine, and behavioral research.
Another aspect that is likely to contribute to the increase in market revenue in the region during the forecast period is the rapid adoption of cryptocurrencies like Bitcoin to pay for college tuition fees. Moreover, Asia-Pacific accounted for a sizeable share of the market. The industry is expected to continue to grow owing to the growing number of players in the global metaverse of the education market. In addition, it is expected that the leading vendors will increase their investment in product features and company expansion during the study period.
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Recent developments:
- In March 2022, health and fitness company GOFA International will launch a new screen that uses AI (artificial intelligence)-powered motion capture technology to move children through fun, immersive and educational games to help families and schools. Released a new app, Luca & Friends. , after-school programs address this issue in today’s technology-driven world.
Metaverse segmentation in the education market –
By component
By use
- learn
- ability development
- educational apps
- self-regulation skills
- cultural understanding
- others
Region-
North America-
Europe-
- Germany
- England
- France
- Italy
- Spain
- rest of europe
Asia Pacific-
- China
- Japan
- India
- Korea
- Southeast Asia
- Rest of Asia Pacific
latin america-
- Brazil
- Argentina
- Rest of Latin America
Middle East and Africa –
- GCC countries
- South Africa
- Rest of the Middle East and Africa
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about us:
InsighAce Analytic specializes in market research and consulting services that help build business strategies. Our mission is to deliver high quality insights using data analysis techniques and visualization tools that drive disruption and innovation in the market research industry. Our expertise lies in delivering syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
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