Metaverse technologies are predicted to enhance the existing education sector over the next eight years until 2031. With an estimated annual growth rate of 38.42 percent, the combined metaverse and education sectors are expected to generate more than $102 billion. The Metaverse ecosystem is supported by a blockchain network that allows people to work together, play games, and interact, according to a report published by research firm InsightAce Analytic on Tuesday, October 3rd. Provides a fully functional virtual environment for Enjoy your digital avatar from the privacy and comfort of your home.
According to InsightAce’s “Global Metaverse in Education Market Size, Share, and Trend Analysis Report,” schools and universities branding themselves on the Metaverse could become a trend in the coming years. This eliminates potential obstacles such as travel, medical conditions, and financial pressure on parents to purchase uniforms and other amenities currently required by today’s educational institutions, giving more people access to education. may open the door to.
“Increasing adoption of e-learning and growing interest in immersive learning environments are the key factors driving the expansion of the metaverse in the education market.” report Insight Ace revealed this on Tuesday.
The boom in internet adoption, 5G, cryptocurrencies, cloud services, and technologies such as AI, VR, and AR are also increasing the likelihood that the metaverse will converge with education sector operations in the coming years.
Based on its findings, the report states that the North American and Asia Pacific education markets will see the fastest growth in the combination of education and metaverse.
“Many market participants believe that there are promising opportunities in developing countries such as China and India, which have large populations and recent advances in many industries,” the report said.
Several metaverse ecosystems, such as The Sandbox and Roblox, offer interesting metaverse experiences.
For example, Mark Zuckerberg’s Meta is working to make the Metaverse sector more accessible and immersive for people. Meta, whose expensive AR/VR headset Quest is available for Metaverse experiences, is working on tweaking digital avatars to make them look less cartoonish and more photorealistic. .
However, the InsightAce report notes that industry players need to increase the pace of manufacturing affordable hardware to get in and out of the virtual world.
Some edtech companies have already started integrating Metaverse into their systems. These platforms include Invact Metaversity, Tomorrow’s Education, 21K Schools, Roblox, University of Miami, University of Nevada, and more.
Last July, the University of Tokyo also decided to offer a number of study programs in the Metaverse.
In a conversation with Gadgets 360, Manish Maheshwari, former India head of X, called Metaverse technology “a solution to combat the education crisis in India and around the world.” Maheshwari is currently part of the Invact Metaversity team.