The metaverse in the education market 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%

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    during the forecast period. The term “metaverse” is sometimes used to describe a networked system of 3D virtual spaces. A collective virtual shared space that incorporates various digital environments, including immersive technologies such as VR and AR.

    NEW YORK, June 2, 2023 (Globe Newswire) — Announces Release of Report “Metaverse in Education Markets by Component, End User and Region – Global Forecast to 2028” —
    Where current education systems are criticized for being disconnected from the real world, the Metaverse can help build virtual worlds where teachers can communicate with students regardless of geographic restrictions. Metaverse also helps provide an immersive learning environment where students, instructors, and staff can explore and interact with concepts and scenarios.
    • By component, the hardware segment maintained the highest CAGR during the forecast period.

    By component, the education market metaverse is divided into hardware, software, and professional services. The hardware segment is estimated to maintain the highest CAGR during the forecast metaverse of the education market.

    Metaverse hardware components for the education market include VR, AR, MR, interactive displays and projectors. AR, VR, and MR devices are projected to grow in the education market due to the use of heads-up devices (HUDs) in the metaverse.

    AR technology is increasingly used in many applications because it can blend the real world with virtual items. The most popular AR device for industrial applications is AR smart glasses, which will help the growth of AR devices.

    Moreover, head-mounted devices (HMDs) are expected to be the core of market expansion in the VR device segment. Users have responded positively to these displays from brands such as Samsung Electronics, Lenovo and Meta Platforms, Inc. Microsoft HoloLens 2 is primarily responsible for the MR device space and is expected to become more popular in the educational market for experiencing the Metaverse.

    By professional services, the application development and systems integration segment recorded the highest CAGR during the forecast period.
    The education market metaverse is segmented by professional services into application development, systems integration, strategy, and business consulting. Application development and system integration segment is expected to maintain the highest CAGR during the forecast period.

    Educators need these services, and we work with them at various stages, from pre-sales requirements assessment to post-sales product deployment and execution, to help our clients earn the maximum RoI. Metaverse Education Development Platform, Metaverse App Development, Metaverse NFT Marketplace Development, Metaverse Real Estate Platform Development, Metaverse Social Media Platform Development, Metaverse Events Platform Development are some of the services offered in the Metaverse Application Development Business.

    In order to seamlessly integrate the Metaverse into existing or new systems, companies and educators involved in the Metaverse of the education market are demanding system integration services.

    By region, the Europe region holds the second highest CAGR during the forecast period.
    By region, the education market metaverse is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Europe region is expected to maintain the second highest CAGR during the forecast period.

    Europe has dominated the adoption of the Metaverse in the education market. A market for Metaverse corporate and academic users is expected to form as the economies of the European region, such as the United Kingdom, Germany, France, and the rest of Europe, grow significantly. education.

    In addition, demand is driven by Europe’s commitment to continuous learning and skills development, as the Metaverse provides a platform for continued professional growth and future-relevant skills development. Overall, the Metaverse’s ability to improve learning in European education, promotes inclusiveness, prepares students for a globally connected and technologically advanced future.

    Additionally, to facilitate face-to-face interactions between students and teachers, European institutions are deploying virtual collaboration and communication solutions. The market in the region is expected to grow exponentially as group projects, online conversations and virtual classrooms are enabled by these tools and a more active and interesting learning environment is created with the help of the Metaverse platform.

    Primary Election Breakdown
    In-depth interviews were conducted with CEOs, innovation and technology directors, system integrators, and executives from various leading organizations active in the education market metaverse.
    • By company: Tier I: 30%, Tier II: 45%, Tier III: 25%
    • By designation: Executive level: 40%, Director level: 25%, Other: 35%
    • By Region: Asia Pacific: 20%, Europe: 30%, North America: 45%, Rest of World: 5%
    Key metaverses for education market vendors include Meta Platforms, Inc. (US), Microsoft Corporation (US), Adobe Inc. (US), HP Inc. (US), Unity Software Inc. (US), Samsung Electronics (US) Korea), Lenovo (China), Roblox Corporation (US), Epic Games (US), Baidu, Inc. (China), Avantis Systems Ltd (UK), Axon Park (US), Tomorrow’s Education (Germany), NextMeet (ClassVR (UK), Metable GmbH (Switzerland), Virbela (USA), Labster (Denmark), VictoryXR (USA), ENGAGE Plc (USA), VEDX Solutions (USA), Stimuli (USA), NetEase (China), HTC (Taiwan) ), and Sandbox (US).

    Research scope:
    This market study covers the education market metaverse across different segments. It aims at estimating market size and growth potential across various segments such as components, end-users, and regions.

    It includes an in-depth competitive analysis on key market players, their company profiles, key observations related to their products and business operations, recent developments, and key market strategies.

    Reasons to buy this report:
    This report helps provide market leaders/new entrants with information on the closest approximations of revenue figures across the education market and the metaverse of sub-segments. The report helps stakeholders understand the competitive landscape and gain more insights to better position their businesses. Plan an appropriate go-to-market strategy.

    The report also helps stakeholders to understand market trends and provides information on key market drivers, constraints, challenges and opportunities.

    This report provides insight into the following guiding principles:
    • Analysis of key drivers (increase in industry training and deployment in education sector, rapid adoption of virtual technology driving market growth, falling price of VR headsets driving market growth), constraints (trust Requires a highly flexible and scalable technology infrastructure; problems with health and mental overuse; high installation and maintenance costs of high-end metaverse components); The COVID-19 pandemic has driven significant adoption of education technology; 5G technology is constantly evolving); Fear, discovering innovative ways to transform the educational ecosystem).
    • Product Development/Innovation: In-depth insights into upcoming technologies, R&D activities, and new product and service launches in the education market metaverse.
    • Market Development: Comprehensive Information on Profitable Markets – This report analyzes the education market metaverse across different geographies.
    • Market Diversification: In-depth information on new products and services, greenfield territories, recent developments, and investments in the education market metaverse.
    • Competitiveness assessment: Detailed market share, growth strategies, and service offerings of key players such as Meta Platforms, Inc. (US), Microsoft Corporation (US), Adobe Inc. (US), and HP Inc. (US). evaluation. ) and Unity Software Inc. (USA) are entering the education market metaverse.
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