Global Extended Reality in Education Market size (2024 – 2030)

The Global Extended Reality in Education Market was valued at USD 59.27 billion in 2023 and is projected to reach a market size of USD 382.86 billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 30.54%.

Industry Overview:

Extended truth (XR) encompasses several novel technologies, along with digital actuality (VR), augmented fact (AR), and combined reality. Although the hobby for augmented fact witnessed a sizable quantity of fluctuation over the previous few years, at present, the demand for augmented actuality is witnessing a regular increase from a number of industrial domains. The growing recognition of the digital fact and augmented truth is projected to stay the key component using the world prolonged actuality (XR) market for the duration of the forecast period. The super upward jostle in disposal earnings coupled with the growing customer demand for the most suitable all-around enjoyment ride is probable to gas the demand for prolonged truth science in the course of the evaluation period.

Extended Reality develops a capability for college students to analyze distinctive strategies they will by no means be capable of earlier than in instructional settings. Extended Reality refers to the true and digital state of affairs created through wearable techniques or laptop science to supply an immersive experience. Extended Reality (XR) involves technologies, and their academic surroundings are nevertheless in their infancy, however, they keep a lot achievable for enhancing pupil and trainer gaining knowledge of capabilities.

COVID-19 impact on the Extended Reality in Education Market 

Prior to COVID-19, in most nations lack of funding and reluctance to exchange made the training area a laggard in making use of new tech innovation. But the first 1/2 of 2020 noticed a tripling of world instructional science funding to $4.5 billion, a lot of it in greater education.

A range of organizations is leaning toward the use of AR and VR merchandise to overcome the imposed restrictions– a window of possibility for the players at some point in the ongoing COVID-19 crisis. Macroeconomic uncertainty coupled with the descending customer self-belief over the path of 2020 is the most important element that is in all likelihood to avert the enlargement of the prolonged truth (XR) market in 2020. During the pandemic, the market showed a great increase in revenue as most educational institutions were using this technology to teach the kids the things that are necessary.

Also, work from home concept during the pandemic also increase the demand for the marker during the forecast period.

MARKET DRIVERS:

Demand for compact ER headsets and controllers is driving the growth of the market

hardware elements of VR and AR have been huge in dimension and much less ergonomic. However, in phrases of implementation amongst giant masses, hardware answer companies pick presenting a headset and controller of smaller measurements with excessive mobility focus. Headsets and controllers are predicted to end up extra compact with the choice of integration with cell devices. This can also additionally have an effect on the demand for wi-fi devices, lengthy battery life, and higher ergonomic values in VR/AR hardware. Headsets presently on hands in the market, such as Sony Morpheus, HTC Vive Cosmos, Google Daydream, and Epson Moverio Pro BT350, are designed preserving in thought give up personal remedies and requirements. Furthermore, rising opposition amongst gamers is predicted to pressure technological know-how improvements and in consequence pressure the demand for compact hardware units in the future. Sony Interactive Entertainment LLC is additionally targeted on supplying gaming VR to decorate the gaming journey and extra superior sketch of VR headsets.

MARKET RESTRAINTS:

Excessive use of extended reality devices causes health issues is restraining the growth of the market

digital receipts don’t want you to be a top-notch genius. However, each event (retailers and customers) needs to have some technical knowledge. Without this, there will be a hassle with the method and it won’t supply the preferred results. With technical knowledge, the retailer has to apprehend the receipt software. They should additionally be aware of how to manipulate it to ship the receipts to unique customers. After this, they need to comprehend how to use the analytics to their benefit. In the phase of the customer, they ought to have energetic emails. They should additionally recognize how to navigate to every email. While all this looks very simply, some humans will combat managing such tasks.

GLOBAL EXTENDED REALITY IN EDUCATION MARKET REPORT COVERAGE:

This research report on the global Extended Reality in Education Market has been segmented and sub-segmented based on the Components, Industry, and region.

Extended Reality in Education Market - By Components

• • Hardware

  • Software

Based on components, The hardware phase accounted for the biggest income share of 59.8% in 2021 and is predicted to proceed to dominate the market in the forecast period. The developing adoption of AR gadgets throughout a number of industries and enterprise verticals, such as education, healthcare, construction, and retail, is permitting the hardware phase to dominate the market. The software program section is predicted to price at the best CAGR of 41.8% in the forecast period. AR science is penetrating day-by-day existence as an end result of the outbreak of the pandemic. For instance, the touchless and immersive ride facilitated by way of AR technological know-how bodes properly for each college student and personnel working from home. As AR science continues to evolve, it is being applied without difficulty and comfortably on handheld devices. Developers are leveraging the greater processing electricity enabled with the aid of state-of-the-art hardware and software programs to enhance easy but large-scale AR solutions.

Extended Reality in Education Market - By Display

• Head-Mounted Display & Smart Glass

• Head-Up Display

• Handheld Devices

Based on the display, The head-mounted show & smart glass section accounted for the very best income share of 70.7% in 2021. The phase is predicted to proceed to dominate the augmented truth market in the forecast duration as an end result of the growing demand for head-mounted shows and clever glasses in industrial & company applications. Advances in OLED technological know-how and the developing use instances for AR technological know-how in industrial & company functions are predicted to force mass availability of light-weight head-mounted displays, thereby riding the increase of the segment. AR-powered head-mounted shows and clever glasses can probably locate revolutionary use instances in the provide chain & logistics industry, and subsequently, radically change the complete grant chain. Although AR-powered clever glasses devour excessive computation resources, their SoC is capable of processing and rendering the imaginative and prescient in real-time for viewers.

The handheld gadgets phase is estimated to cost at the easiest CAGR of 42.4% from 2023 - 2030. The increase in the phase can be attributed to the rising penetration of handheld gadgets in retail and e-commerce applications. The proliferation of smartphones and capsules is prompting organizations to leverage cell AR science and enforce AR-based options to decorate purchaser trips and differentiate themselves from their competitors. Handheld gadgets built-in with cell AR technological know-how can assist customers in attempting out merchandise sincerely earlier than making a shopping decision. The aggressive integration of AR science inside social media systems additionally bodes properly for the boom of the handheld unit’s segment. Having realized the viable held with the aid of AR technology, foremost technological know-how companies, such as Google LLC and Apple Inc., are increasingly using AR Core and AR Kit and investing aggressively in the technology. The head-up show section is poised for a great boom in the forecast period. Continued improvements in driver help structures are anticipated to power the increase of the segment. A driver can force safely whilst concurrently monitoring automobile data, such as speed, turning indicators, and warning signals, on the windshield of the car.

Extended Reality in Education Market - By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, North America accounted for the greatest income share of 33.9% in 2021 and is predicted to account for a vast market share in the forecast period. The U.S. accounted for the biggest share of the North America regional market. The U.S. is domestic to quite a few main science companies, such as Google LLC, and Microsoft, amongst others. The United States are additionally regarded as an early adopter of new technologies. Europe is poised for a sizable boom as it has taken a lead in adopting AR technological know-how for gaming & amusement applications. Germany is mainly gaining consciousness for imposing AR technological know-how in the gaming industry.

The Asia Pacific is estimated to emerge as the fastest-growing regional market in the forecast period. Developed countries, such as Japan and Australia, are regularly paving their direction as the leaders in the regional market leveraging a massive patron base and advancing the implementation of internet-based platforms. The persevered rollout of high-speed, 5G networks in the Asia Pacific is additionally predicted to set off sizable adoption of AR science and AR-based options throughout the region. India with its massive populace and the hastily developing net penetration charge is rising among the main economies in the Asia Pacific utilizing AR technological know-how in the manufacturing and healthcare industries, the place extra immersive and hands-on ride is of paramount importance.

Extended Reality in Education Market   Share by Company

Companies like

1. Microsoft

2. Sony (Japan)

3. Oculus VR (Facebook) (US)

4. HTC (Taiwan)

5. Google

6. Samsung Electronics

7. Apple

8. PTC

9. Seiko Epson (Japan)

The Extended reality market can be described as a highly untapped market, the place a number of possibilities stay unexplored. Vendors are investing aggressively in lookup and improvement (R&D) to strengthen revolutionary AR options for everyday functions as nicely as for organizations to simplify their workflows and decorate their processes. The potential to provide an immersive journey is specifically prompting science and e-commerce businesses to choose new, progressive options primarily based on AR technology. For instance, Lenskart Solutions Pvt Ltd. uses AR technological know-how in the cell app to enable folks to superimpose spectacles, sunglasses, and different merchandise honestly on their faces earlier than making a shopping decision. Similarly, the AR characteristic applied with the aid of LG Corporation on its electronics internet site permits customers to witness how a unique tv set would seem to be in their residence on their cell telephones earlier than they make a shopping decision.

Market gamers are putting strategic alliances and partnerships and enticing mergers and acquisitions as a phase of their efforts to enhance science improvement amid the intensifying competition. For instance, in December 2021, Tencent obtained Turtle Rock Studios. Tencent mainly determined the latter's gaming library and AR abilities lucrative.

NOTABLE HAPPENINGS IN THE GLOBAL EXTENDED REALITY IN EDUCATION MARKET IN THE RECENT PAST:

• Product Integration- July 2021 - Ultraleap, a company that has integrated its hand-tracking haptic technology for Extended Reality (XR) with Qualcomm and Varjo, among others, announced that it had completed its Series D funding round and raised USD 50 million from Frame Investments, a subsidiary of Tencent.

• Updates- December 2021 - Varjo Base, the company's latest software update, improves Varjo's accessibility by adding more flexibility and support for even more creative activities.