Metaverse in Education Market Size (2023-2030)

The Global Metaverse in Education Market was valued at USD 8.19 billion and is projected to reach a market size of USD 82.11 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 39%.

Metaverse in education refers to the use of virtual reality and augmented technology to create interactive learning experiences for students. It involves the integration of digital tools with the educational experience that allows students to engage with the educational content more dynamically. Moreover, the Metaverse allows students to interact with virtual objects, tap and explore virtual environments, and collaborate with their peers and teachers in real time. Additionally, students can gain access to virtual content, and participate in simulation and problem-solving activities that help to promote their overall well-being. Further, students can represent themselves by creating a virtual avatar that can navigate through the virtual environment and interact with others. Students can also customize their avatars and interact with others in the virtual environment. In addition, students can work together on projects, send text, voice messages, and others. Furthermore, increasing trends in virtual learning have boosted the market demand for Metaverse in education.

Global Metaverse in Education Market Drivers:

Increasing demand for virtual learning to boost the demand for Metaverse in the education market.

In recent times, virtual learning has gained immense popularity due to the flexibility it offers to learners in terms of time and education. It enables learners to gain access to educational content and participate in educational activities, even in remote areas. Further, this has increased the demand for Metaverse in education as it enhances the learning experience through immersive and interactive learning experiences. This virtual platform utilizes interactive learning features that allow students to participate in the virtual activities, and engage and interact with the object through simulation. Moreover, the increased demand for practical learning has made STEM education much easier. For instance, engineering and medical students can utilize virtual simulations to design, test, and modify structures or practice virtual operations. Furthermore, virtual learning incorporates collaborative features that allow students to interact with others and engage in group activities such as team building, discussions, virtual projects, and others, thereby contributing to the demand for Metaverse in education.

Technological advancements drive the market demand for Metaverse in education.

Technological advancements have contributed to the growth of the Metaverse in education as it incorporates AR/VR learning for providing immersive learning experiences to students. These technological advancements have made the Metaverse more flexible and accessible to all learners. Moreover, the emergence of AI has significantly revolutionized the learning experience as it uses natural language processing, computer vision, and machine learning to provide dynamic and interactive educational content to learners. For instance, AI has enabled intelligent virtual tutors that provide 24*7 study help to students. Additionally, adaptive learning systems and personalized content recommendations have provided students with rich content. Further, AI algorithms can track students’ progress and provide personalized feedback that can help students target their weaker areas. In addition, the growing adoption of cloud computing has enabled educational institutions to store, process, and distribute data on a centralized virtual platform, without the need for physical storage. Moreover, it offers scalability and accessibility and helps to reduce digital infrastructure costs considerably.

Global Metaverse in Education Market Challenges:

Expensive deployment costs can deter the market demand for Metaverse in education. Metaverse requires the deployment of advanced technologies such as VR headsets, other hardware devices, and software upgrades, which be difficult to afford, especially for schools in remote regions.

Further, the absence of expert knowledge and technical skills for operating Metaverse software can decline the market demand for Metaverse in education.

COVID-19 Impact on the Global Metaverse in Education Market:

The pandemic had a positive impact on the Metaverse in the education market. Due to the lockdown, schools, and universities operated from homes, which increased the demand for virtual learning solutions in the market. These include virtual learning classrooms, AI support teachers, 24*7 access to learning management systems, and others. Furthermore, Metaverse platforms enabled teachers to manage students’ data at a centralized platform, which also helped to decrease operational costs. Furthermore, this helped to make education accessible to all even in the remote regions during the pandemic.

Global Metaverse in Education Market Recent Developments:

• In March 2023, UPES University, a university in Dehradun launched an MBA program in Metaverse and Web 3.0. The curriculum aims to enhance the learning experience through Meta labs and practical working experience with companies in Meta Arena.
• In December 2022, Edverse, an Education Metaverse company launched Meta Classroom. It enabled learners and educators to connect and provides a 3D visualizing and storytelling immersive learning experience to the learners.

METAVERSE IN EDUCATION MARKET REPORT COVERAGE:

Global Metaverse in Education Market Segmentation: By Component

• Hardware

• Software

Based on market segmentation by component, the software segment occupies the highest share of the market. The software segment consists of virtual learning management systems and Metaverse platforms that provide the required infrastructure tools and frameworks necessary to build and deploy a virtual educational environment. Further, these tools consist of content creation tools that enable the creation of 3D models, animation, coding, and scripting for customizing educational content. In addition, analytical software tools enable developers to create assessment tools for quizzes, assignments, performance evaluations, and others.

The hardware segment occupies a significant share of the market. The hardware segment consists of head-mounted devices and input devices that facilitate the learning process. These include VR headsets, goggles, and glasses. Further, input devices such as motion sensors, hand controllers, gesture recognition systems, and others allow users to manipulate virtual objects and perform actions in the Metaverse.

Global Metaverse in Education Market Segmentation: By Deployment

• Cloud

• On-Premise

Based on market segmentation by deployment, the cloud segment occupies the highest share of the market. It involves hosting the Metaverse on remote platforms. It offers scalability to educational institutions as it allows centralized management of students and their data on a Metaverse platform without the need for local infrastructure. Moreover, it offers flexibility as it can be accessed from smartphones, computers, and laptops via an internet connection.

Global Metaverse in Education Market Segmentation: By End-User

• K12 Education

• Higher Education

• Corporate Training

Based on market segmentation end-user, the K12 education segment occupies the highest share in the market. It consists of primary and secondary schools where Metaverse is required to provide interactive and immersive learning experiences to students. These include the use of AR/VR for delivering interactive content on STEM subjects, history, geography, and others. Further, it utilizes virtual reality to enable virtual simulations such as for virtual field trips, virtual experiments, and others.

The higher education segment is the fastest-growing segment during the forecast period. It consists of colleges and universities that use Metaverse for enhancing the practical learning experience. For instance, the use of Metaverse to perform experiments in virtual labs, study and design architectural setups, perform virtual operations, medical training simulations, and others. Moreover, it allows students and teachers to engage in virtual conversations, work on group projects together, and participate in simulation activities together.

Global Metaverse in Education Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

Based on market segmentation by region, North America occupies the highest share of the market. The prevalence of advanced technologies such as AI, machine learning, deep learning, and others and the focus on skill development has boosted the demand for Metaverse in education in the region. Metaverse platforms incorporate AI algorithms that help in enhancing the virtual infrastructure for learning, especially practical learning such as virtual medical operation rooms, virtual design simulations, virtual engineering labs, and others, which have contributed to the increased usage of Metaverse in education in the region.

Asia-Pacific region is the fastest growing region during the forecast period. Technological advancements and government support in the form of investment and programs for developing the educational sector have boosted the demand for Metaverse in education. Further, innovations in learning experience such as gamification of educational content have enhanced the learning experience of students.

Global Metaverse in Education Market Key Players:

1. Meta Platforms Inc

2. Microsoft Corporation

3. Epic Games

4. Baidu, Inc

5. Foton VR

6. Invact Metaversity

7. 21K School

8. Tomorrow’s Education

9. Luca and Friends

10. Sophia Technology Ltd

11. Roblox