The Augmented and Virtual Reality in Education Market is Likely to Register a CAGR of 20.80% During the Forecast Period, 2024–2032, due to the rising adoption of advanced technology products and devices: MRFR

MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Augmented and Virtual Reality in Education Market.

Overview    

The augmented and virtual reality in education market is predicted to register a CAGR of 20.80% during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the augmented and virtual reality in education market to offer a better glimpse into the coming years.

Augmented reality technology is used to integrate digital information with the environment in real time, whereas virtual reality is representation of an artificial environment using sensors, cameras, and software. Increasing adoption of these two technologies in education sector due to advanced technology products and services. These technologies are facilitating the growth of computing power and integrate new algorithms of Artificial intelligence, Big Data, wearable devices, and others.

Increasing adoption of advanced technology products and devices and growing development in education sector are major factors driving growth of the global augmented reality and virtual reality in education market during the forecast period. In addition, increasing penetration of internet of things (IoT) and adoption of connected devices are factors driving the growth of the global augmented reality and virtual reality in education market. Furthermore, increasing use of augmented and virtual reality for various institutions and universities is another factor driving growth of the global market.

However, high cost of products is a key factor retrain the growth of the global augmented reality and virtual reality in education market. In addition, data security and privacy concerns are factors expected to hamper the growth of the global augmented reality and virtual reality in education market to a certain extent.

Segmental Analysis

The global augmented and virtual reality in education market has been segmented based on by offering, deployment model, devices, application, end users, and region.

Based on the offerings, the augmented and virtual reality in education market has been segmented into solutions, hardware, and services. The hardware segment is expected to hold a larger share of the augmented and virtual reality in education market during the forecast period. The deployment model segment is further classified into cloud and on-premises. The cloud segment of the augmented and virtual reality in education market is projected to grow at the highest CAGR over the forecast period. This is attributed to cost effectiveness, scalability, easy access, simple setup, and use. Based on the devices, the augmented and virtual reality in education market has been divided into interactive whiteboards, mobile computing devices, head mounted displays, gesture tracing device, head up displays, handheld devices, projectors & display walls, and others.  Based on the application, the augmented and virtual reality in education market has been divided into classroom learning, corporate learning management, certifications, e-learning, virtual field trips, student recruitment and others. Based on the end users, the augmented and virtual reality in education market has been divided into academic (k-12 &higher education) and corporate (telecommunications and it, healthcare and life sciences, retail and ecommerce, banking, financial services, and insurance, manufacturing, government, and public sector)

Competitive Analysis

The global augmented and virtual reality in education market is characterized by the presence of several regional and local providers. Some of the key players in the market are Sony, Samsung Electronics, HTC, Google, Microsoft.

Regional Analysis

The regional analysis for the global augmented and virtual reality in education market has been done for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America. The market in North America accounted for the largest market share in 2019, and it is project to register strong growth of the global augmented and virtual reality in education market over the forecast period. Moreover, presence of key manufacturing and vendors, increasing government funding towards these technologies and early adoption in these countries in the region are key factors driving growth of the North America augmented reality and virtual reality in education market. The Asia Pacific augmented reality and virtual reality in education market is expected to witness to register a highest CAGR over the next 10 years. Furthermore, growing demand for online or digital learning due to COVID-19 pandemic, rising investments on improving educational as well as corporate training standards are expected to drive the growth of the Asia Pacific region in the global augmented and virtual reality in education market.