Metaverse in Education Market Overview
Metaverse in Education Market Size was valued at USD 4.2 Billion in 2022. The Metaverse in Education Market industry is projected to grow from USD 5.8 Billion in 2023 to USD 80.82 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 38.90% during the forecast period (2023 - 2032). Instructors globally embracing VR and AR technology, the surge of interactive virtual education, and the growing fascination with the metaverse in the education sector are expected to be significant market drivers for the Metaverse in Education Market.
Figure 1: Metaverse in Education Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Metaverse in Education Market Trends
-
Increase in industry training and deployment in the education sector is driving the market growth
Market CAGR for metaverse in education is being driven by the increase in industry training and deployment in the education sector. The integration of comprehensive reality technologies holds the potential to revolutionize the learning process significantly. In response to the increasing diversity of students, educational institutions are under heightened pressure to deliver optimal learning environments and technologically advanced instruction. The paramount objective of deploying this technology in education is to make knowledge exceptionally accessible and engaging for students. Extended reality technology takes this a step further by enhancing learning experiences through realistic information displays, heightened engagement with simulated environments, and substantial reductions in cognitive load for learners.
Prominent universities, such as the University of Michigan, are making substantial investments to incorporate virtual reality technology into both residential and online courses, aiming to elevate the quality of teaching and learning experiences. The ongoing development of the metaverse provides the education sector with a myriad of options to enhance various aspects. Students can leverage virtual reality for immersive experiences, including virtual field trips, business visits, museum tours, exhibitions, and other interactive activities.
As a result, it is anticipated that throughout the projection period, demand for the Metaverse in Education Market will increase due to the increase in industry training and deployment in the education sector. Thus, driving the Metaverse in Education Market revenue.
Metaverse in Education Market Segment Insights
-
Metaverse in Education Market Components Insights
The global Metaverse in Education Market segmentation, based on Components includes Hardware (AR Devices, VR Devices, MR Devices, interactive Displays and Projectors), Software (Extended Reality Software, Gaming Engines, Metaverse Platforms, 3D Mapping, Modelling, and Reconstruction), and Professional Services (Application Development and System Integration, Strategy and Business Consulting). The Hardware segment dominated the market, accounting for 58% of market revenue (2.4 Billion). Within the education sector, AR devices find application in the Metaverse, encompassing AR head-mounted displays (HMD) and AR head-up displays. AR HMD devices, like smart glasses, enable students to immerse themselves in and interact with virtual environments produced through AR technology. This allows students to delve into digital reproductions of real places or historical events, particularly beneficial for subjects such as geography and history. Additionally, AR HUDs offer a hands-free approach, enabling students to take notes and organize information more efficiently.
Figure 2: Metaverse in Education Market, by Components, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Metaverse in Education Market End-User Insights
The global Metaverse in Education Market segmentation, based on End-User includes Academic (K-12, Higher Education) and Corporate. The academic category dominated the market, accounting for 58% of market revenue (2.4 Billion). The pervasive influence of technology significantly shapes children's lives, impacting various aspects of their daily routines. In kindergarten classes, technology proves to be user-friendly and advantageous for both teachers and students. This educational technology plays a crucial role in shaping students' learning preferences and fostering active participation in the educational process. The landscape of K-12 education is undergoing a fundamental transformation, moving away from traditional classrooms towards more flexible, blended programs. Teachers are increasingly integrating digital technologies to enrich the overall learning experience. Furthermore, K-12 educational institutions can establish digital classrooms within the metaverse, mirroring real-world learning environments. This approach enhances engagement and interactivity by allowing students to interact with objects and scenarios, thereby deepening their understanding of the subject matter.
Metaverse in Education Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Metaverse in the Education market in North America can be attributed to several key factors. In North America, several educational technology (edtech) companies are exploring the educational potential of the Metaverse. One such example is the platform Engage, which offers online classrooms and collaborative features for distance learning. This metaverse platform empowers educators and students to collaborate within a 3D virtual environment, facilitating the creation of original activities and content. The field of metaverse education is in its early stages, presenting both challenges and numerous possibilities. Key issues to be addressed include concerns related to digital equity, privacy, and accessibility.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: METAVERSE IN EDUCATION MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Metaverse in Education Market accounts for the second-largest market share as The European tech industry, particularly in France, is poised for heightened investments in Metaverse technologies for educational purposes. In 2021, the French EdTech market boasted an estimated turnover of €1.3 billion, accommodating 500 startups with a collective workforce of 10,000 employees. This marked substantial growth from the pre-pandemic era, witnessing an increase from 430 companies and 7,800 employees. These tech entities are well-positioned to pioneer and provide cutting-edge solutions tailored for educational institutions, including schools and universities. Further, the German Metaverse in Education Market held the largest market share, and the UK Metaverse in Education Market was the fastest-growing market in the European region
The Asia-Pacific Metaverse in Education Market is expected to grow at the fastest CAGR from 2023 to 2032. Several Asia-Pacific countries are actively championing digital education initiatives. An exemplary initiative is PM SHRI by the Government of India, a visionary project aimed at enhancing school education in the country. Aligned with the transformative New Education Policy (NEP) of 2020, PM SHRI signifies a pivotal shift towards digital education in India. Under the Atma Nirbhar Bharat program, PM eVidya introduced DIKSHA as the 'one nation; one digital platform' for school education, initiated in 2017. DIKSHA, a national platform available across all states, covers grades 1 to 12. This governmental commitment to technology-enabled education, supported by significant investments, is poised to contribute to the burgeoning growth of the Metaverse in the Education market. Moreover, China’s Metaverse in Education Market held the largest market share, and the Indian Metaverse in Education Market was the fastest-growing market in the Asia-Pacific region.
Metaverse in Education Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Metaverse in the Education market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Metaverse in the Education industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Metaverse in the Education industry to benefit clients and increase the market sector. In recent years, the Metaverse in Education industry has offered some of the most significant advantages to the realm of digital learning and interactive experiences. Major players in the Metaverse in Education Market, including Meta Platforms, Inc. (US), Microsoft Corporation (US), Adobe Inc. (US), HP Inc. (Australia), Unity Software Inc. (US), Samsung Electronics (South Korea), Lenovo (China), Roblox Corporation (US), Epic Games (US), and Baidu, Inc. (China) are attempting to increase market demand by investing in research and development operations.
Microsoft Corporation is a prominent software developer and provider, delivering a comprehensive suite of software products, services, and devices. The company's offerings encompass operating systems, cross-device productivity applications, server applications, software development tools, business solution applications, desktop and server management tools, video games, and training and certification services. Microsoft also engages in the design, manufacturing, and sale of hardware products, including PCs, tablets, gaming and entertainment consoles, and other intelligent devices. With a global presence, the company provides a diverse range of services, including cloud-based solutions, solution support, and consulting services. Microsoft strategically markets, distributes, and sells its products through various channels, such as original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and partner channels. Operating data centers across the Americas, Europe, and Asia-Pacific, Microsoft is headquartered in Redmond, Washington, in the United States. In March 2023, Microsoft introduced Microsoft Mesh, a cutting-edge mixed-reality platform fostering collaborative interactions within a shared virtual space. This innovative platform equips users with tools for creating and customizing virtual avatars, objects, and environments. Microsoft Mesh is seamlessly integrated with other Microsoft products like HoloLens and AltspaceVR, facilitating cross-platform collaboration.
HP Inc (HP) is a leading provider of technology products, software, solutions, and services, catering to a diverse clientele. The company's extensive product portfolio spans personal computing devices, imaging and printing solutions, enterprise IT infrastructure, and multi-vendor customer services. HP serves commercial and industrial sectors, offering specialized solutions to print service providers and packaging converters. Additionally, the company provides printing products and solutions tailored for homes, home businesses, and micro-businesses. HP's customer base ranges from individual consumers to small and medium-sized enterprises, as well as large enterprises, including those in government, health, and education sectors. Operating globally with a presence across the Americas, Europe, the Middle East, Africa, and Asia-Pacific, HP is headquartered in Palo Alto, California, in the United States.
Key companies in the Metaverse in Education Market include
-
Meta Platforms, Inc. (US)
-
Adobe Inc. (US)
-
Microsoft Corporation (US)
-
HP Inc. (Australia)
-
Unity Software Inc. (US)
-
Samsung Electronics (South Korea)
-
Lenovo (China)
-
Roblox Corporation (US)
-
Epic Games (US)
-
Baidu, Inc. (China)
Metaverse in Education Industry Developments
January 2022: In January 2022, HP Inc. introduced the HP Fortis laptops, a new series of computers specially crafted to meet the demands of classrooms. The HP Fortis portfolio, tailored for active and mobile learners, exemplifies robustness and durability to withstand drops, resist spills, and maintain the integrity of keyboard keys. The textured surfaces make it easier for students of all ages to grip and handle these lightweight devices.
April 2021: In April 2021, Unity Reflect was launched as a real-time 3D rendering and visualization platform, enabling designers and architects to develop immersive, interactive 3D models for buildings and other structures. These models are versatile, serving purposes such as virtual walkthroughs, design reviews, and applications in architecture, engineering, education, and construction.
Metaverse in Education Market Segmentation
Metaverse in Education Market Components Outlook
-
Hardware
-
Software
-
Extended Reality Software
-
Gaming Engines
-
Metaverse Platforms
-
3D Mapping, Modelling, and Reconstruction
-
Professional Services
Metaverse in Education Market End-Use Outlook
Metaverse in Education Market Regional Outlook
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 4.2 Billion |
| Market Size 2023 |
USD 5.8 Billion |
| Market Size 2032 |
USD 80.82 Billion |
| Compound Annual Growth Rate (CAGR) |
38.90% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Component, End User, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Meta Platforms, Inc. (US), Microsoft Corporation (US), Adobe Inc. (US), HP Inc. (Australia), Unity Software Inc. (US), Samsung Electronics (South Korea), Lenovo (China), Roblox Corporation (US), Epic Games (US), and Baidu, Inc. (China). |
| Key Market Opportunities |
Immersive experience offered to students |
| Key Market Dynamics |
Increase in industrial training and deployment in the education sector |
Frequently Asked Questions (FAQ) :
The global Metaverse in Education Market size was valued at USD 4.2 Billion in 2022.
The global Metaverse in Education Market is projected to grow at a CAGR of 38.90% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are VANTIS SYSTEMS LTD., ΑΧΟΝ PARK, TOMORROW'S EDUCATION, NEXTMEET, CLASSVR, METABLE GMBH, VIRBELA, LABSTER, VICTORYXR, ENGAGE PLC, VEDX SOLUTIONS, STEMULI, ΝΕΤEASE, HTC
The AR Devices segment by hardware dominated the market in 2022.
The K-12 segment by Academic had the largest share in the global market.
