Augmented and Virtual Reality in Education Market Values $14.2 billion by 2028

(IT-NEWSWIRE.COM, August 01, 2023 ) The Global AR and VR in Education Market was valued at USD 2.9 billion in 2022 and is projected to reach USD 14.2 billion by 2028; it is expected to register a CAGR of 29.6% during the forecast period. Advancing education through ongoing innovation & expansion in AR & VR technology, the emergence of advancing personalized learning experiences, and real-world application and career readiness are attributed to the ever-increasing demand for AR and VR devices in education.

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The software offering segment accounted for the larger market share in 2022. The growth of the segment can be attributed to enhanced learning experiences, increased student engagement, improved knowledge retention, and the ability to explore complex concepts in a safe and immersive environment.

The managed services accounted for the largest market share in 2022. The larger share is attributed as managed service providers offer expertise in setting up and managing AR and VR hardware, software, and network infrastructure. They have experience in integrating these technologies into educational environments and can provide guidance on best practices for optimal performance and user experience. Also, managed service providers simplify the process by handling the complexities on behalf of educational institutions.

The on-premise segment accounted for the largest market share in 2022. The larger share is driven by factors such as data security, network reliability, compliance requirements, customization options, long-term cost considerations, connectivity challenges, and local infrastructure control. Educational institutions value the ability to have greater control, customization, and compliance adherence when deploying AR and VR solutions on-premise, leading to the growth of this segment in the education sector.

The VR devices segment accounted for the largest market share in 2022. The growth can be attributed to factors such as the availability and affordability of VR devices, technological advancements, the immersive and interactive learning experiences they offer, their adaptability to various subjects and age groups, the potential for enhanced engagement and knowledge retention, and the continuous development of educational content and applications. As VR technology continues to evolve and improve, its integration into education is expected to expand, providing students with transformative learning experiences.

The classroom learning segment accounted for the largest market share in 2022. AR/VR technologies are evolving and have become more accessible, as they have the potential to transform the traditional classroom into a dynamic and engaging learning space. The ability to create immersive and interactive learning environments, personalized and adaptive instruction, increased student engagement and motivation, enhanced collaboration and communication, the bridging of the gap between theory and practice, access to remote or inaccessible learning opportunities, and the integration with existing classroom practices are some of the factors leading to the growth of classroom learning.

The Academic Institutions segment accounted for the largest market share in 2022. In academic institutions, AR and VR can be used to create immersive and interactive learning experiences that can help students to better understand and retain information. They can be used to personalize learning by providing students with customized experiences that are tailored to their individual needs. This can help students to learn at their own pace and in a way that is most effective for them. For example, students can use AR to practice math problems or use VR to learn a foreign language.

North America held the largest share in the AR and VR in education market in 2022 and the same trend is expected during the forecasted year. The growth in this region is attributed to the strong presence of technology companies and startups, the high level of investment in education technology, the advanced digital infrastructure, the adoption by leading educational institutions, supportive government initiatives, and the flourishing EdTech ecosystem. Also, technological advancements have led to the rise in the adoption of smart education and technologically advanced classrooms in educational and corporate setups, which help to create a learning environment that is focused on an individual’s or organization’s learning needs.

Key Market Players

Sony Group Corporation (Japan), HTC Corporation (Taiwan), Meta (US), Google (US), Microsoft (US), Panasonic Holdings Corporation (Japan), Vuzix (US), Cornerstone OnDemand, Inc. (US), Anthology Inc. (US), Lenovo (Hong Kong).

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Augmented and Virtual Reality in Education Market Values $14.2 billion by 2028