The new report by Expert Market Research titled, ‘Global Virtual Reality in Education Market Growth’ Report and Forecast 2023-2028’, gives an in-depth analysis of the global Virtual Reality in Education Market, assessing the market based on its segments like type of the component, deployment mode, application and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 40 %.
Earlier, due to their expensive prices, the acceptance of virtual reality systems was weak. However, due to the rapid technological developments and economies of scale of major companies, there has been a rise in the acceptance of virtual reality. One of the key drivers of virtual reality growth in education is the growing affordability of virtual reality devices and applications. The industry is driven by the growing affordability of VR gear. In addition, the easy-to-use content creation platform is also expected to fuel the development of the global market for virtual reality in the education sector in the forecast era. North America had a large market share in virtual reality in the education industry worldwide. It is predicted that its dominance will continue over the forecast era. The U.S. and Canada are the key countries that drive demand in this area.
Industry Definition and Major Segments
Virtual reality helps a user to interact with a machine-made three-dimensional image or with a virtual world. Virtual reality increases the student’s participation. It provides students with a new way of learning as a hands-on, interactive, immersive experience, providing exciting new experiences they have never experienced before.
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Based on component, the market can be divided into the following:
Based on the deployment mode, the market is bifurcated into:
Bases of application, the market is segmented into:
- Academic Institutions
- Higher education
- Vocational training
- Healthcare and Life Sciences
- IT and Telecom
- Retail and E-commerce
- Government and Public Sector
The regional markets for Virtual Reality in Education include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The numerous partnerships, such as the Queens University of Canada and SimforHealth partnership with HTC to open a VR training facility for medical students to gain experience in real-time operations in an interactive virtual environment, are stimulating the growth of virtual reality in education in the marketplace. In the virtual environment, HTC Vive can also include a wide range of clinical scenarios. In the coming years, this partnership is expected to increase sales of virtual reality in the education sector. The increasing number of social VR spaces will have a positive impact on the industry and will make a major contribution to its development in the coming years. Virtual reality will replace written manuals, posters, textbooks and physical paper models. All of these factors are expected to accelerate the growth of virtual reality in education in the industry.
Key Market Players
The major players in the market are Google LLC, IBM Corporation, Samsung Electronics Co Ltd, Lenovo Group Limited, Sony Corp, Avantis Systems Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers and acquisitions, among other latest developments of these market players.
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