Virtual Reality Market size in the Education Sector to grow by USD 16.12 billion from 2021 to 2026, Driven by the increased affordability of VR gear - Technavio
NEW YORK, March 30, 2023 /PRNewswire/ -- The size of the global virtual reality market in education sector is estimated to increase by USD 16.12 billion from 2021 to 2026. The market's growth momentum will progress at a CAGR of 59.28% during the forecast period. A key factor fueling the growth of the virtual reality market in the education sector is the increased affordability of VR gear. Initially, VR hardware products were extremely expensive to purchase, which was a major barrier to the expansion of the market. However, because of the recent developments in technology and the economies of major companies, the cost of VR gear has been reduced significantly. Various companies providing VR headgear at premium prices have cut their prices and developed commercial versions of the headset. The emergence of low-priced VR devices has increased the market for VR content, especially for 360-degree video content-producing companies. Hence, the reduced prices are anticipated to encourage educational institutes to adopt VR headsets, which will increase the demand for the market during the forecast period. Discover some insights on market size (2021 to 2026) before buying the full report - Request a sample report
Virtual Reality Market in Education Sector - Segmentation Assessment
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Virtual reality market in education sector – Vendor Analysis
Vendor Offerings -
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Virtual Reality Market in Education Sector – Market Dynamics
Key Trends -
The rising number of social VR spaces is a virtual reality market trend in the education sector that is expected to have a positive impact during the forecast period. In a virtual environment, the quality of learning might reduce, as collaborative learning plays an effective role in effective and efficient learning. In order to overcome this challenge, many VR vendors are providing platforms that enable collaborative learning in the VR environment. This results in the growth of social VR spaces, wherein the students can communicate and connect with other students. Major vendors such as Microsoft and Facebook are increasingly emphasizing the incorporation of virtual spaces. Thus, the increasing number of social VR spaces will drive the growth of the global virtual reality market in the education sector during the forecast period.
Major challenges -
The lack of content will be a key challenge for the virtual reality market in the education sector. Even though there is high availability of VR gear and VR hardware, the VR industry lacks the availability of VR content. This can be attributed to factors such as the lack of VR developers in the market. VR headsets are now being sold at an increasingly attractive price. There is increased pressure on content makers for immersive and diversified content, which will remain the mainstay for mass consumption. Various companies provide VR content creation platforms to educators and teachers. Currently, most institutions, especially in APAC, are facing challenges in the conversion and application of curriculum-based content into digital formats owing to the low technology literacy among educators. Hence, lack of content can become a major challenge for the growth of the global virtual reality market in the education sector during the forecast period.
What are the key data covered in this Virtual Reality Market in Education Sector report?
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The virtual reality (VR) in the gaming market is estimated to grow at a CAGR of 28.39% between 2022 and 2027. The size of the market is forecasted to increase by USD 17,853.41 million. The introduction of digital downloading in gaming consoles is notably driving the market growth.
The AR VR smart glasses market is estimated to grow at a CAGR of 13.8% between 2022 and 2027. The size of the market is forecasted to increase by USD 7,297.59 million. The emergence of simultaneous localization and mapping (SLAM) technology is the key trend in the global augmented reality and virtual reality smart glasses market.
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Table of Contents?
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
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