Virtual Reality in Education Market to Reach USD 13,098.2 – GlobeNewswire

Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global virtual reality in education market size is expected to reach USD 13,098.2 million by 2026, exhibiting a CAGR of 42.9% during the forecast period. The increasing utilization of virtual reality in the education sector due to its effectiveness and immersive capability will have an excellent impact on the virtual reality in education market growth, states Fortune Business Insights, in a report, titled Virtual Reality in Education Market Size, 2019-2026. The market size stood at USD 656.6 million in 2018.

COVID-19 Impact:

Shift towards VR and AR to Encourage Market during COVID-19

The growing concerns about children returning to school have resulted in the popularity of all-virtual education amid the outbreak. VR has become a valid option in engaging kids to learn online. The interactive and immersive experience offered by the VR has put a positive response from parents and children. The safety of VR to benefit kids learn and socialize more effectively will push the global virtual reality in education industry. Besides, many companies are engaging in collaborations to incite remote learning for students. For instance, Pico Interactive, a leader of VictoryXR and VR platforms, along with education solutions announced that it has signed an agreement to educate children with its remote learning tools during the pandemic. The venture involves making education interactive and straightforward with AR and VR. Students can visit a science lab just by donning a headset.

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Market Segments:

Based on application, the market is segmented into K-12, higher education, and vocational training. The higher education segment is likely to hold the largest share during the forecast period. Virtual reality offers seamless learning opportunities to students. Fundraising, student recruitment, immersive learning are some of the major applications of VR in higher education.

Based on Component, the market is classified into hardware, software, and content.

Based on Geography, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.The report on the virtual reality in education market reveals:

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Driving Factor:

Rising Popularity of Virtual Learning Environment to Foster Growth

The increasing digitalization has created opportunities for the market. The growing acceptance of online education will bolster growth of the virtual reality in education market. The shift from traditional class to the virtual classroom will enable speedy expansion of the market in the forthcoming years. Furthermore, the increasing adoption of virtual learning environment owing to its benefits such as flexible schedule, individual accountability, mobility, student-centered learning, and others will further influence healthy growth of the market. Besides, the fewer costs involved in setting up virtual classroom compared to teh traditional classroom will push the virtual reality in education market share. For example, Queens University in Canada and SimforHealth collaborated with HTC to open a VR training facility for medical students for real-time operations in an immersive virtual environment.

Regional Insights:

Rising Penetration of Smartphones to Support Market in Asia Pacific

The market in North America is expected to hold the largest share during the forecast period. The increasing demand for advanced education systems will contribute effectively to the market growth in the region. Moreover, the presence of Google, Facebook, and their aim to develop educational games based on the VR technology, including 360 Degree Educational Video Viewing and other training will further strengthen the market. Asia Pacific is expected to experience a rapid growth rate during the forecast period. The growth is attributed to rising penetration of smartphones in India and China. The increasing internet penetration will back the development of the market in Asia pacific. Moreover, the rising need for VR in colleges and schools will further augment the growth in the region.

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Competitive Landscape:

Companies to Offer Advanced VR Solution to Reinforce their Market Position

Prominent Players are innovating ways to establish a strong footprint in the industry. For instance, Oculus distributed a number of VR headsets and standalone Go headsets to education institutes across countries. Oculus has also worked with the California state library, conducted research with MIT and Harvard universities to promote VR headsets. Similarly, HTC Vive provided educational VR games such as Speech trainerAnd Lifeliqe VR museum. Several educational institutions deploy HTCs games due to their creative and problem-solving capabilities.

Key Development:

September 2019: Quality Executive Partners, Inc., a management consulting firm serving the life sciences industry, announced introduced Virtuosi, an on-demand educational platform that leverages virtual reality features. Virtuosi encompass digital technical courses, knowledge assessment, and interactive VR experiences.

February 2019: Immersive Experience and educational expertise released RegattaVR. RegattaVr is an immersive learning company promoting talent development at the enterprise level.

The Report Lists the Key Companies in the Virtual Reality in Education Market:

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Detailed Table of Contents:

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Virtual Reality in Education Market to Reach USD 13,098.2 - GlobeNewswire