Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Global Augmented and Virtual Reality in Education Market by offering type (software, hardware, services), device type, deployment (on-premise, cloud), application, end user (academic institutions, corporates) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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. Transforming corporate training through immersive augmented & virtual reality technologies, 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 driving the growth of AR and VR in the education market. Whereas standardization and interoperability in AR & VR implementation and technical limitations in AR and VR for enhanced education experiences are restraining the growth of AR and VR in the education market.
The software segment is expected to grow at the highest CAGR during the forecast period
The software segment is expected to grow at the highest CAGR during the forecast period. The AR and VR industry is constantly evolving, with new technologies being developed all the time. This is leading to new and innovative ways to use AR and VR, which is driving the demand for software. Also, the development and availability of more powerful and affordable hardware have propelled the growth of AR and VR software. Innovations in display technology, sensors, and computing power have made AR and VR experiences more immersive, realistic, and accessible.
Projectors & Displays segment to register growth at the highest CAGR during the forecast period
The projectors & displays segment is expected to grow at the highest CAGR during the forecast period. Projectors and display devices play a crucial role in delivering immersive and interactive AR and VR experiences, enhancing visual quality, field of view, and overall user experience.
The professional services segment is likely to grow at a higher CAGR during the forecast period
The professional services segment is expected to grow at a higher CAGR during the forecast period. Professional services in AR and VR encompass a range of specialized offerings including consulting, development, design, integration, implementation, training, and support. They provide the necessary expertise in areas such as software development, 3D modeling, user experience design, hardware selection, content creation, and system integration. Their expertise helps organizations navigate the complexities of AR and VR implementation, ensuring successful outcomes. These factors propel the growth of the segment.
The cloud segment is likely to grow at a higher CAGR during the forecast period
The cloud deployment segment is expected to grow at a higher CAGR during the forecast period. Cloud-based deployment offers educational institutions cost-effective, accessible, and manageable solutions for integrating AR and VR into their teaching and learning practices, supporting the growth and adoption of AR and VR in the education sector.
The AR HMD device segment is likely to grow at the highest CAGR during the forecast period
The Augmented Reality Head-Mounted Display (AR HMD) device segment is expected to grow at the highest CAGR during the forecast period. AR HMD devices in AR and VR for education is driven by factors such as enhanced immersion and interaction, real-world contextual learning, hands-on experiences, personalized and adaptive learning, collaboration and shared experiences, portability and flexibility, cost reduction and accessibility, evolving technology and innovation, industry collaboration, content development, and positive educational outcomes from research studies. The integration of AR HMD devices in educational settings empowers students with transformative learning experiences, promoting active engagement and a deeper understanding of academic concepts.
Premium Insights
- Emergence of Advancing Personalized Learning Experiences to Drive Augmented and Virtual Reality in Education Market
- Corporates End-user Segment to Record Higher CAGR During Forecast Period
- Cameras Segment to Witness Highest CAGR During Forecast Period
- Healthcare and Lifesciences Segment to Exhibit Highest CAGR Among Corporate End-users During Forecast Period
- K-12 Institutions End-user Segment to Register Highest CAGR During Forecast Period
- North America to Hold Largest Market Share, in Terms of Value, in 2028
- India to Record Highest CAGR Globally During Forecast Period
Market Dynamics
Drivers
- Enhanced Understanding of Complex Concepts Through Visualization
- Transformation of Corporate Training Through Immersive AR and VR Technologies
- Advancements in Education Through Ongoing Innovation and Expansion in AR and VR Technology
- Emergence of Advanced Personalized Learning Experiences
- Real-World Applications and Career Readiness
Restraints
- Standardization and Interoperability in AR and VR Implementation
- Technical Limitations of AR and VR for Enhanced Educational Experiences
Opportunities
- Immersive Collaboration and Communication Among Students
- Enhancing Engagement and Interactivity in AR and VR Education
- Transforming Education Through AI Integration
- Augmented Collaboration in AR and VR Education
- Immersive Data Visualization and Analytics
Challenges
- Inadequate Infrastructure and Technical Support
- Lack of Standardized Content and Curriculum Integration
- High Adoption Cost of AR and VR
- Ethical and Safety Considerations
Company Profiles
Key Players
- Meta
- Sony Corporation
- Microsoft
- Lenovo
- Panasonic Holdings Corporation
- Google LLC
- Htc Corporation
- Vuzix
- Cornerstone Ondemand, Inc.
- Anthology Inc.
Other Players
- Alchemy Immersive
- Boulevard Arts
- Zspace, Inc.
- Unimersiv
- Curiscope
- Engage plc
- Oracle
- Avantis Systems Ltd.
- Lifeliqe, Inc.
- Merge Labs, Inc.
- Wiziq
- Bigbluebutton Inc.
- Eon Reality
- Ptc
- Veative Group
- Nearpod
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 231 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.9 billion |
| Compound Annual Growth Rate | 30.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/6ejzou
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