LONDON, Feb. 24, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the virtual reality in education market, increasing internet penetration will drive the growth of virtual reality in the education market during the forecast period. The internet plays a crucial role in people's lives today, as a large portion of the population's lives are immersed in digital technology. The internet has become an effective platform for conducting virtual courses due to its consistent interface, lower connection cost, and universal appeal.
For instance, according to the Internet World Stats report, global internet users reached 5.1 billion as of March 2021. Furthermore, according to the Techjury report, the global e-learning sector is expected to reach $325 billion by 2021. Therefore, the increasing internet penetration propels the growth of virtual reality in the education market.
The global VR in education market size is expected to increase from $6.37 billion in 2021 to $8.66 billion in 2022 at a compound annual growth rate (CAGR) of 36%. The change in the virtual reality in education market growth is mainly due to the companies' stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $32.94 billion in 2026 at a CAGR of 39.7%.
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The development of Augmented Reality (AR) applications by leveraging the upcoming 5G technology is shaping the market as per TBRC’s virtual reality in education industry analysis. With its high-speed network, 5G provides hands-on experience and helps access apps easily, whereas 4G technology struggles with the use of Virtual or Augmented Reality in educational applications. These robot applications help children solve learning issues, allowing them to get an education from the comfort of their own homes while also allowing them to access cloud-based material more quickly. For instance, in March 2021, Fisk University, HTC VIVE, T-Mobile, and VictoryXR partnered to launch the first-ever interactive 5G-enabled VR human cadaver lab for learning delivery to pre-med and biology-related majors.
Major players in the virtual reality in education market are Google, Microsoft Corporation, Facebook Technologies LLC, IBM Corporation, HTC Corporation, Unimersiv, Samsung, Lenovo Group Limited, Sony Corporation, Alchemy Immersive, Avantis Systems Ltd, Veative Labs Pvt. Ltd., VR Education Holdings, Cyberith, Sixense Enterprises Inc, and Vuzix, Schell Games.
The global virtual reality in education market research report is segmented by component into hardware, solutions and software; by deployment into cloud, on-premises; by application into residential, academic and training institutions, others.
As per TBRC’s virtual reality in education market overview, in 2021, North America was the largest region in the market. The regions covered in the VR in education market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Virtual Reality In Education Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide virtual reality in education market overviews, virtual reality in education market analyze and forecast market size and growth for the whole market, virtual reality in education market segments and geographies, virtual reality in education market trends, virtual reality in education market drivers, virtual reality in education market restraints, virtual reality in education market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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