Metaverse in Education Global Market Report 2024

The global metaverse in education market has grown exponentially in recent years. It will grow from $8.11 billion in 2023 to $11.34 billion in 2024 at a compound annual growth rate (CAGR) of 39.8%. The growth in the historic period can be attributed to growing demand for immersive learning experiences, growing support from governments and educational institutions, increase in industry training and deployment in the education sector, increased demand for e-learning.

The global metaverse in education market is expected to see exponential growth in the next few years. It will grow to $43.35 billion in 2028 at a compound annual growth rate (CAGR) of 39.8%. The growth in the forecast period can be attributed to growing number of start-ups focusing on developing metaverse platforms, rising interest in self-regulation skills, globalization of education, rapid use of virtual technologies in the education sector. Major trends in the forecast period include increased access to technology, expanding acceptance of the metaverse and its tools, rising spending on metaverse-related learning, ai-powered personalization, virtual libraries and archives, creating virtual classrooms.

The metaverse in education market is poised for growth, driven by the growing demand for virtual learning. Virtual learning entails learners participating in a digitally-based curriculum, with instruction delivered by professors via online video or audio. In the context of education, the metaverse enhances the quality of virtual learning environments through the utilization of virtual and augmented reality technologies. For instance, as of May 2023, data from the National Center for Education Statistics (NCES), a US-based federal entity specializing in education data collection and analysis, revealed a significant increase in the adoption of distance learning. In 2021, approximately 9.4 million American students, equivalent to 61% of all undergraduate students, were enrolled in at least one distance learning course, marking a substantial rise from 36% in 2019. Furthermore, 28% of American undergraduate students, representing around 4.4 million students, enrolled in distance education courses in 2021, compared to 15% in 2019. Consequently, the surging demand for virtual learning is a driving force behind the growth of the metaverse in the education market.

The rising demand for corporate training is poised to drive the growth of the metaverse in education market in the future. Corporate training involves the process of instructing employees through various learning programs and activities, aimed at enhancing their knowledge and skills. Metaverse in education plays a crucial role in corporate training by enabling the creation of immersive learning environments, integrating storytelling and role-playing, offering AI-driven assistance, and establishing digital spaces that traditional training methods cannot replicate. For instance, a survey conducted in July 2022 by the Society for Human Resource Management (SHRM), a US-based professional human resources membership association, revealed that more than half (55%) of surveyed employees expressed the need for additional training to enhance their job performance. Furthermore, over 76% of workers believed they were more likely to remain with a company that provided continuous training opportunities. Consequently, the growing demand for corporate training is a driving force behind the expansion of the metaverse in the education market.

Concerns regarding privacy and safety within the metaverse have the potential to significantly impede the growth of the metaverse in education market. The absence of regulatory frameworks to enforce privacy standards in the metaverse is a prominent worry. Given that the metaverse is a relatively new concept, it lacks specific regulations to safeguard the privacy and security of users. This dearth of privacy and safety measures may result in users being hesitant to participate in virtual environments, ultimately limiting the adoption of metaverse technology in education. As an example, in 2021, a report from Arkose Labs Inc., a US-based company specializing in online account security and fraud prevention, revealed that metaverse businesses encountered 80% more bot attacks and 40% more human attacks than other online businesses during the same year. Consequently, apprehensions related to privacy and safety are acting as a deterrent to the growth of the metaverse in the education market.

Prominent players in the metaverse education market are actively concentrating on the development of advanced solutions, particularly in the realm of mixed reality, to maintain their market standing. Mixed reality, an immersive technology, seamlessly integrates physical and digital elements to facilitate interaction between the two. For instance, in November 2021, Microsoft Corporation, a leading technology company headquartered in the United States, introduced Microsoft Mesh. This innovative feature blends the productivity tools of Microsoft Teams with the mixed-reality capabilities of Microsoft Mesh, enabling individuals in different physical locations to engage in collaborative and shared holographic experiences. Mesh builds upon existing Teams features like together mode and presenter mode, enhancing collaboration and immersion in remote and hybrid meetings. Users of Mesh for Teams can enter virtual environments using personalized avatars, fostering innovative interactions in virtual meetings.

In April 2022, Unity Software Inc., a software development company based in the United States, formed a partnership with Meta Immersive Learning. The collaboration aims to expand the realm of VR (virtual reality) education, promote immersive learning experiences, and enhance the diversity of the XR (Extended Reality) creator workforce. Through this partnership, the two companies intend to eliminate barriers to accessing immersive technologies, ushering in new opportunities for individuals to learn and develop within the metaverse. Notably, Meta Immersive Learning operates under the umbrella of Meta Inc., a US-based technology company renowned for its expertise in virtual and augmented reality technologies, which are integral components of the education metaverse.

Major players in the metaverse in education market are Microsoft Corporation, Meta Platforms Inc., Baidu Inc., Epic Games Inc., Roblox, Arizona State University, Rec Room, Linden Lab, Labster, The University of Miami, Hatch Early Learning, NEOMA Business School, Skillful Craftsman Education Technology, Talespin, High Fidelity Inc., TinyTap, MedRoom, Shenzhen Meten International Education Co. Ltd., 21K School, Axon Park, Immerse, Invact Metaversity, Marvrus, NextMeet, Tomorrow‘s Education, VictoryXR Inc., VR Chat, Avantis Education, Sophia Technologies Ltd.

North America was the largest region in the metaverse in education market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in metaverse in education report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the metaverse in education market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of metaverse in education consist of hardware, software, and professional services. Deployment options include cloud-based or on-premises solutions, and it is applied in various educational contexts. These applications range from learning and skill development to educational apps, fostering self-regulation skills, enhancing cultural understanding, and more. Metaverse technology is relevant for students across K-12, higher education, and corporate training.

This report provides metaverse in education market statistics, including metaverse in education industry global market size, regional shares, competitors with a metaverse in education market share, detailed metaverse in education market segments, market trends and opportunities and any further data you may need to thrive in the metaverse in education industry. This metaverse in education market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metaverse in education market consists of revenues earned by entities by providing virtual classrooms, virtual libraries, real-time assessment and feedback. The market value includes the value of related goods sold by the service provider or included within the service offering. The metaverse in education market also includes sales of augmented reality devices (AR Devices), virtual reality devices (VR Devices) and projectors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.