Virtual Reality In Education Global Market Report 2024

Virtual reality (VR) constitutes a synthetic environment generated through software, designed to be perceived by the user in a manner that suspends disbelief, allowing them to perceive it as a genuine environment.

The fundamental elements integral to incorporating virtual reality into education encompass hardware, software, and solutions. Within the hardware realm of VR in education, there are devices dedicated to presenting virtual reality content, including head-mounted displays, VR headsets, and projectors. The deployment of virtual reality in education extends across various domains, such as residential, academic, and training institutions, and can be implemented through cloud-based systems or on-premises solutions.

The virtual reality in education market research report is one of a series of new reports that provides virtual reality in education market statistics, including virtual reality in education industry global market size, regional shares, competitors with virtual reality in education market share, detailed virtual reality in education market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality in the education industry. This virtual reality 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 virtual reality in education market size has grown exponentially in recent years. It will grow from $11.8 billion in 2023 to $16.42 billion in 2024 at a compound annual growth rate (CAGR) of 39.2%. The rise observed in the historical period can be ascribed to the expanding acceptance of online education, a surge in the desire for interactive and customized learning encounters, an increased uptake of virtual learning environments, the growing utilization of virtual reality as a substitute for traditional learning materials, and the heightened accessibility and mobility of education.

The virtual reality in education market size is expected to see exponential growth in the next few years. It will grow to $61.55 billion in 2028 at a compound annual growth rate (CAGR) of 39.1%. The expansion anticipated in the forecast period can be credited to the escalating rates of internet penetration, a rising appetite for immersive learning encounters, the increasing integration of virtual reality (VR) in K-12, higher education, and vocational training, sustained investments in research and development, and the growing commitment to the development of VR educational content. Prominent trends expected in the forecast period encompass collaborative VR environments tailored for group learning, the utilization of VR for skill-based training and simulation, the incorporation of gamification elements in VR education, the advancement of VR educational analytics for performance tracking, and the integration of augmented reality (AR) with virtual reality in education.

The anticipated rise in internet penetration is set to be a driving force behind the growth of virtual reality in the education market over the forecast period. Given the pervasive influence of digital technology in people's lives, the internet serves as a pivotal platform for delivering virtual courses, offering a consistent interface, affordable connectivity, and a universally accessible medium. As of March 2021, global internet users numbered 5.1 billion, as reported by Internet World Stats. Additionally, the Techjury report projects the global E-learning sector to reach $325 billion by 2021. Hence, the expanding reach of the internet is a key factor propelling the growth of virtual reality in the education sector.

Substantial investments in virtual reality are poised to contribute significantly to the growth of the education market in this domain. Virtual reality (VR) technology, enabling users to engage with computer-generated three-dimensional environments, is transforming education by providing immersive and interactive learning experiences that enhance student comprehension and engagement. Notably, data from UKTN reveals that total investments in the UK's virtual reality sector reached £154 million in 2021, marking a noteworthy increase from the £90 million reported in 2020. This surge in investment is a crucial driver fueling the growth of virtual reality in education.

The evolution of Augmented Reality (AR) applications, leveraging the advancements in upcoming 5G technology, is shaping the landscape of virtual reality in education. The high-speed capabilities of 5G facilitate hands-on experiences and seamless access to applications, overcoming the limitations faced by 4G in deploying Virtual or Augmented Reality in educational settings. Applications developed through this technology assist students in addressing learning challenges, offering the convenience of remote education along with swift access to cloud-based materials. For instance, a collaborative effort by Fisk University, HTC VIVE, T-Mobile, and VictoryXR resulted in the launch of an interactive 5G-enabled VR human cadaver lab in March 2021, providing an innovative learning environment for pre-med and biology-related majors.

Prominent companies in the virtual reality education sector are introducing innovative systems to meet the demand for inclusive training, particularly in healthcare. VRSim, a US-based provider of virtual reality training solutions, unveiled VRNA in April 2022, a state-of-the-art virtual reality training system designed to prepare users for Certified Nursing Assistant (CNA) clinical training and exams. VRNA offers a portable and engaging virtual environment for practicing patient care skills, enhancing instructional efficiency, and providing students with a risk-free learning experience. This technological advancement aims to support CNA programs, catering to diverse learning styles and offering more inclusive educational opportunities for entry-level healthcare careers.

In August 2021, the India-based multinational educational technology company Byju's acquired Whodat Tech Private Limited, an augmented reality and virtual reality solutions provider, signaling Byju's expansion into a broader portfolio of education products incorporating virtual reality.

Major companies operating in the in the virtual reality in education market report are Google LLC, Microsoft Corporation, Facebook Technologies LLC, International Business Machines Corporation, HTC Corporation, Unimersiv, SamsungSamsung Electronics Co Ltd, Lenovo Limited, Sony Corporation, Alchemy Immersive, Avantis Systems Ltd., Veative Labs Pvt. Ltd., VR Education Holdings plc, Cyberith Gmbh, Sixense Enterprises Inc., Vuzix Corporation, Schell Games LLC, Panasonic Holdings Corporation, Cornerstone OnDemand Inc., Blippar Limited, EON. Reality Inc., Treeview Co. Ltd., YORD Ltd., Immersive VR Education Limited, ThingLink Incorporated, Nearpod Inc., Oust Labs Pvt. Ltd., Filament Games LLC, Foundry 10, eXp World Technologies LLC

North America was the largest region in the virtual reality in education market in 2023. The regions covered in the virtual reality in education market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the virtual reality in education market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The virtual reality in the education market includes revenues earned by entities offering hardware and software in the education industry that have the potential to transform the theoretical aspects in books to reality using virtual reality features. Virtual reality is a computed-enabled simulation that is presented using projectors and computer programming. Virtual reality in education is being applied in all levels of education today including K-12, higher education, and vocational training. TValues 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.


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