AR and VR in Education Market to Cross USD 30.7 billion with Highest CAGR of 26.4% by 2031: SNS Insider

Market Size & Growth Analysis

The AR and VR in Education Market, valued at USD 3.9 billion in 2023, is anticipated to expand significantly, reaching USD 30.7 billion by 2031, with a CAGR of 26.4% during the forecast period from 2024 to 2031.

This substantial growth is driven by the increasing integration of immersive technologies in educational settings to enhance learning experiences. Augmented Reality (AR) and Virtual Reality (VR) are revolutionizing traditional teaching methodologies by providing interactive, engaging, and visually rich content that facilitates deeper understanding and retention of information. These technologies are being employed for various educational purposes, including virtual field trips, simulation-based learning, and complex scientific visualizations, catering to the growing demand for personalized and experiential learning. Additionally, the surge in remote learning, accelerated by the COVID-19 pandemic, has underscored the need for more dynamic and interactive educational tools, further propelling the adoption of AR and VR in education sectors worldwide.

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KEY PLAYERS:

Sony Group Corporation (Japan)
HTC Corporation (Taiwan)
Meta (US)
Google (US)
Microsoft (US)
Panasonic Holdings Corporation (Japan)
Vuzix (US)
Cornerstone OnDemand Inc. (US)
Anthology Inc. (US)
Lenovo (Hong Kong)

Emerging Trends

- Gamification of Learning: AR and VR are being increasingly utilized to gamify learning experiences, making education more engaging and interactive, which can improve learning outcomes and retention rates.
- Remote Learning Environments: With the expansion of remote learning, AR and VR technologies offer students a way to access immersive classroom experiences from their homes, overcoming the limitations of traditional online courses.
- Skill-Based Training: In vocational education, AR and VR are used for skill-based training, providing hands-on experience in a controlled, virtual environment. This is especially relevant in fields like medicine, engineering, and aviation.

Key Takeaway from Market Study

The primary insight from the AR and VR in education market study is the critical role these technologies play in transforming traditional learning paradigms. Schools and educational institutions are recognizing that AR and VR can offer unparalleled educational experiences that are highly engaging and effective, thereby improving learning outcomes.

Recent Developments

- Innovative Product Launches: Major tech companies and startups alike are continually developing more sophisticated AR and VR educational tools. For example, Google Expeditions allows students to take virtual field trips to hundreds of places like museums, underwater, and outer space.
- Strategic Partnerships and Collaborations: Several tech companies are collaborating with educational institutions to create custom AR and VR curricula. Microsoft, for example, has partnered with Pearson Education to develop mixed reality applications for different college courses.

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Market Dynamics Analysis

Drivers:

-Increased investment in educational technology by governments and private sectors.
-Growing emphasis on personalized learning environments.
-Technological advancements that make AR and VR more accessible and affordable.

Challenges:

-High initial setup costs for AR and VR systems.
-Need for substantial content development to ensure a broad and effective implementation.
-Technological limitations in terms of resolution, internet bandwidth, and user health safety.

Key Regional Developments

North America: Leads the market in adoption due to the strong presence of leading AR and VR companies and significant investments in EdTech.
Europe: Growing at a robust rate due to educational policy reforms and high technology adoption rates.
Asia-Pacific: Rapidly adopting AR and VR technologies in education due to increasing investments in technology infrastructure and a strong push towards digital learning.

Impact of Recession

A global recession could potentially slow down the investment in AR and VR in education due to budget constraints. Educational institutions may prioritize essential services and postpone investment in new technologies. However, given the increasing trend towards digital learning, especially in the context of global challenges such as the COVID-19 pandemic, AR and VR technologies might still see sustained interest as essential tools for effective remote learning and training.

Conclusion

As AR and VR technologies continue to evolve, their integration into educational systems globally signifies a revolutionary shift in how education is imparted. Despite potential economic downturns, the transformative potential of AR and VR in enhancing learning experiences ensures that interest and investment in these technologies will continue to grow. Schools, universities, and vocational trainers recognize the value of immersive educational technologies not just as tools for engagement, but as necessary innovations for preparing students to thrive in an increasingly digital world.

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Table of Content - Analysis of Key Points

Chapter 1. Executive Summary
Chapter 2. Market Definition and Scope
Chapter 3. Global Market Dynamics
Chapter 4. AR and VR in Education Market Impact Analysis
Chapter 5. Value Chain Analysis
Chapter 6. Porter's 5 forces model
Chapter 7. PEST Analysis
Chapter 8. AR and VR in Education Global Market, by Offerings
Chapter 9. AR and VR in Education Global Market, by Devices Type
Chapter 10. AR and VR in Education Global Market, by Service
Chapter 11. AR and VR in Education Global Market, by Deployment
Chapter 12. AR and VR in Education Global Market, by Application
Chapter 13. AR and VR in Education Global Market, by End Use
Chapter 14. Regional Outlook
Chapter 15. Competitive Intelligence
Chapter 16. Key Companies Analysis
Chapter 17. Research Process

Continued…

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This release was published on openPR.