Metaverse In Education Market Size, Share & Trends Analysis Report By Component, By Application (Skill Development, Educational Apps), By End Use (Academic, Corporate), By Region, And Segment Forecasts, 2024 - 2030

Metaverse In Education Market Trends

The global metaverse in education market size was estimated at USD 4.38 billion in 2023 and is expected to grow at a CAGR of 38.7% from 2024 to 2030. Various factors, such as growing experiential learning, increasing technological accessibility, rising demand for interactive learning, and advancements in technologies, are primarily driving the growth of metaverse in the education market. The metaverse offers numerous opportunities for students to engage in immersive simulations and virtual recreations, allowing students to explore historical events, and conduct scientific experiments in realistic environments. Moreover, metaverse platforms can create virtual spaces where students from anywhere in the world can work together on projects, brainstorm ideas, and solve problems in real time. This fosters a more collaborative learning environment and can be especially beneficial for geographically dispersed students.

Educational organizations are facing intense scrutiny to offer superior educational settings and tech-driven education to students. The foremost aim of employing technology in education has been to make education accessible and captivating for students. Extended reality technology enhances student learning experiences through highly realistic presentations of information, increased interaction within simulated environments, and notably reducing the cognitive burden on learners. Various institutions are investing heavily in incorporating virtual reality technology into their in-person and online courses for educational purposes. Furthermore, the rise of the metaverse has provided various opportunities for the education sector to evolve in numerous ways. Through VR, students can partake in virtual field trips, company visits, museums, and exhibitions. Thus, there is high growth of the metaverse in the education market.

The metaverse has the potential to make education more accessible for everyone. With an internet connection, students can enter virtual learning environments regardless of their location or physical limitations. This can be beneficial for students in remote areas or those with disabilities. The continued development of virtual reality (VR) and augmented reality (AR) technologies is a major driver for the metaverse in education. As VR and AR become more affordable and accessible, their adoption in educational settings is expected to increase significantly. Traditional lectures and textbooks are no longer the only options. Students are opting for more interactive and engaging learning experiences. The metaverse provides a platform for educators to create these experiences, catering to different learning styles and keeping students motivated.

Component Insights

The hardware segment led the market in 2023, accounting for over 47.0% share of the global revenue. Hardware manufacturers are constantly innovating to create VR headsets, AR glasses, and other devices that offer a more immersive and user-friendly experience. This makes spending on hardware more suitable for educational institutions, as better experiences lead to better learning outcomes. Moreover, the high cost of VR and AR devices has been a barrier to entry for many schools. However, the trend is shifting towards more affordable hardware solutions. This wider range of options makes the metaverse more accessible to a wider range of educational institutions.

The professional services segment is predicted to foresee significant growth in the coming years. Educational institutions and companies are looking for guidance in integrating the metaverse into their learning strategies. Professional services provide expertise in analyzing needs, developing implementation plans, and assessing the return on investment (ROI) of metaverse education initiatives. Moreover, building and integrating metaverse-based learning experiences requires specialized skills. Professional service providers offer expertise in developing custom applications, integrating existing learning management systems (LMS) with the metaverse, and ensuring a seamless user experience.

Application Insights

The learning segment accounted for the largest revenue share in 2023. Effective learning applications provide built-in assessment tools that track student progress, identify areas needing improvement, and personalize the learning experience further. This continuous feedback loop allows educators to monitor student learning and adapt their teaching strategies accordingly. User-friendly content creation tools in learning applications empower educators to easily develop their own metaverse lessons and activities. This allows them to tailor the learning experience to their specific curriculum and student needs, fostering a more dynamic and engaging learning environment.

The educational apps segment is predicted to foresee significant growth in the coming years. Educational apps can be downloaded onto existing devices such as tablets or smartphones, making them a more accessible and affordable entry point for schools and individual learners. Educational apps offer a wide range of learning experiences that can be integrated seamlessly into existing lesson plans. They can be used for pre-recorded lectures, interactive quizzes, virtual field trips, simulations, and collaborative activities within the metaverse. This versatility allows educators to cater to different learning styles and curriculum requirements.

End Use Insights

The academic segment accounted for the largest revenue share in 2023. Traditional lectures and textbooks can struggle to capture student attention. The metaverse offers a more engaging and interactive learning environment that motivates students to participate actively. The metaverse creates virtual spaces where students from different locations can work together on projects, conduct experiments, and participate in discussions. This fosters collaboration, communication skills, and teamwork, preparing students for a globalized workforce. The metaverse has the potential to make education more accessible for students with disabilities or those located in remote areas. Virtual environments can be adapted to cater to individual needs, allowing all students to participate in a rich learning experience.

The corporate segment is anticipated to exhibit significant CAGR over the forecast period. Corporations are increasingly looking for innovative ways to onboard new employees and deliver ongoing training programs. The metaverse offers a platform for immersive simulations, role-playing exercises, and interactive tutorials that can significantly improve knowledge retention and skill development compared to traditional methods. The rapid pace of technological change necessitates continuous learning for employees to stay competitive. The metaverse allows companies to create virtual learning environments that simulate real-world work scenarios, allowing employees to practice new skills and adapt to evolving industry demands.

Regional Insights

North America dominated with a revenue share of over 35.0% in 2023. North America has a well-established EdTech industry with a history of innovation and investment in new learning technologies. Thus, drives the adoption of the metaverse in education, as there's a pre-existing interest and openness to exploring new ways of teaching and learning. Moreover, venture capitalists and technological companies are actively investing in metaverse education startups and platforms in North America. This influx of funding accelerates the development of metaverse-based learning experiences and makes them more accessible to educational institutions.

U.S. Metaverse In Education Market Trends

The metaverse in education market in the U.S. is anticipated to exhibit a significant CAGR over the forecast period. The US boasts a robust technological infrastructure with high internet penetration and significant investments in research and development (R&D) for VR, AR, and other metaverse-related technologies. This strong foundation makes it easier for educational institutions to adopt and integrate these technologies into their curriculum. Moreover, the U.S. government is prioritizing Science, Technology, Engineering, and Math (STEM) education. The immersive and interactive nature of the metaverse can be particularly beneficial for STEM subjects.

Europe Metaverse In Education Market Trends

The metaverse in the education market in Europe is expected to witness significant growth over the forecast period. European governments and educational institutions are increasingly investing in educational technology (EdTech) solutions. This includes funding for research and development of metaverse-based learning experiences. This proactive approach from governments creates a supportive environment for the adoption of the metaverse in education. European countries are emphasizing the importance of digital literacy and preparing students for the future workforce. The metaverse offers a platform to develop these skills through immersive experiences and exposure to advanced technology.

Asia Pacific Metaverse In Education Market Trends

The metaverse in the education market in Asia Pacific is anticipated to register the highest CAGR over the forecast period. The Asia Pacific region is experiencing rapid technological advancements, with significant investments in areas such as 5G infrastructure and VR/AR development. This strong technological foundation makes it easier for educational institutions to adopt metaverse-based learning experiences. Moreover, the Asia Pacific region boasts a large and tech-savvy population, particularly among young people. This creates a strong demand for the metaverse in the education market.

Key Metaverse In Education Company Insights

Key metaverse in education companies include Adobe Inc.; Baidu Inc.; and Epic Games. Companies active in the metaverse in education market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in September 2023, Meta, a social metaverse company, collaborated with 15 U.S. universities, to conduct courses in virtual environments, exploring the ways in which immersive technologies, such as virtual reality (VR) and augmented reality (AR), may shape the educational landscape moving forward. Among the institutions participating are Stanford University, Morehouse College, and the University of Iowa, with a current emphasis on VR classes that prioritize soft skills and create simulations of real-world scenarios.

Recent Developments

• In January 2024, Samsung Electronics, a metaverse technology provider, partnered with Physics Wallah Pvt. Ltd., an education technological company based in India, and launched “Samsung Education Hub”, a designed-for-TV education application. This initiative boosts the educational value of television in homes by offering the chance to participate in online courses on a larger screen, made possible through collaboration with Physics Wallah Pvt. Ltd., a digital education platform provider.

• In September 2023, the Ministry of Education, All India Council for Technical Education (AICTE), signed a Memorandum of Understanding (MoU) with Microsoft Corporation, a metaverse technology provider, to provide students with opportunities for skill development, mentorship, and project creation while providing teachers with resources in AI, Cloud computing, Data Science, Analytics, and Security. In this collaboration, AICTE and its allied institutions aim to prepare students and educators for the workplace by offering a comprehensive range of learning paths, technical certifications, and practical experiences in artificial intelligence, cloud computing, data science, and data analytics.

• In March 2023, Lenovo, a metaverse components provider, launched the ThinkVision S-Series interactive Large Format Display, a purpose-built tool to facilitate integrating technology in the classroom. The company unveiled new consulting services at Bett UK, an EdTech event, aimed at assisting schools with strategic planning and offering professional development for teachers.

Metaverse In Education Market Report Scope

Global Metaverse In Education Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global metaverse in education market report based on component, application, end use, and region:

• Component Outlook (Revenue, USD Million, 2017-2030)

  • Hardware

    • AR Devices

    • VR Devices

    • MR Devices

    • Interactive Displays and Projectors

  • Software

    • Extended Reality Software

    • Gaming Engines

    • Metaverse Platforms

    • 3D Mapping, Modelling, and Reconstruction

  • Professional Services

    • Application Development and System Integration

    • Strategy & Business Consulting

• Application Outlook (Revenue, USD Million, 2017-2030)

  • Learning

  • Skill Development

  • Educational Apps

  • Self-Regulation Skills

  • Cultural Understanding

  • Others

• End Use Outlook (Revenue, USD Million, 2017-2030)

  • Academic

    • K-12

    • Higher Education

  • Corporate

• Regional Outlook (Revenue, USD Million, 2017-2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • MEA

    • UAE

    • South Africa

    • KSA