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Augmented Reality & Virtual Reality Market Size for Education Industry Estimated to Reach $22.4 Billion by 2027

Augmented Reality & Virtual Reality Market Size for Education Industry Estimated to Reach $22.4 Billion by 2027

“Augmented Reality & Virtual Reality Market”
Increasing Penetration of Interactive Learning Platforms To Introduce Real-Time Insights in Learning Experiences Is Positively Impacting the Augmented Reality & Virtual Reality Market Growth

The Global Augmented Reality & Virtual Reality market size for Education Industry is estimated to reach $22.4 billion by 2027, growing at a CAGR 14.6% during the forecast period 2022-2027. Increasing penetration of interactive learning process for effective visualization of subjects by leveraging digital age technologies such as Artificial Intelligence (AI), Machine Learning (ML) is set to drive the market. Growing demand for Augmented Reality & Virtual Reality in corporate training utilizing connected systems such as gesture recognition systems, head-mounted displays, software-defined kits are some of the major factors attributing to the market growth. Furthermore, with the rising integration of embedded electronic components with education infrastructure, the global Augmented Reality & Virtual Reality for education industry has gained a huge traction. The growing convergence of education system and mixed reality platform, accelerating the integration of 3D content in daily learning and teaching process is boosting the market. Rising investment towards education infrastructure to enable a next generation digital learning platform is estimated to foster the growth of Augmented Reality & Virtual Reality Market for Education Industry during 2022-2027.

Augmented Reality & Virtual Reality Market Segment Analysis for Education Industry – By Deployment Model

By deployment model, Augmented Reality & Virtual Reality Market for Education Industry has been segmented into cloud, on-premise model. Cloud segment is estimated to witness the highest growth at a CAGR of 15.5% during the forecast period 2022-2027. As compared to on premise models, cloud based software act as a cost-efficient solution, eliminating requirement of additional infrastructures, attributing to its market growth. Rising adoption of cloud computing or cloud based services in education industries as a part of effective collaboration between students and teachers to improve engagement, feedback as well as assessment from remote locations is also aiding the market growth over time. For instance, in 2019, The Wild Rose school division of Canada, announced about shifting its data storage to Microsoft’s Azure cloud, which in turn has helped in cost reduction up to US$ 12000 per year. In January 2021, DigitalEd and Binary Semantics announced about a Joint Venture, named ‘DigitalEd India’ with an aim to accelerate Digital Learning platform in India. This development was done to offer immersive online learning experience in higher education focusing on science. Technology, engineering & mathematics (STEM) students in India to help reducing the higher education costs, through digital learning platform.

Augmented Reality & Virtual Reality Market Segment Analysis for Education Industry – By End Users

By end users, Augmented Reality & Virtual Reality Market for Education Industry has been segmented into academic and corporate sector. Academic sector dominated the global augmented reality and virtual reality market with a share of 48% in 2021, and is also anticipated to witness a significant growth during the forecast period 2022-2027. Growing investment towards digital education platform is one the major factors driving the growth in this sector. Academic sector is further segmented into K-12, vocational and higher education. Growing acceptance of digital education globally is bolstering the growth of augmented reality and virtual reality with a vision to maximize the technological capabilities in academic sector. The ongoing shift from traditional class to the virtual classroom due to Covid 19 pandemic is contributing towards speedy expansion of the market. Furthermore, beneficiary capabilities of virtual learning environment such as flexible schedule, immersive nature, mobility, personalized learning, and many others are considered to be the some of the prime factors which will further influence the market growth in the long run. As compared to traditional classroom, costs involved in setting up virtual classroom is lower due to eliminating requirement of additional infrastructures, boosting its market growth. In August 2019, Lenovo published a report highlighting the factor that students are 97% more actively engaged while they are equipped with VR environment infrastructure during learning session. In October 2020, Blue Hat announced about providing Augmented Reality immersive classes to 320 preschools in Guangzhou, China for the next three years. This development involved partnership among Blue Hat, Fujian Youth Hand in Hand Educational Technology Co., Ltd and Guangzhou Tongsheng Education Technology Ltd, which is set to create significant growth opportunities for the market between 2022 and 2027.

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Augmented Reality & Virtual Reality Market Segment Analysis for Education Industry – By Geography

By geography, Augmented Reality & Virtual Reality Market for Education Industry has been segmented under North America, Europe, APAC, South America and RoW. APAC dominated the global Augmented Reality & Virtual Reality Market for Education Industry acquiring a share of 37% in 2021 and is also set to witness the fastest growth during 2022-2027. Factors like growing shift towards online or digital learning with outbreak of COVID-19 pandemic, investments on improving educational as well as corporate training standards, demand for interactive or personalized based learning experiences and others can be considered vital in driving the market forward in this region. In June 2020, Eon Reality announced to provide AR and VR for 100 academic institutions in Zhenzhou, China as a part of enhancing innovative and learning experiences in China. In October 2021, IIT Madras announced its collaboration with Japanese company Monolith to offer advanced diploma course in virtual reality by 2022. Such initiatives are set to drive the market forward in the coming years.

Augmented Reality & Virtual Reality Market for Education Market Drivers

Increasing penetration of interactive learning platforms to introduce real-time insights in learning experiences is positively impacting the market growth

Increasing penetration of interactive learning platform to introduce real-time insights in learning experiences as a part of fostering student engagement through guided social interaction and so on acts as a major factor driving the market growth towards global Augmented Reality & Virtual Reality Market for Education Industry. The perfect blending of augmented reality and virtual reality as a part of providing a 360o platform, is capable of helping students learn as well as explore beyond the classroom walls, thus reducing opportunity gaps. Recent trend of adopting AR/VR platform in medical education and training, as a part of providing safe as well as effective medical simulations with a vision to teach trainee doctors and paramedics while reducing risk and increasing confidence, is also boosting the market growth overtime. In May 2020, HTC, a telecommunications giant announced about investing €3 million in Immersive VR Education. This investment was done to expand the augmented reality and virtual reality platform with an aim to develop digital educational field across the globe. In November 2021, University of British Columbia Extended Learning announced partnership with Circuit Stream, a global AR/VR learning platform to launch new AR/VR courses while establishing real-world, job-ready skills among students. Such partnerships are set to fuel the market growth in the long run.

Growing demand for interactive and engaging virtual field trips among students drives its market forward

Growing demand for virtual field trips to museums, countries utilizing virtual reality headset while sitting in the classroom or home act as a major driver boosting its market growth. Growth in adoption of virtual trips provides opportunities for students to gain immersive experience about historical events, which in turn contributes towards deeper understanding of the subjects. The mixed reality platform offers guided, multilingual virtual field trips to places including museums, monuments, historical sites, and even outer space, which helps educators to integrate immersive content into their lesson plans at relatively lower costs. Furthermore, with the help of a basic VR headset, such virtual trips also assist in building own immersive spaces as well as personalized virtual experiences. In October 2021, Zebar School for Children, one of the leading schools in Ahmedabad, announced about conducting virtual tours with NASA to arrange virtual field trip programs for students with an aim to create interest in science, space, and astronomy among students. Such factors are analyzed to propel the global Augmented Reality and Virtual Reality Market growth for education industry in the coming time.

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Augmented Reality & Virtual Reality Market for Education Market Challenges

Data security and Privacy concerns associated with weak integration or deployment of augmented reality & virtual reality platforms hinders its market growth

Data security and Privacy concerns associated with weak integration or deployment of augmented reality & virtual reality platforms hinders its market growth. AR & VR applications are used for academic purpose and thus contain potential sensitivities about student data, which needs to be protected as a part of avoiding data breaches and cyber-attacks. Crucial data and information are mostly stored in cloud databases that entertain cybercriminals to involve into illegal activities. Increase in adoption of cloud-based deployment lead to security concerns such as data leak, false data injection or unauthorized access of data and thereby, hampering the adoption. According to RiskBased Security research, in first three quarter of 2020, more than 36 billion data breaches cases has already been exposed. As per RiskIQ research, businesses face a loss of US$ 25 per minute due to data breaches. These factors eventually create an adverse impact on the market growth.

Augmented Reality & Virtual Reality Market for Education Industry Outlook

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Augmented Reality & Virtual Reality Market for Education Industry. Augmented Reality & Virtual Reality Market for Education Industry top 10 companies include:

zSpace

Samsung Electronics

Microsoft Corporation

Google Inc.

HQSoftware

Cubix

Zco Corporation

Eon Reality Inc.

Facebook Technologies LLC

Varjo Technologies Oy

Acquisitions/Product Launches

In October 2021, Facebook announced the launch of new augmented reality tools to help AR creators. This development includes two programmes consisting of new Spark AR certification program and AR Pro course as a part of Facebook Reality Labs education program to assist advanced and intermediate AR creators in improving their skills.

In October 2021, Varjo, a global leader in AR/VR hardware and software announced about the launch of Varjo Aero, newest virtual reality device for medical, healthcare and education industries. This development was done to engage effectively in real-time training sessions in order to nurture better understanding of the subject.

In March 2020, Eon Reality launched new AR and VR packages for industrial, government and educational sector. The new packages such as Remote Classroom 3.0 and Remote Industry 4.0 are developed to bring immersive and interactive experiences during remote lessons sessions.

Key Takeaways

Cloud deployment is analyzed to witness the highest growth in the global Augmented Reality & Virtual Reality Market for Education Industry during 2022-2027, owing to varied advantages including cost efficiency, shift towards cloud based learning platforms and others.

APAC Augmented Reality & Virtual Reality Market for Education Industry held the largest share in 2021, attributing to factors like growing shift towards online or digital learning amidst COVID-19 pandemic, as well as investment or initiatives for improving educational as well as corporate training standards.

Increasing penetration of interactive learning platforms to introduce real-time insights in learning experiences along with growing demand for interactive and engaging virtual field trips among students are analyzed to significantly drive the global Augmented Reality & Virtual Reality Market for Education Industry during the forecast period 2022-2027.

Relevant Report Titles:

Augmented and Virtual Reality Market

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