Virtual Reality In Education Global Market Report 2022
New York, March 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Virtual Reality In Education Global Market Report 2022” – https://www.reportlinker.com/p06244974/?utm_source=GNW
Ltd., VR Education Holdings, Cyberith, Sixense Enterprises Inc. and Vuzix, Schell Games.
The global virtual reality in education market is expected to increase from $6.37 billion in 2021 to $8.66 billion in 2022 at a compound annual growth rate (CAGR) of 36%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $32.94 billion in 2026 at a CAGR of 39.7%.
Virtual reality in education market consists of sales of virtual reality hardware and software by entities (organization, sole-trader, and partnership) that have the potential to transform the theoretical aspects in the books to reality using the 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.
The main components of virtual reality in education are hardware, software, and solutions.The hardware component of VR in education involves devices used to project virtual reality content such as head-mounted displays, VR headsets, and projectors.
Virtual reality in education can be deployed in the cloud, on-premises, and is applied in areas including residential, academic and training institutions, among others.
North America was the largest region in the virtual reality in education market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing internet penetration will drive the growth of virtual reality in the education market during the forecast period.The internet plays a crucial role in people’s lives today as a large portion of the population’s lives are immersed in digital technology.
The internet has become an effective platform for conducting virtual courses due to its consistent interface, lower connection cost, and universal appeal. For instance, according to the Internet World Stats report, global internet users reached 5.1 billion as of March 2021. Furthermore, according to the Techjury report, the global E-learning sector is expected to reach $325 Billion by 2021. Therefore, the increasing internet penetration propels the growth of virtual reality in the education market.
The development of Augmented Reality (AR) applications by leveraging the upcoming 5G technology is shaping virtual reality in the education market.With its high-speed network, 5G provides hands-on experience and helps access apps easily, whereas 4G technology struggles with the use of Virtual or Augmented Reality in educational applications.
These robot applications help children to solve learning issues, allowing them to get education from the comfort of their own homes while also allowing them to access cloud-based material more quickly. For instance, in March 2021, Fisk University, HTC VIVE, T-Mobile, and VictoryXR have partnered to launch the first-ever interactive 5G enabled VR human cadaver lab for learning delivery to pre-med and biology-related majors.
In August 2019, Discovery Education, a US-based Edu-tech company acquired Inspyro for an undisclosed amount.Discovery purchased Inspyro to improve its in-house skills for designing, building, and integrating virtual reality and augmented reality content across its digital platforms.
InsPyro is a UK-based VR and AR technology provider in e-learning that creates curriculum modules for students and provides VR educational content.
The countries covered in the virtual reality in education market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06244974/?utm_source=GNW