The virtual reality market in education sector is expected to grow by USD 6.34 billion during 2020-2024, according to the latest market research report by Technavio.
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Technavio has published a latest market research report titled Global Virtual Reality Market in Education Sector 2020-2024 (Graphic: Business Wire)
Advances in technology and the advent of VR cardboard have helped market players to significantly reduce the cost of VR gear. Also, the growing competition in the market has compelled major VR companies to reduce the cost of premium VR gear. For instance, in January 2020, Oculus, a Facebook-owned company, reduced the cost of the Oculus Go headset. The company is also introducing VR headsets for commercial applications. Thus, the increasing affordability of VR gear is encouraging end-users such as educational institutions to adopt them, which is driving the growth of the virtual reality market in education sector.
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As per Technavio, the increasing number of social VR spaces will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Virtual Reality Market in Education Sector: Increasing Number of Social VR Spaces
Social VR spaces allow students to connect and communicate with other students. This prevents students from being isolated from the real world. Hence, major vendors are emphasizing on the development of virtual spaces. For instance, Microsoft’s AltspaceVR allows students to socialize and interact with other users through various avatars and multiplayer sessions. The platform also allows students to take part in events and other small groups. This trend will have a positive impact on the growth of the virtual reality market in education sector over the forecast period.
“The advent of 360-degree cameras and the increasing emphasis on foveated rendering will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Virtual Reality Market in Education Sector: Segmentation Analysis
This market research report segments the virtual reality market in education sector by product (VR Hardware and VR Content), end-users (higher education and K-12), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the virtual reality market in education sector in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, North America is expected to register the highest incremental growth due to the increased emphasis on the use of VR in the education sector and the emergence of low-cost affordable VR gear in the region.
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Some of the key topics covered in the report include:
- VR Hardware
- VR Content
- Higher education
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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