According to Fact.MR, a supplier of market research and competitive intelligence, the global market for augmented reality in education is projected to reach US$ 85 billion by 2031, growing at an astounding CAGR of 80% over the next 10 years.
The most recent innovation in digital technology is augmented reality. AR is expected to transform current educational paradigms around the globe. It can result in a favorable shift in the time and place of sessions and improve learning.
Interaction and creativity are increasingly being incorporated into the modern educational process. AR aids pupils in learning, processing, and memory by presenting visual representations. As a result, it enables students to put their knowledge to use. As it combines learning based on conceptualization, observation, and testing scenarios, experimental learning is an essential method for acquiring novel and creative skills.
The rise of augmented reality technology has affected the physical environment, which has improved students’ learning experiences. Audio, video, and games are just a few of the AR learning experiences in educational content that have altered how people view education.
A few of the factors propelling the growth of augmented reality (AR) in the education market include the widespread adoption of AR for corporate training and development, ongoing innovation in AR technologies, and utilization of connected devices in AR in education.
Key Market Study Conclusions
- By 2031, the market for augmented reality in education will be worth more than US$85 billion.
- By 2031, it is expected that K12 AR will total about $30 billion.
- Over the next 10 years, higher education AR is anticipated to see CAGRs exceeding 75%.
- More than 40% of the market is in North America.
- By 2031, the South Korean market is anticipated to be worth $12 billion.
- Market growth in Australia is anticipated to be 50% between 2021 and 2031.
- To bring digital training to schools and give instructors the necessary skills to integrate technologies in the classroom, Dell teamed up with Tata ClassEdge, a provider of technology-based learning solutions, in June 2018.
- In August 2020, Google Ventures made about US$ 14.5 million in investment in Blue Vision Labs, a British AR start-up company.
Key Companies Profiled: Aug That, Blippar, Chromville, Curiscope Ltd., DAQRI, EON Reality Inc., GAMOOZ Interactive Solutions Pvt. Ltd., Google LLC, InGage Technologies, Magic Leap Inc., Meta Company, Popular, QuiverVision Limited
In 2020, the U.S. market was worth more than US$ 460 Mn. The U.S. education sector is expanding as a result of the country’s leading manufacturers of augmented reality (AR) learning tools, an abundance of illustrious educational institutions, and the high-quality instruction they offer.
A learning environment that is focused on an individual’s or organization’s learning needs can be created thanks to recent technological advancements in augmented reality (AR) in education, which have increased the adoption of smart education and technologically advanced classrooms in educational and corporate settings.