Metaverse is a digital landscape that uses Virtual Reality (VR), Augmented reality (AR) Extended reality (ER), and Mixed Reality (MR) to form a 3D virtual world focused on social connections. Augmented reality overlays sound, visual elements, and other sensory inputs while virtual reality focuses on fictional realities.
The metaverse has the potential to bridge the gap between the virtual world and the physical realm. One of the many uses of the metaverse is its role in the future of education as it is capable of revolutionizing social interactions, cultural interactions, and communications. Rapid advancements in technology such as remote capabilities and endless virtual possibilities are expected to drastically change the education system in the coming years. Increasing penetration of internet services, smartphones, has led to increasing adoption of e-learning.
Many schools and educational institutes across the globe are adopting metaverse technology for creating virtual classrooms and campuses and enabling students to visit and interact with their classmates and teachers. Metaverse can help students to improve their learning journey through immersive and interactive experiences. Students can also use virtual reality to go on field trips and their friends from across can join them too. They can also communicate, collaborate, co-create and share multimedia content with others in real-time sitting at home.
Major Companies in the Market Include:
- Invact Metaversity
- Tomorrow’s Education
- Sophia Technologies Ltd.
- Metaverse Group
- Shenzhen Meten International Education Co. Ltd.
- Shenzhen Shengxue Culture Communication Co., Ltd.,
- WU Executive Academy
- 21K School
- Luca & Friends
- Skillful Craftsman Education Technology Ltd.
- Jiangsu Hibao Tech Software Co., Ltd.
- The University of Miami
- The University of Nevada
Factors such as changing learning patterns, growing inclination towards e-learning amidst the COVID-19 pandemic, and rapid advancements in metaverse tools are expected to drive global market revenue growth. In addition, high adoption of advanced technologies such as Virtual Reality, Augmented Reality, and Extended Reality, an increasing number of companies developing innovative educational platforms to enhance learning and teaching experience, and a rising number of collaborations are other factors expected to fuel market growth going ahead. However, high costs of advanced metaverse technology, lack of funds for developing advanced tools in developing and underdeveloped economies, and chances of privacy issues and data safety are some factors that can hamper global market revenue growth during the forecast period.
For this report, Emergen Research has segmented the global metaverse in the education market based on component, technology, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
- Skill Development
- Educational Apps
- Self-Regulation Skills
- Cultural Understanding
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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