PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1333993
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1333993
The global AR and VR in education market was valued at USD 2.9 billion in 2022 and is projected to reach USD 14.2 billion by 2028; it is expected to register a CAGR of 29.6% during the forecast period. Transforming corporate training through immersive augmented & virtual reality technologies, advancing education through ongoing innovation & expansion in AR & VR technology, the emergence of advancing personalized learning experiences, and Real-World Application and Career Readiness are driving the growth of the AR and VR in education market. Whereas standardization and interoperability in AR & VR implementation and technical limitations in AR and VR for enhanced education experiences are restraining the growth of AR and VR in education market.
The software segment is expected to grow at the highest CAGR during the forecast period
The software segment is expected to grow at a highest CAGR during the forecast period. The AR and VR industry is constantly evolving, with new technologies being developed all the time. This is leading to new and innovative ways to use AR and VR, which is driving the demand for software. Also, the development and availability of more powerful and affordable hardware have propelled the growth of AR and VR software. Innovations in display technology, sensors, and computing power have made AR and VR experiences more immersive, realistic, and accessible.
Projectors & Displays segment to register growth at the highest CAGR during the forecast period
The projectors & displays segment is expected to grow at a highest CAGR during the forecast period. Projectors and display devices play a crucial role in delivering immersive and interactive AR and VR experiences, enhancing visual quality, field of view, and overall user experience.
The professional services segment is likely to grow at a higher CAGR during the forecast period
The professional services segment is expected to grow at a higher CAGR during the forecast period. Professional services in AR and VR encompass a range of specialized offerings including consulting, development, design, integration, implementation, training, and support. They provide the necessary expertise in areas such as software development, 3D modeling, user experience design, hardware selection, content creation, and system integration. Their expertise helps organizations navigate the complexities of AR and VR implementation, ensuring successful outcomes. These factors propel the growth of the segment.
The cloud segment is likely to grow at a higher CAGR during the forecast period
The cloud deployment segment is expected to grow at a higher CAGR during the forecast period. Cloud-based deployment offers educational institutions cost-effective, accessible, and manageable solutions for integrating AR and VR into their teaching and learning practices, supporting the growth and adoption of AR and VR in the education sector.
The AR HMD device segment is likely to grow at the highest CAGR during the forecast period
The Augmented Reality Head-Mounted Display (AR HMD) device segment is expected to grow at a highest CAGR during the forecast period. AR HMD devices in AR and VR for education is driven by factors such as enhanced immersion and interaction, real-world contextual learning, hands-on experiences, personalized and adaptive learning, collaboration and shared experiences, portability and flexibility, cost reduction and accessibility, evolving technology and innovation, industry collaboration, content development, and positive educational outcomes from research studies. The integration of AR HMD devices in educational settings empowers students with transformative learning experiences, promoting active engagement and a deeper understanding of academic concepts.
Breakdown of primaries
The AR and VR in education market is dominated by a few globally established players such as Sony Group Corporation (Japan), HTC Corporation (Taiwan), Meta (US), Google (US), and Microsoft (US). The study includes an in-depth competitive analysis of these key players in the AR and VR in education market, with their company profiles, recent developments, and key market strategies.
The report segments the AR and VR in education market and forecasts its size by offering type, device type, deployment, application, end-user, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the AR and VR in education ecosystem.
(Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))**