The Virtual Reality Market in Education Industry is expected to grow from USD 25.85 billion in 2024 to USD 67.02 billion by 2029, at a CAGR of 21% during the forecast period (2024-2029).
VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises and adoption among major universities, colleges, and schools for advanced learning experiences. In addition, the market is expected to gain significant demand from corporations for corporate learning programs in the coming years.
Further, as the prices of VR systems drop and more people become interested in this new technology, adoption in the education sector is expected to grow. For instance, a Perkins Coie and XR Association survey of over 160 professionals found that 63% of respondents strongly agreed that immersive technology will significantly advance education over the next five years.
The telecom companies in the region are aggressively making efforts to attract customers to use their 5G network. Hence, these regional vendors are investing in and innovating the software and platform for the development of VR applications by leveraging the upcoming 5G technology. Such events are expected to boost the growth of the market in the region.
The virtual reality market in education is moderately competitive. Furthermore, research and development initiatives aimed at improving immersive virtual environments' quality, performance, and effectiveness are projected to propel market demand in the coming years, increasing competition among the key vendors.
India in January 2022, had the Central Board of Secondary Education (CBSE) collaborate with the tech giant, Meta, to train 10 lakh teachers and one crore students in Virtual Reality (VR) and Augmented Reality (AR) for the next three years. As part of this partnership, Meta provided a curriculum on digital safety, online well-being, VR, and AR.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook