Released May 25, 2023
InsightAce Analytic Pvt. ltd announces the publication of a market assessment report on the subject “Global metaverse in the education market Analysis Report on Size, Share and Trends by Component (Hardware and Software) and Application (Learning, Skills Development, Educational Apps, Self-Regulatory Capabilities, Cultural Understanding) – Market Outlook and Industry Analysis 2031″
It is estimated that the global Metaverse in Education market will reach over US$102.57 billion by 2031, representing a CAGR of 38.42% over the forecast period.
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Metaverse technology has the power to change the way people connect, how people communicate, how people understand different cultures, and how people learn in general. Educational institutions use the metaverse to build virtual universities or classrooms that allow students to visit and interact with teachers and classmates in different learning environments based on their choice.
Furthermore, the rapid adoption of virtual technologies in the education sector, growing adoption of the Metaverse and its tools, and larger investments in Metaverse led tech companies are expected to boost the revenue growth of the market throughout the forecast period. Major Metaverse-based companies are also developing cutting-edge platforms to encourage more participatory teaching and learning.
Furthermore, among the factors that may impede the growth of Metaverse in the education market during the forecast period are worries of ever-increasing exclusion due to the widespread adoption of augmented reality, the high cost of the developed Metaverse technology, and the lack of emerging tools, among others in developing and underdeveloped countries, and privacy and security concerns.
List of Prominent Players in the Metaverse in Education Market:
- Disable metaversity
- The education of tomorrow
- 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
The COVID-19 epidemic has accelerated the transition to e-learning and the use of technology in teaching and learning. This change is a fundamental part of creating engaging and engaging learning experiences and is expected to drive the revenue growth of the market. The adoption of VR and AR technology by educators worldwide, the rise of interactive virtual education, and rising interest in the metaverse in the education sector are some of the key drivers expected to propel the market revenue development throughout the forecast period.
The significant factors expected to restrain the growth in revenue of the global Metaverse market during the forecast period include concerns about data security and privacy in these environments, user identity issues, and difficulties in persuading subscribers to move there to use money transfers. However, Metaverse’s high cost in education and availability of technical facilities are expected to hamper the overall growth of the market in the coming years.
The North American metaverse in education market is expected to capture a large market share. As more attention is paid to setting up metaverse platforms, more metaverse platforms will be used to provide virtual college tours. More importantly, companies are investing in developing educational games for schools and colleges.
Many schools and universities, including the University of Miami, use the Metaverse through their AR and XR programs to offer immersive learning experiences in a variety of fields, including architecture, healthcare, and behavioral science.
Another aspect that could contribute to the revenue growth of the market in the region in the projected timeframe is the rapid adoption of cryptocurrencies such as bitcoin for tuition payment. In addition, the Asia-Pacific region had a significant market share. The industry is expected to keep growing owing to the growing number of players in the global metaverse in the education market. Additionally, leading vendors are expected to increase their investments in product capabilities and business expansion during the research period.
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- In March 2022, health and fitness company GOFA International released Luca & Friends, a new groundbreaking app that uses AI-powered motion capture (Artificial Intelligence) technology to get kids moving through fun, immersive educational games to help families and schools and extracurricular programs address this issue in today’s technology-driven world.
Segmentation of Metaverse in Education Market –
- Skill Development
- educational apps
- self-regulation skills
- cultural understanding
- The UK
- rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- rest of Latin America
Middle East and Africa-
- GCC countries
- South Africa
- Rest of Middle East and Africa
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