According to a market report, published by Sheer Analytics and Insights, The global Augmented and Virtual Reality (AR & VR) Market in the education sector market was valued at $17.3 billion in 2021 and it is expected to reach $300.8 billion at a CAGR of 28.4% between 2022 and 2032. A few of the factors influencing the market growth are the widespread acceptance of augmented reality (AR) or virtual reality (VR) for corporate training and development, ongoing innovation in VR/AR technologies, increased participation and engagement in learning, demand for personalized learning experiences, and use of connected devices in augmented and virtual reality in education. In addition, the education market is developing as a result of the increasing use of cutting-edge technology in both equipment and products as well as the expansion of the industry. To prevent data breaches and cyber-attacks, sensitive student data may be present in both AR and VR applications that are used for educational reasons. Hence, these primary factors are driving the market growth over the past few years.
Over the forecast period, the market expansion will be aided by students' increased demand for interactive virtual field trips. As more countries adopt virtual reality headsets in the classroom or at home, one of the main drivers driving the market growth is the increased demand for various virtual field excursions, notably to museums. The growing popularity of virtual vacations gives students an immersive understanding of historical events, which in turn stimulates business expansion. Additionally, virtual journeys help one create immersive places, and customized virtual experiences are anticipated to drive the growth of augmented and virtual reality in the education industry. Virtual reality use in the education sector will increase throughout the projection period due to rising internet usage. Nowadays, the internet is essential to people's life because so much of society is surrounded by digital technology. Due to its dependable interface, affordable connections, and widespread appeal, the internet has developed into a successful platform for delivering virtual courses.
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Moreover, using a smartphone's camera, augmented reality adds digital components to a live view. Snapchat glasses and the video game Pokémon Go are two examples of augmented reality experiences. Virtual reality suggests a wholly engrossing experience that blocks out the outside world. Future applications for virtual reality and augmented reality include gaming, marketing, e-commerce, education, and many other industries. Both technologies are renowned for their enhanced experiences that combine a virtual and physical environment with improved, three-dimensional images. A deeper comprehension of the subjects is facilitated by the growing use of virtual journeys, which provide pupils the chance to experience historical events firsthand. Furthermore, these virtual journeys help create one's own immersive spaces and customized virtual experiences with the aid of simple VR gear.
On the other hand, the market expansion is hampered by data security and privacy issues brought on by a lackluster implementation of augmented reality and virtual reality platforms. Applications for augmented reality and virtual reality are utilized in education and may contain sensitive student data that needs to be protected to prevent data breaches and cyber-attacks. As cloud-based deployment became more widely used, security issues such as data leaks, fraudulent data injection, and unauthorized access to data emerged, which hampered the market's expansion.
On 12th September, 2022, the Metaverse has limitations but opens up many avenues for innovation in the education industry. Education could be more fascinating thanks to Metaverse than it is in the conventional offline method. Teachers will be able to create a virtual environment that transports the entire classroom to a different, intricate location, such as a physics lab, historical site, industrial, or even the surface of a planet. Because of its digital environment's scalability and customizability, learning in this setting is both affordable and engaging.
According to the study, key players dominating the global AR & VR in the education sector market are Alphabet Inc (U.S), BlackBoard (U.S), BigBlueButton (Canada), Barco (Belgium), Cisco (U.S), CornerStone On Demand (U.S), Dell (U.S), Digital Samba (Spain), Hitachi (Japan), HTC (Taiwan), IBM (U.S), Impero Software (U.K), LG Corp (South Korea), Microsoft (U.S), Oculus VR (U.S), Oracle (U.S), Panasonic (Japan), Sony Corp (Japan), among others.
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The Global AR & VR in the Education Sector Market – by Component Types:
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