CHICAGO, July 28, 2023 /PRNewswire/ -- 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% between 2023 and 2028 according to a new report by MarketsandMarkets. The rise in demand for AR and VR devices is attributed to Enhanced understanding through visualization, transforming corporate training through immersive augmented and virtual reality technologies, advancing education through ongoing innovation and expansion in AR & VR technology, the emergence of advancing personalized learning experiences, and real-world application and career readiness.
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Augmented and Virtual Reality in Education Market Report Scope:
Report Coverage | Details |
Market Revenue in 2022 | $2.9 billion |
Estimated Value by 2028 | $14.2 billion |
Growth Rate | Poised to grow at a CAGR of 29.6% |
Market Size Available for | 2019-2028 |
Forecast Period | 2022-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering Type, device type, deployment, application, end user and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Inadequate infrastructure and technical support |
Key Market Opportunities | Immersive Collaboration and Communication |
Key Market Drivers | Enhanced understanding through visualization |
By offering type: software segment to account larger market share in the forecasted year.
The software segment accounted for the larger market share in 2028. The growth of software AR and VR in education is supported by technological advancements and cost reductions. As technology advances, it becomes more accessible and affordable, allowing educational institutions to integrate AR and VR solutions into their curricula. The availability of user-friendly software tools and platforms also reduces the barriers to entry for educators and encourages the development of AR and VR content. Also, the increasing adoption and integration of AR and VR technologies into educational settings, transforming traditional learning methods and enhancing the overall educational experience.
By deployment: cloud to account for a larger market share in the forecasted year.
The cloud deployment accounted for the larger market share in 2028. The growth of the cloud deployment segment in AR and VR for education is driven by factors such as scalability and flexibility, reduced infrastructure costs, accessibility and anytime, anywhere learning, collaboration and content sharing, centralized management and updates, enhanced security, and data privacy, integration with learning management systems, and continuous innovation and updates.
By device type: projectors & displays device type to account for a larger market share in the forecasted year.
The projectors & displays accounted for the larger market share in 2028. The advancements in display technology have greatly contributed to the growth of projectors and display devices in AR and VR. High-resolution displays, improved color reproduction, and faster refresh rates have enhanced the visual quality of AR and VR content, creating more realistic and immersive experiences. This has increased the demand for high-quality projectors and display devices capable of delivering these enhanced visuals.
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North America is expected to hold the largest share of the AR and VR in the education market during the forecast period.
North America held the largest share of the AR and VR in education industry in 2028. The education industry always seeks growth in North America, due to the presence of many prominent educational institutions and the quality education provided by them. Technological advancements have led to the rise in the adoption of smart education and technologically advanced classrooms in educational and corporate setups, which help to create a learning environment that is focused on an individual's or organization's learning needs. The US and Canada are the top contributing countries to the virtual classroom market in this region. These countries have established economies, which empower them to strongly invest in R&D activities. Moreover, the startup culture in North America is growing rapidly in comparison to the other regions. The rapid digitalization across industry verticals, the increasing adoption of smart connected devices, and the rising technological advancements have further fueled the growth of the education sector in this region.
The key players in the AR and VR in education companies are Sony Group Corporation (Japan), HTC Corporation (Taiwan), Meta (US), Google (US), Microsoft (US), Panasonic Holdings Corporation (Japan), Vuzix (US), Cornerstone OnDemand, Inc. (US), Anthology Inc. (US), Lenovo (Hong Kong).
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Augmented Reality and Virtual Reality Market by Technology Type (AR: Markerless, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), Device Type, Offering, Application, Enterprise, and Geography - Global Forecast to 2027
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