Northbrook, IL 60062 -- (SBWIRE) -- 12/14/2023 -- 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.
Advancing education through ongoing innovation & expansion in AR & VR technology, enhanced understanding through visualization, and real-world application and career readiness are among the factors driving the growth of AR and VR in education market.
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By application, the classroom learning segment is expected to grow with a higher CAGR during the forecast period.
The classroom learning segment expected to exhibit a higher CAGR in the AR and VR in education market, by wafer size, from 2023 to 2028. Advancements in AR and VR technology have made it more accessible and cost-effective for educational institutions. The cost of hardware and software has decreased over time, making AR and VR more affordable for classrooms. Additionally, the technology has become more user-friendly, making it easier for teachers and students to integrate AR and VR into their learning environments.
By devices, AR HMD segment is expected to grow with a higher CAGR during the forecast period.
The augmented reality head-mounted display (AR HMD) segment is expected to grow at the highest CAGR from 2023 to 2028. It is a device that allows users to see a computer-generated image superimposed on their real-world view. AR HMDs are used in a variety of applications, including education, gaming, and training. AR HMD devices offer the ability to integrate virtual content seamlessly into the real-world context, enabling students to learn in a more authentic and meaningful way. Students can explore and understand abstract concepts by visualizing and interacting with virtual objects and information within their physical surroundings. This real-world contextual learning approach enhances knowledge retention and the application of learned concepts
In 2028, Asia Pacific is projected to hold the highest CAGR of the overall AR and VR in education market
In 2028, Asia Pacific region can be attributed to factors such as technological advancements, investment and government support, a large and diverse student population, demand for high-quality education, e-learning and remote education, cultural preservation and heritage education, industry collaboration and partnerships, rising digital literacy, market competitiveness, and research and development initiatives. These factors collectively contribute to the increasing integration of AR and VR technologies in educational practices, transforming the learning experiences of students in the Asia Pacific region.
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Key Market Players
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) are some of the key players in the AR and VR in education companies