Virtual Reality (VR) in Education and Training Market- Industry Analysis, Forecasts and Opportunity Assessment (2017-2023)

Report on Virtual Reality (VR) in Education and Training Market- Industry Analysis, Forecasts and Opportunity Assessment (2017-2023)

Introduction to Virtual Reality (VR) in Education and Training Market

Virtual reality (VR), which can be defined as immersive multimedia or computer-simulated reality as it replicates an environment that simulates a physical presence in places in an imagined world or real world, allowing the user to interact in that world. The increasing focus on the use of modern technologies and infrastructure advancements is resulting in an increased demand for VR gear and VR systems among consumers. The increasing purchase volume of virtual reality hardware products is driving the growth prospects for the virtual reality market in education sector.

VR in Education and Training Market- Forecast, Size and Share

The global e-learning virtual reality market is estimated to reach approximately USD 339 million by the end of 2023 with 42% CAGR. Regionally, North America accounted for the largest market share from countries such Canada and U.S. among others. The reason is attributed to increasing demand for high-end technology solutions, increasing R&D happening in this region and rising usage of virtual reality in the academic sector. However, Asia Pacific is also estimated to grow over the forecast period, 2017-2023. The reason is due to presence of large number of manufacturers and the increasing growth of educational institutions.

VR in Education and Training- Market Analysis

The factors leading to the growth of the e-learning virtual reality market are growing collaboration between hardware vendors and educational content providers, technological changes, rising demand for distance education and government initiatives. Furthermore, factors such as high penetration of handheld devices and increasing demand by corporates for training of employees are expected to increase the growth of the e-learning virtual reality market However, numerous regulations and policies and storage issues are the factors hindering the growth of the overall market.

VR in Education and Training- Market Segmentation

By Component

Hardware Computers, Mobiles and Consoles

Software Sdk Kits and Cloud Based Solutions

Services Virtual Reality Training, Tailor Mode E-Learning, Games for E-Learning, Mobile Learning, Public Speaking Vr Simulation, and E-Learning Tools

By Technology

Head Mount, Gesture Control and Projectors

By Application

Academic and Corporate

VR in Education and Training- Market Trends

  • Increasing use of VR in medical training

The use of VR in medical schools has become prevalent for instructing and educating young students. The VR platform provides medical students an interactive way to learn and understand various facets of medical education. From the institution’s perspective, the use of VR saves huge time and resources, as it does not have to go through the traditional training procedure in many aspects.

  • VR facilitates collaborative learning

Virtual collaboration is already the norm in the present world, whether through email, basecamp, Google docs, or other virtual spaces. VR takes the collaboration ahead by providing a common space that looks and feels like a shared room, giving the sense of sharing a physical space with other users. A virtual space to collaborate in the education sector will allow students from different regions to collaborate and interact with each other. For example, a student studying in sixth grade in India can share a space with a student of sixth grade in the US and can collaborate in real space, which surpasses video conferencing or email.

Key Players

Some of the key players dominating this market include Immersive Oculus Vr (U.S.), Google Inc. (U.S.), Schell Games (U.S.), Zspace, Inc. (U.S.), Curiscope (U.K.), Nearpod (U.S.), Vr Education (Ireland), Eon Reality Inc. (U.S.), Gamar (U.S.) and Thing link (Finland) among others.

 

The report contains comprehensive analysis on:

  • VR in education and training Market Segments
  • VR in education and training Market Drivers, Restraints and Opportunities
  • VR in education and training Market Size & Forecast 2016 to 2022
  • Supply & Demand Value Chain
  • VR in education and training Market Current Trends
  • Competition & Major Companies
  • Technology and R&D Status
  • Porters Five Force Analysis
  • Strategic and Critical Success Factor Analysis of Key Players

This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.

Report Highlights

  • Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
  • Consumer and Pricing Analysis
  • Market dynamics of the industry
  • In-depth Market Segmentation
  • Historical and Projected Market Sizing in terms of volume and value
  • Recent market trends and Impact Factors
  • R&D Status and Technology Overview
  • Extensive Industry Structure Coverage

 

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