In a world where change is constant education sector has remained stagnant for a number of years. However, the pandemic lock down has modded the basic outlook of a traditional classroom into real-time online sessions. This is a new way of education where schools and colleges are operating from home. As amazing as this may seem, it's not the end of taking it to the next level. Virtual reality has already stepped into the education sector as is believed to flourish in a span of several years.
Virtual reality apps for education are enabling students to connect and learn with their classmates without being isolated from the original world. Along with this as students are already well versed with virtual reality PlayStation, major companies are emerging with the plans to rapidly develop more virtual spaces.
Microsoft’s AltspaceVR is one such example in the education sector as it permits students to be in an interactive session with their batch mates that too in quirky avatars. Not only this, but students are also allowed to participate in events and activities.This trend will surely have a positive impact on student lives thud increasing the virtual reality market in the education sector.Students have been dealing with the conventional classrooms with a lack of engagement. With the boost in virtual reality in education, daily learners will be exposed to a much advanced three-dimensional virtual learning environment.
Virtual Reality Market in the Education Sector
The education market is forecast to grow from $ 9.3 billion to $ 19.6 billion in the span of 5 years. i e 2018-2023 with CAGR of 16.2 % as the Compound annual growth rate during the forecast period. The market for Augmented reality(AR) and Virtual Reality (V R) is driven by many factors like corporate training, education, simulation, etc. the overwhelming participation and engagement in augmented and virtual reality has sparked innovation and interest globally and it is deemed to establish an exclusive market worldwide.
Considering the education sector for Virtual reality, it has the full fulcrum potential to grow by $ 6.34 billion thus accelerating the market’s growth thrust in the education sector in the forecast period of 2020-2024.
Virtual Reality Market Vendors in Education Sector
While being at a steady pace, markets do hold their positions in the slow-growing segments in the V R industry however vendors should pay heed to the fast-growing segments to make the most of the situation. Barring the growth opportunities, Virtual reality will surely challenge the immense growth of every market participant. HTC Corp., Lenovo Group Ltd., Microsoft Corp., Sony Corp., and Virtalis Holdings Ltd are some of the participants/ vendors in this concentrated market.
Even though the COVID-19 lock down continues to drastically affect the status quo of multiple industries, the instant impact of the pandemic is considered to vary. A few organizations are yet to register a drop in the shares while a few companies will remain unhindered and will show groundbreaking growth opportunities.
The global virtual reality in the educational market had a fair estimate of 939.51 million in 2019 and is expected to reach 23492.31 million at a CAGR of 43% over the forecast duration. The top market vendors are making sure that the leading edge of virtual reality is coming closer to the students and learners, globally. The leading companies in the V R educational sector market helping to embed learning resource are:
- Google LLC
- Facebook Inc.
- Wikitude GmbH
- Magic Leap Inc.
- Blippar Ltd
- Continental AG
- Visteon Corporation.
- EON Reality.
- Apple Inc
- Intel Corporation
Virtual Reality in education sectors (key markets)
The largest virtual reality market was held by North America in the education sector in 2019 and the region offered a massive growth value to the vendors during the forecast period. The emergence of considerably low cost and affordable V R gear and the escalated emphasis of Virtual reality’s applicability in the V R market observed significant growth, especially by North America. Even though 34% of the market growth originated from North America, the US is quite evaluative of the slow market growth in various other regions.
North America is anticipated to have a pleasantly addressable market value of $258.6 billion for AR and V R during 2019-2026. Being the largest market for Augmented reality and virtual reality North America will represent a remarkable CAGR of 32.3% in 2019-2026.
Virtual reality affordability
The exponential growth in virtual reality devices usage is credited to the technical advancements of several major businesses. Even though the adoption of V R devices was rendered tough due to their expensive setups, the growing affordability of applications and setups is bringing Virtual reality closer to the educational sector.
V R Cardboard by Google or Gear V R by Samsung has helped considerably to reduce the prices. Along with this H.T.C, Sony, and Mega companies like Oculus have minimized the price ranges of their V R devices thus accelerating the emergence of Virtual reality in the educational sector
Insights on Virtual Reality Leading Companies
Google developed a virtual reality platform called ‘Google Cardboard’. The platform is proved to be quite cost-effective as it simply includes inserting one’s smartphone inside a cardboard viewer. Making it extremely accessible for students worldwide and to increase interest in V R among the new generation. In January 2016, Google announced that it had shipped over a thousand compatible apps, over 5 million cardboard viewers in just the first 19 months.
Google claimed, 350,000 hours of watch time of YouTube videos in V R, and over 5 Lakh students indulged themselves in V R field drops through the expedition program.it hit the 15 million viewer units mark worldwide by November 2019.
Bill Gate’s 'Microsoft HoloLens' is a pair of mixed reality smart glasses who's initial prototype name was ‘Project Baraboo’. Being the first head-mounted mixed reality platform, it gained quite the popularity and PR
Many considered Microsoft’s Holo Lens limitations to be a consumer product. Its $3500 pricing and designing features are believed to be bent towards simulation, engineering, training, etc, and also considered companies to invest millions of dollars to justify Hololens's pricing when compared with the $400 Oculus Quest headset.