Industry Background:
Virtual Reality uses environments and scenes which are completely computer-generated based on realistic scenarios. In today’s education system Virtual reality add-on the ability with more fun and engaging. Artificial Intelligence continuously expands in education application development. According to an AMA study, near about USD 6 billion estimated spending annually on augmented and virtual reality technologies by FY 2023. Along with that Virtual Reality offers new and innovative ways to train new and existing employees in an organization. This mesmerizing, interactive and user-friendly technology has implemented across organisations as executives realize the potential of the technology to enhance the training and learning initiatives. For instance, in 2000 the total enrolment of higher education institutions worldwide was around 100 million, more than the global enrolment as recorded at the beginning of the 20th century. As in market situation of COVID 19 traditional learning method is highly affected and demands virtual education at a higher rate. As before this coronavirus outbreak the United States home school market was near around USD 2.5 million. And at this social distancing state, the global VR in education market is going to boom at the high growth level across the globe. Apart from that many companies have announced the launch of various virtual reality applications for hand hygiene education.This growth is primarily driven by Rapid Change in the Education Sector, Rising social distancing, The Outburst of Literature on Education, Learning, and Valuation in Higher Education and Increasing Adoption of E-Learning.
Globally, a noticeable market trend is evident Innovation Technologies in Multimedia/Hypermedia
. Major Players, such as Oculus VR (United States), Google (United States), Alchemy VR (United Kingdom), Discovery Communications (United States), Cinoptics (The Netherlands), EPSON (Japan), HTC (Taiwan), Sony (Japan), FOVE (United States), LG Electronics (South Korea), Homido (France), Samsung Electronics (South Korea) and ZEISS (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In Apr 2020, VR Education announced a partnership with US-based VictoryXR, a leading VR and AR content creation platform. As VR Education’s platform ENGAGE is a leading education, training and communications tool which is highly adopted by the educators and enterprise clients. And it is highly adopted in distance learning.
In Aug 2019, Discovery Education announced the acquisition of Inspyro, a leading AR and VR providers. This is Discovery Education’s global content and product strategy. And with the help of VR and AR platform to empower educators to generate immersive learning experiences across virtual science labs, and virtual field trips.
Market Drivers
- Rapid Change in the Education Sector
- Rising social distancing
- The Outburst of Literature on Education, Learning, and Valuation in Higher Education
- Increasing Adoption of E-Learning
Market Trend
- Innovation Technologies in Multimedia/Hypermedia
- Rising education efficacy, retention, and increasing engagement among education centers and technology providers
Restraints
- High Adoption of Alternative Teaching and Learning Approaches in Developing Countries Such As Online Education
Opportunities
Strong Opportunity in Developing Nations, Such as Kenya, Have Greatly Experienced an Increase in Demand for Higher Education
Challenges
Harsh Economic Challenges in Developing Countries, Which May Affect the Funding On AR/VR in Developing Regions and Lack of Awareness VR Reality among End Users
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, VR in Education Study Sheds Light on
The VR in Education Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the VR in Education industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where VR in Education industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.