LONDON--(BUSINESS WIRE)--The global virtual reality market in the education sector is poised to grow by USD 6.34 billion during 2020-2024, progressing at a CAGR of over 59% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Advances in technology and the advent of VR cardboard have helped market players to significantly reduce the cost of VR gear. Also, the growing competition in the market has compelled major VR companies to reduce the cost of premium VR gear. For instance, in January 2020, Oculus, a Facebook-owned company, reduced the cost of the Oculus Go headset. The company is also introducing VR headsets for commercial applications. Thus, the increasing affordability of VR gear is encouraging end-users such as educational institutions to adopt them, which is driving the growth of the virtual reality market in the education sector.
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Report Highlights:
- The major virtual reality market in education sector growth came from the VR hardware segment in 2019.
- North America was the largest virtual reality market in the education sector in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increased emphasis on the applicability of VR in the education market, along with the emergence of low-cost affordable VR gear.
- The global virtual reality market in the education sector is concentrated. Alchemy VR Ltd., Alphabet Inc., Avantis Systems Ltd., EON Reality Inc., Facebook Inc., HTC Corp., Lenovo Group Ltd., Microsoft Corp., Sony Corp., and Virtalis Holdings Ltd. are some of the major market participants. To help clients improve their market position, this virtual reality market in education sector forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global virtual reality market in education sector 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing Number of Social VR Spaces will be a Key Market Trend
Social VR spaces allow students to connect and communicate with other students. This prevents students from being isolated from the real world. Hence, major vendors are emphasizing on the development of virtual spaces. For instance, Microsoft’s AltspaceVR allows students to socialize and interact with other users through various avatars and multiplayer sessions. The platform also allows students to take part in events and other small groups. This trend will have a positive impact on the growth of the virtual reality market in education sector over the forecast period.
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Virtual Reality Market in Education Sector 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist virtual reality market in education sector growth during the next five years
- Estimation of the virtual reality market in education sector size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the virtual reality market in education sector
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of virtual reality market in education sector vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- VR Hardware - Market size and forecast 2019-2024
- VR Content - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End user placement
- Higher education - Market size and forecast 2019-2024
- K-12 - Market size and forecast 2019-2024
- Market opportunity by End user
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Alchemy VR Ltd.
- Alphabet Inc.
- Avantis Systems Ltd.
- EON Reality, Inc.
- Facebook Inc.
- HTC Corp.
- Lenovo Group Ltd.
- Microsoft Corp.
- Sony Corp.
- Virtalis Holdings Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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