Virtual Reality in Education Market to Transpire Growth with Rising Digitalization

Virtual Reality in Education Market to Transpire Growth with Rising Digitalization

According to reports, the virtual reality in education will likely grow at over 16% during 2020-2023. The market reached a valuation of $8.7 bn in 2018. It promises to reach a valuation of $18.1 bn in 2023. The rising demand for corporate training, rising investment in research and development, innovative solutions on the horizon, and increased engagement in learning promises major growth for the virtual reality in education market in the near future.

Virtual reality remains a major promise for tech-dreamers as the technology promises to bring unimaginable realities to life, with a simple click. Moreover, the surge of the covid-19 pandemic led to robust growth of the virtual reality in education startups, as venture capitalists around the world rushed to pump funds in this next-gen technology. For example, in India, in 2019, the investment in VR in education jumped four-fold from $400 million in the previous year. Similar trends are being witnessed world over, as the enthusiasm among businesses to train their workforce, and among investors to transpire a new education system for future learners remains high.

Striver, a Palo Alto-based startup raised $30 million in a series B funding in March 2019. The company provides training program for employees and its clients include major companies such as BMW, Walmart, Visa, Verizon, among others. Furthermore, VR in education just isn’t limited to training the workforce. A Shanghai-based startup NEO Bear, promises to train little children in words, and languages with over $56 million raised, with AR-based toys, and mobile apps. The pandemic has provided the much needed reason for the growth of VR in education. It forced thinkers around the world to imagine a different education model - A one that educates millions through an immersive experience.

Growth in Higher Education Promises Highest Revenue Shares as Universities Experiment

Higher education institutions faced a major dilemma during Covid-19, as the appeal of the ‘college experience’ went out of the picture during covid-19. Moreover, students continued to complain about high educational costs, despite a lack of on-campus experience. This forced major institutions to come with new ways to address plaguing issues like equal access to education, cost-effective investment in technology, and address growing demand for online learning.

In the near future, it wouldn’t be a surprise if top universities like Hardvard Or MIT delivered learning to millions through a VR-based real classroom experience. The trends in education industry suggest that this development isn’t far away. Higher education continues to divert resources to engage students, expand global presence, and provide individual attention. These have been challenging issues due to various factors including costs, limited skillsets, and sometimes feasibility of technology. However, with rising advancement in technology like 3D virtual reality, this promise will likely come to the fore in the near future. Current trends in technology suggest that students soon would be able to connect with professors using mobile-based VR solution to change the world of education forever.

 

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