The report, from the market researching company MarketsandMarkets, estimates the global market for metaverse in education is worth $3.9 billion now and will grow to $19.3 billion by 2028 — representing a 37.7 percent compound annual growth rate.
Academic institutions are already integrating metaverse technologies into their teaching. Harvard University created a VR experience on the molecular structure of proteins, and the University of Central Florida (UCF) produced an AR app for studying the human heart, per the report. Some schools have introduced metaversities, immersive, online versions of the institution, for instruction in virtual classrooms and assistance through virtual student services platforms. And some private companies are creating educational video games and simulations through VR and AR as well, according to the report.
While some are skeptical of the new technologies, the report said the upsides of using metaverse tech in education will drive the industry to new heights in coming years. Researchers used existing directories and databases as well as their own interviews with subject matter experts, executives at linchpin companies and industry consultants to create the Metaverse in Education Market report.
New heights for the industry may correspond to big changes on the virtual campus. According to the report, virtual classrooms in the metaverse can be modified to fit different subjects and lessons, like the immersive experiences at Harvard and UCF. Metaverse technology can be used for gamified education, when video game design is applied to educational materials to help students feel interested and engaged. Artificial intelligence can tailor student experiences, and virtual content could help students learn at their own pace. Because online learning can minimize travel and textbook expenses, it could make education more affordable. It could also make education more accessible, particularly for students who are visually impaired, with audio-based tools. The report emphasizes that as an additional education strategy, not as a replacement for traditional in-person methods, metaverse tech can benefit students and educators.
With this understanding, other stakeholders in the metaverse in education market will need to develop, produce and distribute metaverse tools. In addition to educational institutions that serve as the primary consumer, the market is made up of metaverse platforms and service providers like Meta (formerly Facebook) and Microsoft. There’s also AR and VR device manufacturers, suppliers and manufacturers of the materials needed to make the AR and VR devices — namely, semiconductors — and government organizations and tech investors.
The AR/VR device segment of the industry is expected to grow fastest in the years of the forecast. In that field, the report highlights NextMeet and ClassVR. NextMeet is an avatar-based platform for business networking, education and events. Its education-focused offshoot, NextMeet for Education, can create virtual school experiences like metaversities. ClassVR is a tool for educators to create their own VR experiences for their curriculum. It also offers physical VR/AR headsets and some pre-made content for common teaching subjects.
With AR and VR, students can see digital re-creations of locations and historical events and take notes without using their hands or looking away from the instructor’s presentation, the report says. Some science professors also use AR in the metaverse to create a virtual lab environment, with triggers that show safety warnings as students encounter different lab equipment, according to the report.
Increased training and deployment, rapid adoption and decreasing price of these tech tools will drive the market, the report said. Already, it noted, other technologies like AI and blockchain are proving more effective when incorporated into metaverse platforms. Conversely, the report found, reliability, scalability, potential health issues from excessive use and some high-cost components like installation and maintenance of high-end products may hold the industry back.
