Metaverse technology is project to power up the education sector in the next 8 years up to 2031. With an estimate annual growth rate of 38.42%, both metaverse and the education sector is expect to be cross over $102 billion (approx. Rs. 8,48,980 crore), as per a report publish by research firm InsightAce Analytic.
Metaverse ecosystems provide fully functional virtual environments for people to work together, play games, and socialise as digital avatars from the privacy and comfort of their homes.
InsightAce’s Global Metaverse in Education Market Size, Share & Trends Analysis Report’ said in the coming years, schools and colleges establishing their brands in the metaverse could become a trend.
This could open the doors to education for more people, eliminating potential roadblocks like travel, medical conditions and the financial pressure on parents to purchase uniforms and other amenities currently require by education institutes today.
As per Report :
“The increase in e-learning adoption and rising interest in immersed learning environments are prime factors driving metaverse's expansion in the education market,”.
The boom in Internet adoption, 5G, Cryptocurrencies, Cloud services and technologies like AI, VR, and AR are also increasing the level of the education sector with its operations with metaverse in the coming years.
As per report said that the education market of North America and Asia-Pacific regions will see the combination of education and metaverse the fastest.
Report said :
“Many market participants are seeing promising opportunities in developing nations like China and India, where sizable populations are paired with recent advancements in numerous industries,”.
Many metaverse ecosystems like The Sandbox and Roblox, among many others, are offering interesting metaverse experiences.
Meta is also working to make the metaverse sector more usable and immersive for people to experience.
Meta, which offers its expensive AR/VR headset ‘Quest’ for metaverse experiences, is working to finetune digital avatars to look less cartoonish and more photorealistic.
InsightAce’s report said that industry players need to pick pace in manufacturing affordable hardware to step in and out of the virtual worlds.
Some education tech players have already begun integrating metaverse into their systems.