Digital technologies have completely transformed education over the past two decades, but the metaverse has taken it to a new level. Although the use of metaverse in learning is still in its early stages, the entire market is set to witness remarkable growth in the following years. According to data presented by AltIndex.com, the global metaverse education market is expected to grow tenfold and reach a value of $25 billion by the end of a decade.
Entire Market to Grow by a CAGR of 46%
Metaverse has given a whole new perspective on education, providing a limitless experience for teachers, allowing students to get personalized education in institutions they can’t access locally, and creating new opportunities for lifelong learning. The downside of metaverse classrooms is the lack of contact with the physical world, development and hardware costs, and potential cybersecurity threats.
While many continue discussing whether the metaverse can replace traditional classrooms, the entire market has grown tremendously, giving huge opportunities not only to students and teachers but also to companies and startups providing VR-based, distance learning solutions.
According to a Statista survey, the global metaverse education market was valued at $1.7 billion two years ago. Since then, this figure has grown by 47% and hit $2.5 billion this year. Still, that is nothing compared to the growth projections in the following years. Statistics show the entire market is set to continue growing by an average of 46% per year by the end of a decade, resulting in a market value of $25 billion in 2030.
Nearly one-third of that value will come from the United States, the world`s largest metaverse education market. The US market is expected to reach a value of $8.3 billion in 2030, up from roughly $1 billion in 2024. However, other top metaverse education markets are set to witness even bigger growth.
For instance, the total value of metaverse classrooms in China will skyrocket by 960% and hit $3 billion in the next six years. Japan and Germany follow with a massive 900% growth and $1.2 billion and $1 billion market values, respectively.
The Number of People Learning in Metaverse Classrooms to More than Tripple and hit 105 Million by 2030
Academic studies have found metaverse education can improve a variety of learning outcomes like student engagement, attention span, motivation, and knowledge retention. This explains why more and more people are drawn to this market.
In 2024, more than 28 million people will be educated in metaverse classrooms, roughly five million more than two years ago. However, Statista expects this figure to more than triple and hit almost 105 million by the end of a decade. Also, statistics show every fifth student in metaverse classrooms in 2030 will be from the United States, and less than 10% will come from China.
This news is republished from another source.
