Metaverse technology is expected to power the existing education industry over the next eight years to 2031. With an expected annual growth rate of 38.42%, the combination of Metaverse and education industries is expected to generate revenue of over $102 billion (approximately Rs 8,48,980 crore), according to a report released by research firm InsightAce Analytic on Tuesday, October 3 . Powered by a blockchain network, the Metaverse ecosystem provides a fully functional virtual environment for people to work, play games and socialize together. Enjoy the privacy and comfort of your digital avatar at home.
InsightAce’s “Global Metaverse Education Market Size, Share and Trend Analysis Report” stated that in the next few years, it may become a trend for schools and colleges to establish their own brands in the Metaverse. This could open the door to education for more people, removing potential barriers such as travel, medical conditions, and the financial pressure on parents to purchase school uniforms and other amenities currently required by educational institutions.
“Increasing e-learning adoption and growing interest in immersive learning environments are the major factors driving Metaverse’s expansion in the education market,” Report InsightAce said on Tuesday.
The booming development of the Internet, 5G, cryptocurrency, cloud services, and technologies such as artificial intelligence, virtual reality, and augmented reality have also increased the possibility that the education industry will integrate its operations with the Metaverse in the coming years.
The report shows that the education market in North America and the Asia-Pacific region will see the combination of education and the Metaverse the fastest.
“Many market participants see promising opportunities in developing countries such as China and India, which have large populations and have seen recent advancements in many industries,” the report states.
Several Metaverse ecosystems, such as The Sandbox and Roblox, are offering interesting Metaverse experiences.
For example, Mark Zuckerberg’s Meta is also working hard to make the field of virtual universes more practical and allow people to experience it more immersively. Meta, which provides the expensive AR/VR headset “Quest” for Metaverse experiences, is working to fine-tune its digital avatars to look less cartoony and more realistic.
However, InsightAce’s report notes that industry players need to accelerate the pace of making affordable hardware for entering and exiting virtual worlds.
Some edtech companies have already begun integrating Metaverse into their systems. These platforms include Invact Metaversity, Tomorrow’s Education, 21K Schools, Roblox, University of Miami, and University of Nevada.
Last July, Tokyo University also decided to provide a series of research projects in the virtual universe.
In a conversation with Gadgets 360, former X India head Manish Maheshwari called Metaverse technology “the solution to the education crisis in India and around the world.” Maheshwari is now part of the Invact Metaversity team.
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