According to the report, the global e-learning virtual reality market was approximately USD 60 million in 2018 and is expected to reach approximately USD 1,478 million by 2027, at a CAGR of around 42.9% between 2019 and 2027.
New York, NY, June 26, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “E-Learning Virtual Reality Market by Component (Devices, Software AG , and Services) and By Application (Academic and Corporate Training): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”. According to the report, the global e-learning virtual reality market was approximately USD 60 million in 2018 and is expected to reach approximately USD 1,478 million by 2027, at a CAGR of around 42.9% between 2019 and 2027.
Virtual reality is a realistic simulation in a three-dimensional environment, which is produced using interactive hardware and software. The e-learning virtual reality market is flourishing worldwide at a rapid pace. Simulations in gaming and certain work domains might need one to execute some precise movement sequences, such as taking the right tool, opening toolbar, cut the needed wire, shut down a valve, and pull correct switch, etc. Virtual reality in e-learning is beneficial in many ways. For instance, VR helps to block distractions, such as phones, TV ads, social networks, and other noises, enabling the learners to solely concentrate on their learning. This technique helps to submerge an interesting three-dimensional simulation consisting of various potent stimuli, which helps to naturally improve the brain’s ability to process and think new information leading to an unprecedented level of knowledge comprehension. Furthermore, the personalized learning environment is one of the most important factors demanded by learners and trainers.
Browse through 37 Tables & 21 Figures spread over 270 Pages and in-depth TOC on “Global E-Learning Virtual Reality Market Size & Share 2018: By Type, Industry Segments, Growth, Trends, Analysis and Forecast, 2018–2027”.
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Designers of e-learning virtual reality programs can create an environment that is comfortable for learners, enabling them to enjoy the realistic simulation of the environment. However, hefty investments for hardware may limit the e-learning virtual reality market globally to some extent. Moreover, artificial intelligence (AI) for learning assistance is expected to create many lucrative market opportunities in the upcoming years. AI is useful for learner behavior prediction and personalized learning. According to a study, it also helps in curating a training process and adopting productive learning behaviors like self-explanation and self-regulation.
The global e-learning virtual reality market is fragmented based on component and application. On the basis of component, the global e-learning virtual reality market includes devices, software, and services. The devices segment is further classified into a head mount and projector. Head-mounted devices are observed to hold the largest market share in the years ahead. Virtual reality implementations use high-quality and high-speed 3-D graphics and audio coupling hardware, such as head-mounted displays and wired clothing to achieve believability and realism. To immerse into an authentic virtual reality experience, a special head-mounted display or VR headset is essential. The application segment of this market includes academic and corporate training. The corporate training segment is expected to register the highest CAGR in the upcoming years. An increasing number of businesses are shifting toward e-learning virtual reality for training their employees. VR is implemented in places or situations where it can be hazardous or risky.
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North America is projected to hold the largest share of the e-Learning virtual reality market globally in the years ahead, owing to the presence of leading market players, such as Oculus VR, Alphabet, Zspace, Nearpod, Eon Reality, Schell Games, and Gamar, across the region and the early adoption of VR technology. The VR technology plays a crucial role in leading corporates and generally immensely opted for audience engagement applications.
Europe is observed to hold a considerable share of the global e-learning virtual reality market in the future, owing to the shift from VR to AR technology, which has boosted the demand for both AR and VR services. Both the business and consumer base are expected to create favorable market opportunities over the forecast timeframe. Smart infrastructures, such as institution, are also boosting this regional market.
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Asia Pacific is forecasted to register the highest CAGR in the future, attributing to the growing adoption of AR and VR technologies in academics and gaming industry. In the Asia Pacific countries, digitally-enhanced reality demand is growing significantly. Moreover, the increase in the number of academic institutions and rise in the adoption of technology-based teaching infrastructure are also driving the region’s e-learning virtual reality market.
The large scope of content delivery, such as interactive learning platforms, proficiency testing, language training, higher education pedagogy, functional skill development, and video streaming of classes, corporate talent management and training, and e-governance, is transforming the e-learning virtual reality market in Latin America. Moreover, the launch of various software applications, such as LMSs, and increasing adoption of portable and mobile devices will also drive the Latin American e-learning virtual reality market.
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In the Middle East and Africa, the rising penetration of connected device and smartphones has significantly escalated the market demand for augmented and virtual reality. Nearly, the region is likely to have 173.8 million smartphone users by the end of 2019. The Middle East countries are heavily investing to digitize and modernize their schools and universities. For instance, the introduction of smart learning programs by Mohammed Bin Rashed University encourages flexible thinking and creativity along with providing access to cloud computing and smart digital applications.
Some key participants operating in the global e-Learning virtual reality market are Avantis Systems, eLearning Studios, Enlighten, Alphabet, Immerse, LearnBrite, Lenovo, MOOC Solutions, Oculus VR, RapidValue Solutions, Sify Technologies, Skills2Learn, SQLearn, Tesseract Learning, ThingLink, VIVED, VR Education Holdings, and zSpace.
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This report segments the global e-learning virtual reality market into:
Global E-Learning Virtual Reality Market: Component Analysis
Global E-Learning Virtual Reality Market: Application Analysis
Global E-Learning Virtual Reality Market: Regional Analysis
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