Virtual Reality in Education Market will Register an Exponential CAGR of 42.9%; Partnership Between Spinvr and Spinvfx will Aid Growth

The global virtual reality in education market size is expected to reach USD 13,098.2 million by 2026, exhibiting a CAGR of 42.9% during the forecast period. One of the key drivers of the virtual reality in education market is increasing collaborations and partnerships between key players for delivering education and training programs. For instance, Walmart is actively working with Strivr, a California based VR training company to develop its training scenarios. In addition, the partnership between SpinVR and SpinVFX for the development of BrioVR, a VR software platform. BrioVR provides an interface where any subject or content gets converted into VR and improves overall engagement. This development will accelerate the virtual reality in education market shares in the forthcoming years.

Increasing Shift Towards VR Learning Environment will Spur Growth Prospects

The increasing adoption of online education will bode well for the market. The concept of a virtual classroom in various educational institutes and organizations will further enable the growth of the market. The gradual shift from the traditional learning environment to a virtual classroom, which includes web cameras, microphones, or other devices will stimulate the growth of the market. Furthermore, the increasing awareness about the benefits of virtual learning environment such as flexible schedule, more individual accountability, mobility, student-cantered learning, and others will propel the growth of the market. In addition, the lesser cost associated with the construction of classroom infrastructure will bolster the growth of the market.

Collaboration and Partnerships to Escalate Sales Opportunities

Canada’s Queens University and SimforHealth have partnered with HTC to open a VR training facility for medical students to let them get the experience of real-time operations in an immersive virtual environment. HTC vive will also offer a wide range of clinical situations in the virtual environment. This partnership is expected to boost the virtual reality in education market sales in the forthcoming years. Furthermore, access to VR based hands-free interactive 3D diagram will aid the growth of the market. For instance, access to the VR based hands-free interactive 3D diagram by Boeing, which helps the technicians to install the electrical wirings properly. The company states that there is a 40% improvement in the company’s productivity. The increasing retention rates drive the interest of the companies towards the adoption of virtual reality as a training tool. In addition, the use of Strivr’s virtual reality training modules by Walmart will create growth opportunities for the market. For instance, Walmart uses Strivr’s virtual reality training modules on Oculus devices to train thousands of employees across all the stores. Fidelity, United rentals, and Jetblue also use VR to assist with employee training.

Acquisition of Facebook to Spur Development

One of the virtual reality in education market trend is the acquisition of Oculus by Facebook. For instance, Facebook acquired Oculus and announced its distributing tethered, high powered Rift headsets and standalone Go headsets to serval educational institutes around the world starting with Seattle, Taiwan, and Japan. Oculus mentioned that it is working with schools and institutions in the US to use VR apps for education, training, and studies.

Prominent Companies Present in the Virtual Reality in Education Market are: