Digital technology has completely transformed education over the past two decades. But the metaverse could take it to a new level. While the use of metaverse in learning is still in its infancy, the market is expected to witness remarkable growth in the coming years.
According to data from AltIndex.com, the global metaverse education market is expected to grow tenfold in the next 10 years, reaching $25 billion.
Market Growth and Forecast
The metaverse introduces a revolutionary way of learning. It provides teachers with limitless experiences, allows students to receive personalized education from institutions that are not accessible locally, and creates new opportunities for lifelong learning.
Despite these benefits, there are also drawbacks, including lack of contact with the physical world, high development and hardware costs, and potential cybersecurity threats.
While the debate over whether the metaverse can replace traditional classrooms continues, the metaverse education market has grown tremendously. This growth presents significant opportunities for students, teachers, companies, and startups that provide VR-based distance learning solutions.
According to Statista, the global metaverse education market was worth $1.7 billion two years ago. Since then, the figure has grown by 47%, reaching $2.5 billion this year. This growth is expected to continue, with the market expected to grow at a CAGR of 46%, reaching a market value of $25 billion by 2030.
Nearly a third of this value will come from the United States, the world’s largest metaverse education market, which is expected to grow from around $1 billion in 2024 to $8.3 billion in 2030. However, other major markets are expected to see even greater growth.
For example, the total value of China’s metaverse classrooms will soar by 960%, reaching $3 billion over the next six years. Japan and Germany will follow with a whopping 900% growth, bringing in $1.2 billion and $1 billion in market value, respectively.
The number of people learning in metaverse classrooms is also expected to increase significantly. By 2024, more than 28 million people are expected to be educated in metaverse classrooms, which is about 5 million more than two years ago. Statista expects that number to more than triple to about 105 million by the end of the decade.
Academic studies have shown that metaverse education can improve learning outcomes such as student engagement, attention span, motivation, and knowledge retention. This explains the growing appeal of this market.
However, challenges remain. The lack of physical interaction in the metaverse classroom could be a significant disadvantage. Development and hardware costs are also significant, potentially limiting accessibility. Cybersecurity threats must also be addressed to ensure a safe and effective learning environment.