India and China's Metaverse in Education to Boom by 2031
By MYBRANDBOOK
In the eight years running up to 2031, it is anticipated that the metaverse technology will significantly boost the current education industry. According to a report released by research firm InsightAce Analytic, the union of metaverse and the education sector is predicted to generate over $102 billion with an estimated annual growth rate of 38.42 percent. The report said that the education market of North America and Asia-Pacific regions will see the combination of education and metaverse the fastest.
InsightAce's ‘Global Metaverse in Education Market Size, Share & Trends Analysis Report' said in the coming years, schools and colleges establishing their brands in the metaverse could become a trend. This could open the doors to education for more people, eliminating potential roadblocks like travel, medical conditions, and the financial pressure on parents to purchase uniforms and other amenities currently required by education institutes today.
The boom in Internet adoption, 5G, Cryptocurrencies, Cloud services, as well as technologies like AI, VR, and AR are also increasing the likelihood of the education sector fusing its operations with metaverse in the coming years.
As per the findings, the education market of North America and Asia-Pacific regions will see the combination of education and metaverse the fastest.
“The increase in e-learning adoption and rising interest in immersed learning environments are prime factors driving metaverse's expansion in the education market. Many market participants are seeing promising opportunities in developing nations like China and India, where sizable populations are paired with recent advancements in numerous industries,” the report noted.
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