AR in Higher Education to Account for Half of Global Sales, With Overall Market Ballooning at 80% CAGR: Fact.MR Study

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As per market research and competitive intelligence provider, the global AR in the education market is anticipated to top US$ 85 Bn by 2031, progressing at an astonishing CAGR of 80% over the next ten years.

Augmented reality is the latest breakthrough technology in the digital space. AR is set to revamp the world’s conventional learning models. It can bring about a positive change in the location and timing of classes and make learning more engaging.

Today’s learning process is becoming much more tuned to bring in the elements of interaction and creativity. By providing visual representations, AR helps students acquire, process, and remember information. Thereby, it helps them test out their knowledge in practice. Experimental learning is a crucial way to obtain new and innovative skills as it involves learning on the basis of conceptualization, observation, and testing situations.

With the rise in the trend of AR technology, there has been an impact on the physical environment resulting in improvement of the learning experience for students. AR learning experience in educational content comprises audio, video, and games, among others, which have changed the perspective of education.

Wide acceptance of augmented reality (AR) for corporate training & development, continuous innovation in AR technologies, and use of connected devices in AR in education are some of the factors driving AR in education market growth.

Key Takeaways from Market Study

  • Global AR in the education market to top US$ 85 Bn by 2031.
  • AR in K12 is projected to reach around US$ 30 Bn by 2031.
  • AR in higher education is projected to record above 75% CAGR over the next 10 years.
  • Market in North America holds a share of more than 40%.
  • The market in South Korea is expected to reach a valuation of US$ 12 Bn by 2031.
  • Market in Australia to record 50% CAGR over the forecast period of 2021- 2031.

“Implementation of AR in education enhances skill development and instils significant advantages in a student’s overall growth. With the rising adoption of AR technology, a pool of opportunities for educational institutions and businesses will certainly open,” according to a Senior Research Analyst.

Market Competition

  • In June 2018, Dell collaborated with Tata ClassEdge, a technology-based learning solutions provider, for the common objective of taking digital training to schools and equipping teachers with the requisite knowledge of implementing technologies in classrooms.

  • In August 2020, Google Ventures invested around US$ 14.5 Mn in Blue Vision Labs, an AR start-up company based in the U.K.

These insights are based on a report on Augmented Reality (AR) in Education Market by Fact.MR.

Visit:  www.factmr.com