Metaverse as a New Trend in EdTech2 min readReading Time: 2 minutesReading Time: 2 minutes
Education Technology (EdTech) is a combination of education and information technologies aimed at improving teaching and learning. In 2022, the EdTech market is valued at $118 billion, and this number will only increase in the near future. Companies have high hopes for the metaverse, especially Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), as these innovations make education more accessible.
Recently, Global Industry Analysts, Inc. published a report on the EdTech market. According to the study, by 2026, the estimated value of the global EdTech and Smart Classrooms market is expected to grow to $207.3 billion, or by 16.3% annually. Marketing and consulting firm Future Market Insights has published a study claiming that the EdTech market will grow to $288.4 billion by the end of 2031, or by 14.5% every year. Although the two studies have different predictions for the compound annual growth rate, they differ by only 1.8%, which means that analysts generally agree that the EdTech market will grow at a fast pace.
In its analytical article, ET found out how metaverse can change education and influence market growth. Leading tech companies, such as Meta and Microsoft, are now investing in the EdTech market and promoting education with the use of metaverses. Meta is cooperating with Coursera and EdX to update the Spark AR software, which makes it possible to place virtual objects into real life environments and interact with them in mixed reality. The company has also added a certification process for AR effect creators to its professional curriculum. The same adoption trend can be seen at Microsoft. In 2021, the company launched Microsoft Mesh, which make its possible to hold conferences and work with a team in virtual reality. Thus, VR, AR, and AI, the main components of the metaverse, have already begun to be actively used in the field of EdTech and Smart Classrooms, and apparently, the number of products such as Spark AR and Mesh will only grow.