The wide acceptance of Augmented Reality or Virtual Reality for corporate training and development, continuous innovation in VR/AR technologies, increased participation and engagement in learning, demand for personalized learning experiences, and the use of connected devices in virtual classrooms are some of the factors driving the market growth.
[207 Pages Report] The virtual classroom market is expected to grow from USD 9.3 billion in 2018 to USD 19.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period.
The content management segment is expected to gain traction in the virtual classroom market during the forecast period. Furthermore, an educational content management system enables educators, trainers, authors, and subject matter experts to create, store, manage, and deliver digital content in the form of texts, videos, or audios to be used by learners. The demand for online educational content with enhanced learning experience is growing rapidly in both educational institutes and corporates. This factor is driving the growth of the content management segment.
The major vendors covered in the virtual classroom market include Sony (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Google (US), Microsoft (US), Panasonic Corporation (Japan), Hitachi (Japan), Barco (Belgium), LG Electronics (South Korea), Veative Labs (Singapore), Cisco (US), Blackboard (US), Dell (US), IBM (US), Saba Software (US), Oracle (US), Edvance360 (US), Electa Communications (US), BrainCert (US), SKYPREP (Canada), Impero Software (UK), WizIQ (India), BigBlueButton (US), Digital Samba (Spain), and TutorRoom (Taipei).
North America is one of the major contributors to the virtual classroom market, due to technological developments. The US and Canada are the top contributing countries to the virtual classroom market in this region. These countries have established economies, which empower them to strongly invest in R&D activities. Moreover, the rapid development of the startup culture and high adoption of technologies in education are expected to fuel the growth of the virtual classroom market in North America.
