Virtual Classroom Market is Expected to Grow $19.6 billion by 2023 at a CAGR of 16.2%

September 25 12:28 2019
Virtual Classroom Market is Expected to Grow $19.6 billion by 2023 at a CAGR of 16.2%

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)
Virtual Classroom Market by Solution (Content Management, Device Management, UCC, Security), Hardware (Mobile Computing Devices, VR Devices), Service (Professional & Managed), Deployment Mode, User Type, and Region – Global Forecast to 2023

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%, owing to the globally ongoing digital education initiatives and smart education adoption.

Virtual classrooms play an important role in personalized learning; for instance, students can collaborate and develop their interpersonal skills in the virtual space, this virtual space enhances peer interactions in the classroom, and also enables the development of social and emotional learning skills of learners. In addition to this, students get an opportunity to interact with their peers in the online space, which improves learners’ comfort and confidence levels in classrooms. The wide acceptance of AR/VR for corporate training and development, continuous innovation in VR/AR technologies, increased participation and engagement in learning, and demand for personalized learning experiences are some of the factors driving the market’s growth. 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.

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Among solutions, the Unified Communication and Collaboration (UCC) segment is expected to grow at the highest growth rate during the forecast period. The UCC solution enables virtual classrooms to include members in different regions and time zones. It is common for collaborative teams to span continents, communicating in real-time from their desktops or mobile devices. It offers various opportunities for educators to leverage the benefits of cloud-based platforms and analyze communication patterns for improving the educational experience.

Under hardware, the mobile computing devices segment is expected to hold the largest market size during the forecast period. The evolution of Bring Your Own Device (BYOD) and its implementation have seen steady and impressive growth in the last few years. The high adoption of digital education initiatives and wide acceptance of the BYOD policy among corporates are the main factors driving the growth of the mobile computing devices segment.

Among services, the deployment and integration segment is expected to have the highest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the time required for deploying and integrating virtual classroom solutions. These services ensure safety and security of integration of virtual classroom devices with the education ecosystem. Service providers safeguard and confirm the integration and installation of the virtual classroom solutions for quality assurance.

Asia Pacific (APAC) is the fastest-growing region in terms of CAGR, while North America is estimated to hold the highest market share in 2018. The adoption of virtual classroom solutions and eLearning solutions among the academic institutions and corporates in the region , high adoption of the VR ecosystem in education, continuous innovation in VR/AR technologies, increased participation and engagement in learning, and demand for personalized learning experiences are the drivers of the virtual classroom market in this region. Emerging economies are investing more in education and educational technologies, which can be implemented in classrooms. Additionally, the corporates in this region are widely accepting virtual classrooms to train their employees. The virtual classroom offers features, such as operational efficiency, reduced costs, and smart and interactive learning capabilities.

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The major players 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). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product launches and acquisitions were the 2 major strategies adopted by these players to achieve a strong foothold in the virtual classroom market.

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