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Virtual Classroom Market size is poised to grow with a lucrative CAGR from 2023 to 2032, due to the increasing acceptance of digital learning across the banking sector. With the strong demand for technology-backed networks to improve the competitive advantage of workforces, building an IT, digital, and analytics learning academy has gained momentum across banks. Furthermore, the shifting preference toward online learning in the wake of the COVID-19 pandemic will augment the use of virtual classroom apps.
As per survey data from Local Circles, in India, over 63% of parents wanted schools to make online classes available when the district coronavirus positivity rate surpassed 5%, to lower disruptions in learning. Such trends will contribute to the development of virtual classroom tools to enrich learning experiences. Virtual classrooms refer to video conferencing solutions where participants and instructors engage to access the learning material from different locations. Compared to other video conferencing tools, these online classrooms offer a set of features essential to learning environments, such as session recordings.
The emergence of augmented reality and virtual reality as promising technologies in the educational space is projected to influence the global virtual classroom market trends. According to data from Yord, VR training witnessed a 75% engagement rate, performing better than other forms of training tools. VR and AR technologies are also continuing to revolutionize educational systems and bridge the digital divide, improving virtual learning experiences. However, the high costs associated with AR/VR devices and the growing risks of cyberattacks may assert a negative impact on the industry development.
Based on the solution, the unified communication and collaboration segment will account for a major virtual classroom market share by 2032. The gradual shift from hardware-based codecs to software-driven solutions from Zooms, Microsoft Teams, and other collaborative tool providers post-pandemic is one of the major drivers for the industry growth. In the educational sector, students have been engaged in collaborative virtual classroom environments through the invitation of remote guest lecturers and the incorporation of remote lessons, thereby bolstering the need for unified communication and collaboration tools.
The virtual classroom market value from the cloud-based deployment segment is set to show tremendous growth during the forecast period, credited to the availability of varied cloud-based systems that offer easy collaboration and hassle-free IT administration, resulting in a smooth virtual classroom experience. A major feature of these cloud platforms is the ability to conduct pools both from video collaboration and virtual classroom platforms. Rapid digitalization will therefore stimulate the development of cloud-based virtual classroom apps.
Regionally, the Asia Pacific virtual classroom market size will depict a strong growth rate through 2032, on account of ever-increasing internet penetration in rural areas. Based on the China Internet Network Information Center’s report, in December 2021, there were 284 million rural internet users in the country, a 1.7% hike from the same period a year earlier. The number of smartphone users in countries such as India has also surged.
Some of the leading companies operating in the virtual classroom market include Samsung Electronics, WizIQ, Dell Technologies Inc., Hitachi, SkyPrep, Panasonic Corporation, TutorRoom, HTC, IBM, Microsoft, Google Inc., and Oracle Corporation. These companies are focusing on advanced product launches and business developments to expand their presence in the global market. For instance, in June 2022, Google announced new updates to Google Classroom with the rollout of new integration tools, designed to provide automated insights for teachers to identify gaps in student understanding.
Following the recent tensions arising between Russia and Ukraine, classes were halted throughout Ukraine. However, in recent months, students have returned to online schools, with superintendents using Google Meet and Zoom to resume lessons and locate missing children. These factors, along with the increasingly resilient internet connectivity, are expected to proliferate the deployment of virtual classroom software over the forecast period.
The virtual classroom market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
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