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Virtual Reality Market in Education to Grow by USD 47.28 Billion from 2024-2028, Driven by Affordable VR Gear and AI-Driven Market Transformation – Technavio

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NEW YORK, Nov. 5, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global virtual reality market in education sector size is estimated to grow by USD 47.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 84.3% during the forecast period. Increased affordability of virtual reality (VR) gear is driving market growth, with a trend towards increasing number of social VR spaces. However, lack of content poses a challenge. Key market players include Acer Inc., Alchemy Ltd., Alphabet Inc., Avantis Systems Ltd., Eon Reality Inc., HP Inc., HTC Corp., Lenovo Group Ltd., Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Unimersiv, Virtalis Holdings Ltd., and zSpace Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (VR hardware and VR content), End-user (Higher education and K-12), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Acer Inc., Alchemy Ltd., Alphabet Inc., Avantis Systems Ltd., Eon Reality Inc., HP Inc., HTC Corp., Lenovo Group Ltd., Magic Leap Inc., Meta Platforms Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Unimersiv, Virtalis Holdings Ltd., and zSpace Inc.

 

Key Market Trends Fueling Growth

In the education sector, Virtual Reality (VR) technology offers a unique learning experience by immersing users in a virtual environment. However, the isolation of users in VR can hinder collaborative learning, an essential component of effective education. To address this challenge, VR vendors are developing platforms that enable social interaction in virtual spaces. Microsoft and Facebook are major players in this market, with Microsoft’s AltspaceVR providing avatars and multiplayer sessions for students to socialize and interact. The platform also offers a front-row feature for attending events or being part of small groups. The increasing popularity of social VR spaces is expected to fuel the growth of the global virtual reality market in education during the forecast period. 

The Virtual Reality (VR) market in education is experiencing significant growth, with trends including the use of VR headsets and head-mounted displays in defense and academic institutions. Cloud and on-premises solutions are being adopted for residential and corporate training in the K-12, e-learning, and higher education sectors. Personalized learning experiences and virtual environments are replacing physical learning materials. VR technology is also being used for vocational training, 3D simulations, and generative AI in universities. XR technology, artificial intelligence, and machine learning are enhancing learning experiences for students with Attention Deficit Disorders. The market is expanding to include IT and telecommunication, retail and e-commerce, healthcare, and 5G technology sectors. Software companies are developing innovative solutions for VR in education, making it an exciting space to watch. 

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Market Challenges

The Virtual Reality (VR) market in the education sector faces challenges in content creation due to the scarcity of VR developers and the high cost of VR content production. Educators and teachers, who are the primary consumers of this content, lack the necessary technology expertise to create effective VR content. Additionally, the conversion of curriculum-based content into digital formats is a significant challenge for many institutions, especially in the Asia Pacific region, due to low technology literacy and budget constraints. These factors increase the pressure on content creators to produce and diverse VR content for mass consumption. Despite the increasing affordability of VR headsets, the high cost of VR content creation and the lack of technologically equipped educators pose significant barriers to the growth of the VR education market.The Virtual Reality (VR) market in education is expanding rapidly, offering innovative solutions for various sectors. Challenges include providing services like training, consulting, and managed services for K-12 learning, colleges, schools, enterprises, and corporations. VR technologies bring experiences for learners in the virtual world, enhancing practical learning through excursions, lab experiments, group activities, projects, and learning. Digital information and real-life experiences are merged, making learning more engaging and effective. VR headsets and web-based portals enable remote and online education with flexible schedules and individual accountability. Logistics, customer service, and personalized learning experiences are essential for successful implementation. VR also offers training simulators, augmented reality, and gamification elements to make learning more interactive and fun. The integration of IT, telecom, e-commerce, and the 5G network further enhances the potential of VR in education. However, the illusion of VR and entertainment aspects should be balanced with academic rigor to ensure effective learning.

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Segment Overview

This virtual reality market in education sector report extensively covers market segmentation by

Product 1.1 VR hardware1.2 VR contentEnd-user 2.1 Higher education2.2 K-12Geography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 VR hardware- The global virtual reality market in the education sector is experiencing significant growth, particularly in the VR hardware segment. This segment’s expansion is driven by the decreasing cost of VR hardware, making it more accessible to educational institutions. Initially, VR headsets were primarily used for content development and gaming. However, the increasing adoption of VR for commercial purposes has led vendors to introduce VR devices tailored for educational applications. The VR hardware segment offers a wide range of options for educators, catering to both budget and high-end requirements. Despite the market’s promising growth, challenges remain, including the complexities of developing VR hardware for the education sector on a global scale. These challenges create opportunities for small-scale regional VR hardware manufacturers to collaborate with educational institutions, leading to the development of feasible VR solutions. Overall, the VR hardware segment of the global virtual reality market in education is poised for continued growth, addressing the demand for affordable, high-quality learning experiences.

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Research Analysis

The Virtual Reality (VR) market in the education sector is experiencing rapid growth, with 3D simulations and XR technology at its core. These learning tools offer personalized experiences for students, making education more engaging and effective. Generative AI and machine learning algorithms are being integrated into VR software to cater to students with Attention Deficit Disorders, providing customized learning paths. Corporate training is also leveraging VR for more effective and interactive sessions. VR technology is available in various forms, including head-mounted displays, VR headsets, projectors, cloud, and on-premises solutions. The education sector, including K-12 learning, telecom, training institutions, universities, and colleges, is adopting VR for virtual learning environments. VR services, consulting, and managed services are also gaining traction in the market.

Market Research Overview

The Virtual Reality (VR) market in the education sector is revolutionizing the way learners acquire knowledge. With 3D simulations and generative AI, XR technology merges the digital and physical worlds, offering experiences for academic institutions and enterprises alike. VR technologies, including VR headsets and head-mounted displays, provide learners with practical learning opportunities, excursions, lab experiments, and group activities. VR technologies are not just limited to academic institutions but are also being adopted by K-12, higher education, IT and telecommunication, retail and e-commerce, healthcare, and various other industries for services training, consulting, managed services, and more. VR’s ability to offer personalized learning experiences, flexible schedules, and individual accountability makes it an attractive option for learners. VR technologies offer learners a chance to experience real-life situations in a safe and controlled environment, making it an effective tool for addressing Attention Deficit Disorders and other learning challenges. The integration of augmented reality, training simulators, and web-based portals further enhances the learning experience. The VR market in the education sector is expected to grow significantly with the advent of 5G technology, which will provide faster connectivity and smoother VR experiences. The use of VR technologies in remote and online education, as well as in various industries, is expected to increase, making it an essential tool for the future of education. VR technologies offer a range of benefits, including the ability to provide learners with illusion-based learning experiences, entertainment, and even applications in defense. The future of education lies in the integration of VR technologies, offering learners a flexible, personalized, and learning experience.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductVR HardwareVR ContentEnd-userHigher EducationK-12GeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Duoning Biotech announced strategic partnership with Branca Bunús to promote the next generation of transfection reagents

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SHANGHAI, Nov. 5, 2024 /PRNewswire/ — Duoning Biotechnology Group (“Duoning”) announced a strategic partnership agreement with Branca Bunús Ltd. (“Branca Bunús”). Under this agreement, the two companies will collaborate on the development, optimization, and application of transfection reagents, with the goal of providing  biopharmaceutical customers with innovative transfection reagents through resource sharing, thereby enhancing the efficiency of biopharmaceutical development in upstream bioprocess.

Branca Bunús is a gene delivery technology company based in Ireland, specializing in the development of safe gene delivery vectors and effective transfection reagents derived from unique cationic polymer materials. Guided by a product development philosophy that emphasizes high efficiency, biocompatibility, and significant clinical and industrial application value, Branca Bunús has created the BrPERfect® series of transfection reagents. The company also offers supporting services, including the development of targeted gene delivery vectors and directional optimization. As a well-established one-stop bioprocess solution provider in China, Duoning Biotech’s offerings encompass the entire bioprocess workflow, from upstream cell culture to downstream filtration and purification. Additionally, Duoning Biotech provides services such as media production, process optimization, and validation testing.

After the cooperation is established, Branca Bunús will be responsible for the research, development, and performance enhancement of transfection reagents. This includes scientific research applications involving DNA, siRNA, and mRNA transfection, as well as the production of recombinant proteins, AAV, and LV based on the transient transfection of CHO and HEK 293 cells. Duoning will leverage its established sales network and collaborative sales strategy for upstream process products to comprehensively promote this solution. Additionally, both parties will form a specialized research and marketing team to optimize the transient transfection process by examining the interaction principles of transfection reagents and cell culture media. They will also conduct market research to develop a comprehensive solution for the application of transfection reagents.

Hongfeng Gu, Vice President of Duoning, stated, “Branca Bunús is an emerging biotechnology company that has developed a leading hyperbranched polymer gene delivery vector platform, founded by Professor Wenxin Wang. We are honored to collaborate with companies that possess core technologies. The BrPERfect® series of transfection reagents from Branca Bunús, combined with Duoning’s cell culture media, bioreactors, and other products, will offer customers more comprehensive upstream bioprocessing solutions.”

Dr. Zhonglei He, Chief Technology Officer of Branca Bunús, stated, “The significant contribution of Duoning to the rapid development of the biotechnology market is evident to all. We are honored to collaborate with Duoning, particularly in its one-stop bioprocessing solutions. Our goal is to provide efficient and stable transfection reagent products and process support, ensuring timely and high-quality products and services for various R&D and production applications, including transient protein production and screening in downstream processes, stem cell enhancement, and the production of diverse viral vectors through transient transfection.”

About Duoning

Shanghai Duoning Biotechnology Co., Ltd. (“Duoning”) is a leading one-stop bioprocess solutions provider in China, committed to offering products and services required for the discovery, development and commercialization production of biologics, including reagents, consumables, instruments, equipment, and validation services. Leveraging our integrated bioprocess system, we empower our partners to achieve effective, reliable, lower-cost and higher-quality biologics production processes. For more information, please visit: www.duoningbio.com/en

For media inquiries, please contact: PR@duoningbio.com 

About Branca Bunús

Branca Bunús is an emerging Irish biotechnology company specializing in innovative gene delivery technologies. Leveraging over a decade of research by its founding technical team, the company focuses on the development and production of advanced gene delivery vectors and transfection reagents. Branca Bunús aims to provide cost-effective, high-yield transient transfection solutions, along with supporting services such as targeted gene delivery vector development and directional optimization. The company is dedicated to transforming groundbreaking discoveries into life-changing practical applications. To learn more, please visit: http://brancabunus.com

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SOURCE Duoning

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UnionPay International joins forces with industry players to optimize payment experience for international visitors to China

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Global UnionPay Cards Now Support Weixin Pay and Alipay

SHANGHAI, Nov. 5, 2024 /CNW/ — UnionPay International (UPI) announced that Alipay and Weixin payments are fully enabled for UnionPay cards issued outside China’s mainland, providing more diversified, convenient and inclusive payment options for inbound travelers to China. The collaboration with Weixin Pay is supported through the Industrial and Commercial Bank of China (ICBC).

In order to further optimize payment services, UnionPay launched Project Excellence 2024 in March, joining hands with various industry stakeholders to build a convenient, inclusive, and accessible payment ecosystem. This collaboration is the latest achievement of the Project. From now on, international travelers to China can download Alipay or Wexin applications, link their local UnionPay cards, and enjoy the same convenience of QR payments as the Chinese users do.

This innovative payment method will provide more convenience for inbound visitors to pay in China: No service fee will apply throughout the payment process as initial promotion, which enables users to make payments as if they were at home. Online and offline use cases are covered, including F&B, accommodation, transit, sightseeing, shopping and entertainment. The new method supports consumer-presented, merchant-presented, in-app payment and ETC, which removes the payment barriers for users who are travelling, working or living in China. The new enablement is easy to use, as cardholders only need to enter the UnionPay card information required, and complete the linking process once the card issuer performs the authentication.

This collaboration manifests UPI’s stepped-up efforts to work with other industry stakeholders to promote payment interoperability and develop a sustainable business model. It will help to further bridge the differences in payment preference between China and the rest of the world, facilitate the country’s high-standard opening up.

UnionPay’s international business has become increasingly localized in the past few years, and more and more consumers outside China are enjoying the convenient services brought by UnionPay. Over 250 million UnionPay cards have been issued in 83 countries and regions outside China’s mainland, which can be used for payments in 183 countries and regions. UnionPay has also launched SplendorPlus, a new card product tailored to international visitors to China. The themed card, which comes with diverse benefits and special merchant offers in China, has proven to be highly popular.

 

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SOURCE UnionPay International

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Horizons Shines at CIIE 2024 with Global Leader Recognition in G2’s Fall 2024 Reports

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SHANGHAI, Nov. 5, 2024 /PRNewswire/ — Horizons, a leading global Employer of Record (EOR) provider, proudly launches its latest Global HR Strategy at the 2024 China International Import Expo (CIIE) from November 5 to 10 in Shanghai. Under the theme “Talent Without Borders, Vision Without Limits,” Horizons will showcase its commitment to empowering a borderless workforce and present its innovative SaaS HR platform, designed to enhance HR compliance, simplify payroll, and streamline employee and contractor payment for businesses worldwide..

At CIIE, Horizons will demonstrate how advancements in technology, including AI, big data, and cloud computing, are reshaping HR management. The event will also highlight Horizons’ strategic collaborations with other innovators in the sector to support both global and Chinese enterprises in expanding their workforces across borders.

Coinciding with its presence at CIIE, Horizons has been recognized as a Global Leader in G2‘s Fall 2024 Reports across multiple categories in Global Employment Platforms (GEP) and Contractor Management. This recognition underscores Horizons’ dedication to a full range of global hiring solutions, covering both contractors and employees.

Horizons Fall 2024 G2 Recognitions

Leader in Mid-Market EMEA Contractor ManagementLeader in EMEA Global Employment Platforms (GEP)Leader in Mid-Market Global Employment Platforms (GEP) – Recognized for Easiest Admin and Easiest To Do Business WithLeader in Global Employment Platforms (GEP) – Recognized for Easiest AdminLeader in Small-Business Global Employment Platforms (GEP)Users Love Us: Awarded for consistently high customer satisfaction ratings

“Horizons’ mission is to build solutions that empower the borderless workforce, and our vision is to create equal opportunity for all,” said Antoine Boquen, Horizons’ CEO and Co-founder. “Our G2 recognition across multiple categories, and presence at CIIE, reflect our continued dedication to businesses of all sizes in their global hiring journey.  We firmly believe that location should be no barrier to businesses hiring the best talent, and professionals finding the best workplace.

About Horizons

Horizons is a leading global Employer of Record (EOR), transforming how businesses hire internationally. Our innovative platform simplifies global hiring by managing compliance, payroll, and payments through established local infrastructure in over 100 countries. Trusted by over 3,000 businesses, Horizons enables companies of all sizes to hire overseas talent quickly and cost-effectively.

Learn more: https://joinhorizons.com/

Contacts

Lily Zhang, Digital Marketing Manager at Horizons

lily.zhang@horizons.com 

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