A new report suggests that there is huge growth potential for the virtual classroom market, which is already worth tens of billions of dollars globally.
Driven by technological advancements and the shift towards online and remote learning, experts recently projected that the worldwide market for virtual classrooms will soar to $56.7 billion by 2032. Prominent players such as IBM, Honeywell International Inc., and Blackboard Inc. are expected to be pivotal in such growth.
Allied Market Research released a report exploring the ecosystem of interactive online courses and collaborative learning experiences. Academic institutions currently dominate the market, holding three-fourths of the global virtual classroom market revenue thanks to the imposition of online teaching during the lockdowns of the COVID-19 era. However, the report predicts that the corporate segment will see growth of 17.9% by 2032.
Still, as previously reported in The Dallas Express, simply pouring money into education tech does not guarantee it will pay off. An investigation into the spending of federal tax dollars for remote learning during the pandemic conducted by the Associated Press revealed several shortcomings.
For instance, Clark County schools in Las Vegas, one of the largest systems in the nation, spent over $70 million across two years to develop its ed tech, securing services from Achieve3000, Age of Learning, Paper, and Renaissance Learning, among others, under the promise of accelerating student learning. The investigation found that these sums were dispensed into several ineffective programs that didn’t pay off.
Additionally, the pandemic saw steep declines in students’ math and reading skills and also led to increases in classroom misbehavior and absenteeism.
Dallas ISD, for instance, a district that struggled with student achievement outcomes before the pandemic, only saw 41% of its students score at grade level on their STAAR exams during the 2021-2022 school year. Furthermore, almost 20% of its graduating Class of 2022 failed to earn a diploma in four years despite the hard work of the district’s dedicated educators.
With the global virtual classroom market already valued at $13.5 billion in 2022, analysts cite several key factors likely to propel the forecasted rise.
First of all, virtual classrooms stand to witness substantial growth in an era of continuous technological evolution. Cutting-edge technology has already ushered in the development of sophisticated and user-friendly platforms, enhancing user experiences and driving increased adoption. Future advances in artificial intelligence and virtual reality are expected to advance this even further.
Another major driver of the virtual classroom’s evolution is its adaptability. As seen during the COVID-19 pandemic, educational institutions and businesses transitioned to online and remote learning relatively quickly. Such adaptability could allegedly cater to the demand for specialized learning and scalable training solutions adapted to employees’ unique needs and preferences.