Disclaimer: As an Educational Venture Analyst (EVA), I was reached by a private foundation in Turkey that is institutionally related to a private university. They want to invest in Virtual Reality (VR) software that can be used in the university's curricula. The foundation considers to support a VR Software that can be easily implemented with maximum customisation and minimum requirement for additional devices. After a market research, I recommended Immersive VR Education Limited and their educational platform ENGAGE. In this website you can find information of the company, its team members, the funding as well as a general summary of the market status and how well the product is suited for global markets.
The Market:
Virtual Reality is still a growing market that relies heavily on gaming industry and requires additional devices that can be smartphones or headsets. Virtual Reality market is projected to be worth 15 times by 2020 ($28.3B) from what it was in 2016 according to SuperData's report. CSS Insight forecasts an 800 percent increase of the sales of VR Headsets by 2021 to reach 22 million units. A forecast on the shipments of devices according to their types can be seen below:
In the educational area Virtual Reality can be considered still in a developing stage. The top 10 companies that are listed on Crunchbase under both the categories of Virtual Reality and Education do not necessarily focuses solely education. For this report I am focusing on Immersive VR Education a relatively new company that offers content and infrastructure through its educational platform ENGAGE.