Mixed reality and artificial intelligence is gaining demand and popularity in learning games across the globe.
FREMONT, CA: According to a five-year forecast, educational gaming will reach 24 billion USD by 2024, with a compound annual growth rate of 33 percent and a quadrupling of revenues. An analyst firm that tracks advanced learning technology, Metaari has come up with a report that artificial intelligence and mixed reality have driven demand in learning games around the world.
The educational gaming market is going through a significant ramp-up of the business aspects too, such as:
• Large companies are acquiring game-based learning firms. • The online marketplace is growing to sell premade digital VR environments, 3D models, and pre-trained AI models. • Inexpensive and easy-to-use rapid development tools are enabling developers to get their products to market quickly. • Serious game developers and global distributors have signed large-scale agreements for worldwide distribution. • Private funding going into game-based learning companies globally is 2.25 billion USD in a year. • In corporate segments, game-based learning is rapidly picking up.
The analyst Sam Adkins noted that the flood of technology and science advances is having a dramatic impact on the game-based learning industry. The developers are trying to introduce profitable and immersive learning experiences. The value propositions are compelling, and empirical data on effectiveness gives developers a major competitive advantage over legacy learning technologies like e-learning.
Game-based learning is like a combination of “game play,” a type of competition against oneself or others, and like a reward system for assessment to measure mastery of content. It is not as gamification with game-like features such as badges and points tacked onto traditional education content.
The innovations including augmented and virtual reality and AI, as well as new discoveries in psychometrics, neuroscience, child development, behavioral science, cognitive learning, and educational psychology, play a crucial role in the dramatic growth of the segment. Most of the investors are investing in specific types of educational games for particular demographics.