According to the research report titled ‘Global Virtual Classroom Market Size study, by Component (Solution, Hardware, Services), by Deployment Type (On-premises, Cloud), by End-User (Academic Institutions, Corporates) and Regional Forecasts 2020-2027’, available with Market Study Report, global virtual classroom market was worth USD 3.6 billion in 2019 and is projected to grow with a CAGR of 17.5% over 2020-2027 to be remunerated at USD 13.1 billion by the end of forecast period.
 

Rising focus towards online knowledge imparting across corporates and academic institutions, coupled with increasing funding on e-learning & education are the factors driving the growth of the global virtual classroom market.
 

For instance, VIPKid, a Chinese online teaching and education platform, raised a funding of USD 500 million in June 2018 for offering language learning & education experience to children between age 4 to 15 years. Likewise, Google LLC partnered with the Central Board of Secondary Education in 2020 for digitization of classrooms in India.
 

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For the record, virtual classroom is an electronic learning environment in which users can interact, present, learn, and discuss using various virtual classroom solutions and web based applications. In addition, virtual classrooms allow educational institutions and corporates to cut back the travel time thus enhancing the productivity of users.
 

Additionally, extensive usage of tools like instant messaging apps, breakout rooms, online whiteboard, and participation controls is also acting as a catalyst for worldwide virtual classroom industry sphere.
 

However, lack of standards, inefficient infrastructure, and paucity of resources along with high costs of augmented reality and virtual reality devices are arresting the market growth.
 

Based on component terrain, global virtual classroom market sphere is segmented into solution, services, and hardware. Speaking of deployment type, the industry is divided into cloud, and on premises. Moving on to end user spectrum, the market is fragmented into academic institutions, and corporates.
 

Geographically, North America is expected to be a major growth hub for the market over 2020-2027, owing to increased adoption of virtual classroom in education sector, and existence of notable players in the region.
 

Whereas, Asia Pacific virtual classroom market is likely to showcase remunerative growth over the forecast period, on account of government initiatives to provide education in the remote areas, coupled with widespread deployment of online classroom solutions in developing nations like India and China.
 

Leading players influencing global virtual classroom industry trends Blackboard Inc., Sony Group Corporation, Hitachi Ltd., Panasonic Corporation, Alphabet Inc., Saba Software Inc., Cisco Systems Inc., Oracle Corporation, Microsoft Corporation, and International Business Machines Corporation (IBM).