Virtual Reality for Education

Student thesis: Master thesis (including HD thesis)

  • Ugnius Malukas
  • The Vinh Thinh Ninh
4. semester, Entrepreneurial Engineering, Master (Master Programme)
In general, the Virtual Reality (VR) market is growing as the number of users who hold such devices is
increasing. In 2020 market size was $2.6 Billion, and it is projected to be $5.1 Billion by 2023. And yet the VR
market is still not matured which gives a chance of business potential.

As the VR market is getting bigger with more users possess VR devices, and technology becomes more
available, the VR technology can be used for learning and teaching subjects that might be hard to understand
(e.g., higher scale concepts such as the universe). Moreover, over the years VR has advanced (in terms of priceperformance
in the consumer market) so much that users can even interact with surrounding digital objects
which potential can be used also by learning and teaching.

The area of interest of this thesis is to use VR technology in education by identifying a business potential.
Which led to the thesis’ research question: how to develop an MVP of the product “Odyssey” for to
get a competitive market foothold in the education market?

In this research, we aim to develop a minimum viable product to get a competitive market foothold in the
education market. The thesis analysis theory of what is VR technology, its history, benefits and challenges for
better understanding the technology itself. Also, Design Thinking, Lean Startup and Agile methodologies are
being researched for the process of developing a product and used for creating the prototype.
The thesis also studied why Virtual Reality is a disruptive technology and its possible market size for the
education market. Moreover, the competition, its types, competition environment also has been researched
which later is being applied for potential competitors for the startup.

The importing findings of this thesis are discovering the environmental education niche which might be a good
starting point in the education market. From the competition analysis, VR in environmental education can be
a good starting point as the competition is low.

This thesis has been finalized by illustrating how the Design Thinking, Lean Startup and Agile methodologies
were used to make the prototype. Subsequently, suggestions have been proposed on how further
development should be done in order to have a product for the target education market.
Publication date2021
Number of pages82
ID: 413004057