market education edtech usd technology share report

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Education Technology Market Size & Share Report, 2021-2028## Report OverviewThe global education technology market size was valued at USD 89.49 billion in2020 and is expected to witness a compound annual growth rate (CAGR) of 19.9%from 2021 to 2028. Digital technology can improve access to education.Learners are increasingly shifting toward eBooks that can be accessed onlinefrom anywhere across the globe. Digital content is comparatively easy togenerate than printed content, which tends to incur higher production costs.Moreover, digital books are available in different languages and can be easilytranslated and retrieved by a wider user base. In addition, learners,especially with physical disabilities, can listen to the educational contentin an audio format to improve their vocabulary and encourage betterinterpretive reading.Education technology (EdTech) solutions are expected to evolve in line withthe advances in the latest technologies, such as the Internet of Things (IoT),Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality(VR), and contribute significantly to the market growth. The integration of ARand VR in EdTech solutions helps offer an interactive experience to thelearners. It allows learners to explore and seamlessly connect with abstractconcepts, and subsequently driving student engagement. On the other hand, theintegration of blockchain technology allows end-users to store and securerecords of students and learners, thereby enabling educators to analyze theconsumption patterns of the material offered to the learners and make data-driven decisions.Enhancing student engagement is emerging as a prime concern for educators.Hence, market players respond to such concerns by introducing advancedinteractive whiteboards and shifting from projector-based displays totouchscreen displays. Such initiatives are encouraging active learning anddeveloping critical readiness skills in the learners. Furthermore, botheducators and learners can access Student Information Systems (SIS) with aprimary focus to generate comprehensive student profiles that can enableeducators to make informed decisions with a particular focus on enhancingevery individual student’s performance.However, given that EdTech solutions also store learners’ personalinformation, market players must abide by the copyrights and data privacynorms while introducing any new EdTech product. All the universities receivingfunds from the U.S. Department of Education (DOE) have to abide by therequirements falling under the FERPA and PPRA acts. FERPA aims to protectstudent records while PPRA puts a strong emphasis on safeguarding students’personal information gathered through surveys. In the European Union (EU),EdTech companies also fall under the purview of the General Data ProtectionRegulation (GDPR), limiting the access and processing of users’ data by alltypes of organizations involved in handling large volumes of information.## Sector InsightsThe K-12 segment led the market in 2020 accounting for a revenue share of over41% and will retain the leading position expanding at a steady CAGR from 2021to 2028. The high share can be attributed to the growing trend of game-basedlearning in the K-12 sector. The majority of the teachers in the K-12 sectorsupport gamification initiatives to develop the students’ math learning skillswith the integration of practical, project-based work in schools. In addition,incorporating technologies in this sector enables immersive content andprovides experiences, such as virtual field trips and complex lab-basedexperiments, resulting in an engaging learning experience. For instance, inApril 2020, Tencent Classroom, a Chinese e-learning center, reported that over80% of K-12 students (approximately 730,000) attended their school classesthrough the Tencent K-12 Online School in Wuhan, China.The preschool segment is expected to register the fastest CAGR from 2021 to2028. Technological advancement enables educators to collect assessment datadirectly on mobile devices, reducing the conventional use of paper and pen.Some of the assessments are eliminating data entry and letting childrenrespond directly through touch-screen-enabled devices. Leading playersoperating in the market are providing various solutions to their customerbase, such as app-based learning with videos and curated content, specificallyfor the early childhood segment.## End-user InsightsThe business segment led the market in 2020 accounting for over 69% share ofthe global revenue. The high share can be attributed to the upsurge inpartnerships among EdTech firms, educational institutes, and contentdevelopers to create significant opportunities for the digital educationsector. As a result, partnerships and collaborations are increasingly becominga critical part of this developing ecosystem. For instance, in November 2020,Ambow Education announced a partnership with Cisco International; CiscoInternational operates in Career Education, training, and certification. Thisinitiative was aimed at providing high-quality online courses andcertification of the internet and IT for industry professionals and collegestudents.The consumer segment is predicted to register the fastest CAGR over theforecast period. Growing awareness among parents and students about thebenefits of digital formats over traditional education is expected to drivethe segment. Lifelong learning is becoming a growing trend among adults andcorporate workers as it offers flexibility concerning time and location togain additional knowledge. In addition, Massive Open Online Courses (MOOCs)are gaining increasing prominence across the globe owing to inexpensive onlineeducation to the consumers.## Type InsightsThe hardware segment led the market in 2020 accounting for over 42% of theglobal revenue share. The high share can be attributed to the increasedprominence of digital classrooms across the education industry. For instance,interactive whiteboards have become widely popular and provide a more improvedexperience. They incorporate a wide range of features, such as dry-erasesurfaces, digital pens, communicating software, and other multi-touch options.Also, they allow users to save and share notes among other digital devices,such as tablets, smartphones, and laptops.The content segment is anticipated to witness the fastest growth rate duringthe forecast period. The EdTech sector is witnessing innovation in contentdelivery with the incorporation of advanced visualization technologies. It canbe attributed to the availability of numerous e-learning portals offeringbetter-quality educational content in the form of study notes, test-prepmaterials, question banks, and learning videos. For instance, the Western CapeGovernment (South Africa) offers an e-learning portal containing differenttypes of resources available in Afrikaans and English for use by teachers andstudents. Also, the Ministry of Education of the People’s Republic of Chinaoffers the National Cloud-Platform for Educational Resources and PublicService that provides free educational resources for primary and secondaryschool students.## Regional InsightsNorth America dominated the market in 2020 and held over 37% share of theglobal revenue. The regional market will retain its dominance throughout theforecast period due to the plenty of investments from venture capitalists andprivate-equity investors in the EdTech sector in the U.S. For instance,education technology start-up companies in the U.S. reportedly raised fundingworth approximately USD 2.2 billion in 2020. As the sector matures, companieswith substantial revenue growth are expected to attract greater funding anddifferentiate themselves from the new market entrants.Asia Pacific is anticipated to register the fastest CAGR of 22.6% from 2021 to2028. This growth can be attributed to the rising usage of the internet andsmart devices among the masses. In recent times, developing countries, such asIndia, have witnessed a wave of affordable broadband connectivity, resultingin numerous companies reaching out to the population. Moreover, educationstakeholders in developing areas are increasingly considering technology tobridge the gap between the educational infrastructure and teaching resources.## Key Companies & Market Share InsightsKey companies in the market focus on expanding their customer base and gain acompetitive edge through various strategic initiatives, includingpartnerships, mergers & acquisitions, collaborations, and newproduct/technology development. For instance, in July 2020, McGraw Hill, anAmerican education company, partnered with TutorMe, LLC, a U.S.-basededucation services provider, to offer free on-demand tutoring services tocollege students. In March 2020, the Los Angeles Unified School District(LAUSD) partnered with Public Broadcasting Service (PBS) to offer studentscustomized educational programming on three over-the-air broadcasts and arange of digital options. Some of the prominent players in the globaleducation technology (EdTech) market include:## Education Technology Market Report ScopeReport Attribute|Details —|— Market size value in 2021|USD 106.04 billion Revenue forecast in 2028|USD 377.85 billion Growth rate|CAGR of 19.9% from 2021 to 2028 Base year for estimation|2020 Historical data|2017 – 2019 Forecast period|2021 – 2028 Quantitative units|Revenue in USD million/billion and CAGR from 2021 to 2028 Report coverage|Revenue forecast, company ranking, competitive landscape, growth factors, andtrends Segments covered|Sector, end user, type, region Regional scope|North America; Europe; Asia Pacific; Latin America; MEA Country scope|U.S.; Canada; Germany; U.K.; China; India; Japan Key companies profiled|BYJU’S; Blackboard Inc.; Chegg, Inc.; Coursera Inc.; Edutech; edX Inc.; GoogleLLC; Instructure, Inc.; Microsoft; Udacity, Inc.; upGrad Education Pvt. Ltd. Customization scope|Free report customization (equivalent up to 8 analysts working days) withpurchase. Addition or alteration to country, regional & segment scope. Pricing and purchase options|Avail customized purchase options to meet your exact research needs. Explorepurchase options ## Segments Covered in the ReportThis report forecasts revenue growth at global, regional, and country levelsand provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Researchhas segmented the global education technology market report on the basis ofsector, end user, type, and region: * Sector Outlook (Revenue, USD Million, 2017 – 2028) * Preschool * K-12 * Higher Education * Others * End-user Outlook (Revenue, USD Million, 2017 – 2028) * Type Outlook (Revenue, USD Million, 2017 – 2028) * Hardware * Software * Content * Regional Outlook (Revenue, USD Million, 2017 – 2028)## Frequently Asked Questions About This Reportb. The global EdTech market size was valued at USD 89.49 billion in 2020 andis expected to reach USD 106.04 billion in 2021.b. The global EdTech market is expected to grow at a compound annual growthrate of 19.9% from 2021 to 2028 to reach USD 377.85 billion by 2028.b. The K-12 segment dominated the EdTech market with a share of 41.2% in2020. Game-based learning is anticipated to be a growing trend in the K-12sector.b. Some key players operating in the EdTech market include BYJU’S; BlackboardInc.; Coursera Inc.; Edutech; edX Inc.; Google Inc.; Instructure, Inc.;Microsoft; Udacity, Inc.; and upGrad Education Private Limited.b. Key factors driving the EdTech market growth include penetration ofdigitization in the education sector, growing adoption of EdTech tools by bothacademic and non-academic sectors, the proliferation of smart devices, andseamless internet connectivity.

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