In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global EdTech Market Report. The EdTech market size was valued at USD 254. 80 billion in 2021 and is expected to reach USD 605.
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EdTech Market - Global Outlook & Forecast 2022-2027" - https://www.reportlinker.com/p06221889/?utm_source=GNW
40 billion by 2027, growing at a CAGR of 15.52% during the forecast period.
The global education technology market is constantly experiencing a digital revolution with the emergence of artificial intelligence and digitalization. Technology has played a major role in education categories serving primary, secondary, and corporate training. The global EdTech market holds an absolute growth of more than 130% during the forecasted period. The education shift from traditional to interactive and digitized formats has positively impacted the online education market with a new creative approach to delivering education and skills. The digital form of education is expected to benefit a wide user base of learners across various age groups, socio-economic status, and geography. The digital form of education is expected to benefit a wide user base of learners across various age groups, socio-economic status, and geography. Advanced technologies like Artificial intelligence (AI) and Augmented Reality (AR) are expected to drive the digital education market fostering education through means of game-based learning (gamification), hybrid models, mobile-based learning attracting many investors to inject funds during the forecasted period.
The following factors are likely to contribute to the growth of the EdTech market –
• Growth in Gamification
• Adoption in Hybrid Model
• Enhancement In Connectivity Infrastructure and Smartphone Penetration
• Introduction of 5G Technology
• Growing Investments by Private Equity & Venture Capital
• Players like Coursera, Khan academy have adopted the freemium model by making their products directly available to the end-users without many intermediaries.
• Content providers like Pearson, Himalaya publications S.Chand to name a few are looking to leverage their brand and position themselves strongly in digital education. This is to capitalize on the rapid growth of these supplementary innovative digital offerings.
• The demand for digital learning from the vocational learner segment accounted for USD 19.20 billion in revenue in 2020. It is driven by job seekers that are looking to upgrade language and functional skills to meet professional requirements within the country and beyond.
• Online certification platforms are now being appreciated and accepted by companies when candidates apply for jobs. Most of the players have emphasized certifications by industry like Google, LinkedIn, and other popular universities like Harvard, MIT to name has gained huge popularity in the market.
EDTECH MARKET SEGMENTS
EdTech market is segmented on the basis of-
• Ed-Tech Type
EDTECH MARKET SEGMENTATION
• The market for hardware products is growing owing to increases in the use of interactive whiteboards and simulation-based learning hardware. The presence of these display boards is witnessed across the globe and is widely accepted to display content, images, and video. This is driving the smart classroom market across the globe.
• Despite technology disruption, the demand for K-12 is expected to strongly be supported by the government policies mainly fulfilling the national priorities. The data-rich ecosystem will enable to capture of data for learning activities. The integrated technology benefits are expected to offer significant benefits to schools and enhance the outcomes of the users in the market.
Market Segmentation by Ed-Tech Type
• Technology Enabled Services
Market Segmentation by Sector
• Higher Education
• Competitive Exams
Market Segmentation by End-user
• Individual Learners
• APAC: The Ed-Tech market in APAC is expected to be influenced by rapid urbanization followed by increasing penetration of smartphones that can be used for access to learning material. Consumers are paying more for convenience and time while investing in technological or innovative products. The purchasing behavior of consumers in this region is also largely influenced by advanced technological developments as well as the rise of e-commerce.
• North America: The demand for the EdTech market from the institutional segment in the region is driven by high awareness of their advantages over conventional offline learning models, advanced technological infrastructure, and extensive reach of innovative learning and training solutions. The US education technology market has accelerated the demand for online learning.
Market Segmentation by Geography
o South Korea
o Rest of APAC
• North America
o Rest of Europe
• Latin America
o Rest of Latin America
• Middle East & Africa
o South Africa
o Rest Of Middle East & Africa
• The key players in the market are 2U Inc, BoxLight, Byju’s, Blackboard, Udemy, Coursera, Chegg, Duolingo, Unacademy.
• Boxlight has acquired Mimio LLC which designs and produces the broadest range of interactive classroom technology that primarily targets the global K-12 education market.
• Byju’s in 2020, acquired WhiteHat Jr in 2020 to expand their market in coding platforms and other skill development areas like music and math.
• 2U Inc
Other Prominent Vendors
• VIP KID
• Promethean World
• Red Shelf
KEY QUESTIONS ANSWERED:
1. How big is the global EdTech market?
2. Who are the key players dominating the EdTech industry?
3. What factors drive the growth in the EdTech market?
4. What EdTech market trends will fuel the future of education?
5. Which region has the highest share in the global education technology market?
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