Growth opportunities in the education technology market look promising over the next six years. This is mainly due to the proliferation of smart devices in the industry, which has helped shift the gears for the education sector and growing adoption of education technology tools across both the academic as well as non-academic sectors.
Education Technology Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmentation of smart devices in the educational industry, resulting in the modification of the education sector, is the key driver responsible for the growth of the educational technology market. The accelerating acquisition of various education technology tools across both academic and non-academic sectors is projected to stimulate market growth. Also, sectors including K-12 and higher education have witnessed a surging adoption of EdTech solutions and offerings. Besides formal education, digital learning is largely encouraging adults to scale up their skills throughout their careers. Moreover, technology is a prominent factor that supports adults to overcome many challenges like allowing students to learn new skills without being confined to a particular geographical location or accessibility of resources. Also, the development of 4G LTE technology, along with the launch of JIO in India, have strengthened the educational technology market share.
The widespread outbreak of coronavirus pandemic has resulted in an unexpected surge in this industry by creating a significant impact on learning. For example, in accordance with BYJUY’S, nearly 35 million new users were added to the platform during the first and second quarter of 2020, which indicates the growth of the company and the industry over the pandemic situation. However, the huge cost price of the software and general learning packages is likely to hamper the growth of educational technology industry.
Type Segment Drivers
Based on the type, the general learning segment is projected to dominate the market over the forecast period. This is primarily attributed to the growing prominence of digital classrooms, which will raise the adoption of general learning components, such as desktops, laptops, tablets, and newly developed interactive whiteboards and AR/VR headsets.
Regional Drivers
Based on the region, North America is predicted to lead the market over the forecast period. The EdTech sector in the U.S. is beholding many investments from venture capitalists and private-equity investors. The EdTech companies, in 2018, raised funding of more than USD 1.50 billion. With the development of this sector, companies with substantial revenue growth are expected to allure massive funding and distinguish themselves from the newly entered market players, thereby fuelling the educational technology market growth.
Education Technology Market’s leading Manufacturers:
- UpGrad Education Private Limited.
- Instructure, Inc.
- EdX Inc.
- Coursera Inc.
- BYJU’S
- Microsoft
- Google Inc.
- Edutech
- Udacity, Inc.
- Blackboard Inc.
Education Technology Market Segmentation:
Segmentation by Sector:
- Preschool
- K-12
- Others
Segmentation by Type:
- General Learning
- Gamification
- Analytics
- Management Courses
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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