Education Technology Market Analysis Based On Sector, End-User, Type, Deployment, And Region

 Education Technology Industry Overview

The global education technology market size is expected to reach USD 429.5 billion by 2030, expanding at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The process of learning is evolving gradually in line with advances in technology. From virtual classrooms to massive open online courses (MOOCs), the education technology (EdTech) industry is transforming rapidly, thereby leading to an influx of massive investments worldwide. Having realized the potential of leveraging the advances in technology to enhance the process of learning, governments across the world are encouraging the incumbents of the education industry to undertake various initiatives aimed at integrating EdTech into the overall education system. For instance, in November 2021, Bengal Government partnered with EdTech startup Schoolnet India Limited, an EdTech startup, to drive the career development program and promote digital learning. This platform will also let students access the Geneo eSekha portal, the state’s education website, which covers all the subjects from class 5 to class 10.

 

The proliferation of smart devices and the continued rollout of internet connectivity drive the growth of the market. The growing awareness about the advantages of integrating the latest technologies in education systems is also contributing to the growth of the market. Developed economies, including the U.S., U.K., and Germany, are focusing on introducing innovative EdTech offerings, supporting education administration, reducing teacher workload, and engaging students and the community. On the other hand, emerging economies focus on ensuring easy and convenient access to educational opportunities for their citizens. EdTech holds immense potential to ensure access to education for the rapidly growing population, particularly in emerging economies. For instance, in November 2021, BYJU'S, an EdTech platform, launched BYJUS Future School, personalized AI-driven capabilities online learning platform to expand its global presence in the market.

 

Education Technology Market Segmentation

Grand View Research has segmented the global education technology market based on sector, end-user, type, deployment, and region:

Based on the Sector Insights, the market is segmented into Preschool, K-12, Higher Education, and Others.

  • The K-12 segment led the market in 2021, accounting for over 40% share of the global revenue. The high share can be attributed to the growing trend of game-based learning in the K-12 sector. The majority of the teachers in the K-12 sector support gamification initiatives to develop the students’ math learning skills with the integration of practical, project-based work in schools.
  • The preschool segment is expected to register the fastest CAGR of almost 18.2% from 2022 to 2030. Technological advancement enables educators to collect assessment data directly on mobile devices, reducing the conventional use of paper and pen. Some of the assessments are eliminating data entry and letting children respond directly through touchscreen-enabled devices.

Based on the End-user Insights, the market is segmented into Business, and Consumer.

  • The business segment led the market in 2021, accounting for over 65% share of the global revenue. The high share can be attributed to the upsurge in partnerships among EdTech firms, educational institutes, and content developers to create significant opportunities for the digital education sector. As a result, partnerships and collaborations are increasingly becoming a critical part of this developing ecosystem.
  • The consumer segment is predicted to foresee significant growth in the coming years. Growing awareness among parents and students pertaining to the shift from traditional education towards digital formats is expected to drive the segment. Lifelong learning is becoming a growing trend among adults and corporate workers as it offers flexibility concerning time and location to gain additional knowledge.

 

Based on the Type Insights, the market is segmented into Hardware, Software, and Content.

  • The hardware segment led the market in 2021, accounting for over 40% of global revenue. The high share can be attributed to the growing prominence of digital classrooms across the education industry. For instance, in February 2022, Veative Labs., a prominent leader in virtual realityfor the EdTech market, provided its virtual reality headsets to Smt. Godavari Devi Saraf Senior Secondary School in Andhra Pradesh, India, to let students feel what they are studying. 
  • The content segment is anticipated to witness significant growth in the coming years. The EdTech sector is witnessing innovation in content delivery with the incorporation of advanced visualization technologies. It can be attributed to the availability of numerous e-learning portals offering better-quality educational content in the form of study notes, test-prep materials, question banks, and learning videos.

 

Based on the Deployment Insights, the market is segmented into Cloud, and On-Premises.

  • The on-premises segment led the market in 2021, accounting for over 70% of global revenue. The higher share can be attributed to the reliability and scalability of usage in the education technology market. The on-premises deployment refers to installing software or services on a company's premises or systems.
  • Cloud computingis anticipated to witness significant growth in the coming years. The higher share can be attributed to the growing usage of learning analytics, reduced cost of ownership, and increase in the adoption of mobile learning in the EdTech market. Cloud deployment appeals to enterprises of all sizes because it offers regular data backup, lower operational expenses, lower capital, high security, and rapid deployment features for always-on functioning.

 

Education Technology Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Vendors active in the market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in January 2022, Teachmint Technologies Pvt. Ltd, an online app for students and teachers, has acquired MyClassCampus, (Teachmint Technologies Pvt. Ltd) an ERP platform for educational organizations. This acquisition will let Teachmint expand its offerings in schools and various educational institutions by combining its learning management system (LMS) with the ERP software. Besides, in June 2021, BYJU’S, an EdTech company that provides online tuitions, partnered with Google LLC to make online learning more consistent for both professors and students. This partnership will allow educational institutions to offer a personalized digital platform for classroom organization.

Some of the prominent players in the global education technology market include:

  • BYJU'S
  • Blackboard Inc.
  • Chegg, Inc.
  • Coursera Inc.
  • Edutech
  • edX Inc.
  • Google LLC
  • Instructure, Inc.
  • Microsoft
  • Udacity, Inc.
  • upGrad Education Private Limited

 

Order a free sample PDF of the Education Technology Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

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