The global education technology market size is expected to reach USD 348.41 billion by 2030, growing at a CAGR of 13.6% from 2023 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 technological advances to enhance 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.
Education Technology Market Report Highlights
- North America dominated the market in 2022, accounting for the largest share of global revenue. Some of the major higher institutes and educational organizations across North America are increasingly shifting their focus from legacy EdTech education system toward online-based EdTech solutions
- The K-12 segment led the market in 2022 owing to the growing trend of game-based learning in the K-12 sector. Integration of AI in schools and universities to automate activities, such as grading subjects and providing feedback, is anticipated to propel the demand for EdTech offerings
- The business segment accounted for the largest share of the global revenue in 2022. The high share can be attributed to the increasing partnerships and collaborations done by various market players to expand their product portfolio and strengthen their position in the global market
- The hardware segment led the market in 2022. The widespread use of mobile devices and tablets is leading to the use of gamification and immersive learning in educational institutions for an interactive and enhanced learning experience
- The on-premises segment led the market in 2022, accounting for the highest share of global revenue owing to the reliability and scalability of usage in the EdTech market.
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Educational technology (Ed-Tech) is the combined use of computer hardware, software, and educational theory and practice to facilitate learning. It includes virtual classrooms for online learning, interactive whiteboards, virtual bulletin boards, and content management systems. In a broad sense, it is a process of analyzing, designing, developing, implementing, and evaluating the instructional environment, learning materials, learners, and the learning process in order to improve teaching and learning. EdTech tools like smart boards, smart tables, and projectors enhance the learning and teaching experience and help to develop an integrated learning system ensuring a better-structured curriculum. The main goal is to bring more effectiveness in the teaching and learning process to meet the requirements according to the need of the changing era. It is a continuous dynamic technology and helpful in making the teaching process objective, easy, clear, interesting, and scientific.
For instance, in January 2022, the Delhi government took the initiative to install 20,000+ smart classrooms in the school by installing 16 smart classrooms in Shaheed Amir Chand Sarvodaya Vidyalaya. The initiatives toward deploying smart classrooms enhance the teaching-learning process and let students access all online learning resources. The classrooms would have modern cameras installed for the live recording of sessions which teachers and students would further access for future needs.
The proliferation of smart devices and the continued rollout of internet connectivity drive the growth of the global education technology 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 the citizens. EdTech holds immense potential to ensure access to education for the rapidly growing population, particularly in emerging economies. For instance, in December 2022, Google LLC, an American multinational technology company unveiled Courses, a new feature that will strive to bring a structured learning experience on YouTube, a global online video-sharing and social media platform.
The education industry is on the cusp of a digital revolution. In the age of digitization and automation, conventional teaching methods are not the only available options for educating students. Advances in the latest technologies, such as AI, robotics, and AR/VR, and their potential integration into learning are anticipated to transform conventional teaching techniques.
For instance, in March 2022, 3RDFLIX Visual Effects Pvt. Ltd. (Practically), an EdTech firm, acquired Foradian Technologies. (Fedena) a school management software platform. This acquisition would let schools use collaborative and innovative tools for teaching, such as simulations, Augmented Reality, and 3D Videos for education. These cross-curricular learning opportunities can enable institutes and teachers to streamline resource commitments while encouraging students’ knowledge development through practical and cross-curricular applications.
Education Technology Market Insights By Region
North America dominated with a revenue share, attributed to the plenty of investments from venture capitalists and private-equity investors in the EdTech sector in the U.S. Asia Pacific is anticipated to register the highest CAGR, attributed to the rising prevalence of computing and smart devices among the masses. In recent times, developing countries such as India have witnessed a wave of affordable broadband connectivity, resulting in numerous companies reaching out to the population. This trend is anticipated to enable users to experience educational learning with the assistance of internet connectivity. Besides, education stakeholders in developing areas are increasingly considering technology to bridge the gap between educational infrastructure and teaching resources.
Competitive Analysis By Major Companies
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. Some prominent players in the global education technology market include:
- BYJU’S
- Blackboard Inc.
- Chegg, Inc.
- Coursera Inc.
- Edutech
- edX Inc.
- Google LLC
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Education Technology Market Segmentation
Grand View Research has segmented the global education technology market based on sector, end-user, type, deployment, and region:
- Education Technology (EdTech) Sector Outlook (Revenue, USD Million, 2017 – 2030)
- Education Technology (EdTech) End-user Outlook (Revenue, USD Million, 2017 – 2030)
- Education Technology (EdTech) Type Outlook (Revenue, USD Million, 2017 – 2030)
- Education Technology (EdTech) Deployment Outlook (Revenue, USD Million, 2017 – 2030)
- Education Technology (EdTech) Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in the Education Technology (EdTech) Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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