The global blockchain in education market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period, 2023–2031. Increasing demand for advanced blockchain solutions for securely storing all the important educational digital assets is boosting the market.
Rising need to store data in a secure and decentralized manner is resulting in the growing utilization of blockchain technology across educational institutes. It offers a secure digital safe for schools and colleges to keep important information safe and organized. Moreover, this technology is making it possible for students to access their educational records securely from anywhere in the world. As the adoption of advanced digital solutions grows in the educational sector, the demand for strong security solutions is expected to rise significantly, there by propelling the market during the forecast period.
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According to statistics published by ZipDo, a technology solution provider in August 2023, around 91.3% of educational startups focused on higher education are adopting blockchain technology. Moreover, the utilization of blockchain technology reduces operational costs by 5% which further encourages educational institutes to implement this advanced technology.
Blockchain in education is used to ensure the safety of digital ledger systems and enhance various aspects of the educational process. The data is secured through cryptography in the blockchain which is highly resistant to hacking and tampering. Blockchain also helps to enhance data security and reduce the risk of fraud. Moreover, this technology streamlines course registration, transfer of credits, student data management, and other administrative processes.
The research report finds that the COVID-19 pandemic boosted the market. Educational organizations closed down during the pandemic to keep students safe. This accelerated the adoption of advanced technology, including blockchain for secure online education.
Blockchain is a reliable and secure tool for verifying online credentials and storing educational content. Furthermore, the pandemic also highlighted the importance of this technology as a higher number of students and professionals are shifting to online courses and remote work.
Artificial Intelligence Impact on Blockchain in Education Market
Artificial intelligence (AI) is likely to propel the market. The surge in adoption of AI and blockchain technology is creating smarter and more efficient educational solutions. AI analyzes and interprets the vast amount of information recorded in a blockchain to provide valuable insights and patterns. Furthermore, AI-powered chatbots and virtual assistants are integrated with blockchain systems to provide instant support to students and faculty.
Blockchain in Education Market Dynamics
Major Drivers
Growing adoption of blockchain for student records-keeping, verifying, and retrieving is expected to drive the market. Instead of dealing with slow and complicated paperwork blockchain allows for a swift and secure transfer of records.
Blockchain creates a chain of unchangeable blocks each containing a piece of information about the student. This method ensures that student records remain accurate and trust worthy while eliminating the risks of fraud or tampering. Moreover, the utilization of crypto currencies by educational institutes as payment methods further propels the market. For instance,
Existing Restraints
Complexity and high costs of implementing blockchain technology are hampering the market. Integrating blockchain into education systems is complex and requires strong technical expertise.
Building and maintaining blockchain systems with the existing infrastructure of educational institutes are expensive and require a massive financial investment. Moreover, technical problems associated with the utilization of blockchain technology further reduce their demand in the market.
Emerging Opportunities
Increasing research activities and the adoption of advanced technologies are likely to create immense opportunities for the players competing in the market. Developers are focusing on creating decentralized education platforms to enhance data privacy.
This technology empowers teachers and students to have control over their educational records. Blockchain also helps educational institutes to provide affordable, quality, and personalized content globally which further boosts their demand in the market.
Scope of Blockchain in Education Market Report
The report on the market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Blockchain in Education Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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System (Public and Private), Type (Credentials Verification, School Asset Tracking & Management, Digital Rights Protection, Expanding MOOCs, Open Source Universities, and Others), and Application (Digital Rights Management, Personal Recruitment, University, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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RecordsKeeper; Oracle; ODEM; IBM; Education Ecosystem; Disciplina Group, LLC; SmartLedger; Rick Dutch Cousin; Hyland Software, Inc; and Blockcerts
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Blockchain in Education Market Segment Insights
System Segment Analysis
In terms of system, the market is fragmented into private and public. The private segment is anticipated to hold a major market share, as this blockchain technology offers a high level of security, limiting access to authorized participants. This safety is vital where the security of sensitive student records and credentials is important. Furthermore, private blockchains are designed to handle heavy workloads efficiently which further boosts their demand in the market.
The public segment is projected to expand at a considerable CAGR during the forecast period, owing to its robust security mechanisms. They protect student data from unauthorized access and tampering while ensuring privacy. Public blockchains eliminate intermediaries and manual verification processes resulting in cost savings. Moreover, the increasing adaptation of public blockchain technology by various educational organizations further contributes to the growth of this segment.
Type Segment Analysis
Based on type, the blockchain in education market is divided into credentials verification, school asset tracking & management, digital rights protection, expanding MOOCs, open source universities, and others. The credentials verification segment is expected to hold a major market revenue share during the forecast period, as blockchain technology is utilized to verify credentials, such as degrees and certifications.
Credentials stored and verified on this technology are tamper-proof and easy to share. Blockchain allows educational organizations and individuals to share verified credentials swiftly and globally.
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On February 05, 2020, Hyland Software, Inc., a leading software solution provider announcedthe acquisition of Learning Machine, a pioneer of blockchain-anchored digital credential solutions on February 1, 2020. Learning Machine are inventors of blockchain-powered technology to verify documents and content. This credentialing solution smooths out the process of creation and sharing of blockchain-protected digital records which are vendor-independent, recipient-owned, and verifiable anywhere.
The digital rights protection segment is anticipated to register robust growth in the market, owing to the rising risk of theft or unauthorized sharing of digital educational content or documents. Blockchain technology is a safe way to store and protect digital content.
This technology creates a digital fingerprint of stored data which makes it impossible to copy or use content without permission. Furthermore, the increasing number of online education platforms to cater to large eLearning populations fuels the demand for blockchain technology in the market. For instance,
Application Segment Analysis
On the basis of application, the market is classified as digital rights management, personal recruitment, university, and others. The university segment is expected to hold a key market share during the projected period, as blockchain enhances their capabilities of storing data securely. Universities handle a large amount of student records, certificates, and academic data. Blockchain ensures recorded data is tamper-proof and is easily verifiable storage of data.
Moreover, universities have important papers and documentation of ongoing research activities that require blockchain technology to store their important data. These all factors contribute to the growth of the market.
The personal recruitment segment is projected to register a considerable CAGR during the forecast period, due to the increasing demand for blockchain technology to store and manage job applications efficiently. Blockchain technology has standardized and a secure format for recording qualifications, which makes international recruitment smoother. Moreover, the blockchain's tamper-proof records and verification processes handling ability further boost their demand in the market.
Regional Analysis
In terms of region, the global blockchain in education market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market,due to the large presence of leading tech companies and educational institutions.
These tech giants and esteemed universities create an environment conducive to research, development, and implementation of modern solutions, including blockchain in education. Furthermore, governmental initiatives to support the implementation of blockchain technology in education further boost the market.For instance,
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In 2020, the Department of Education of the United States and the American Council on Education (ACE) announced the launch of the Blockchain Innovation Challenge (BIC) to experience how the blockchainis likely to empower individuals and offer growth opportunities as part of the initiative of Education Blockchain Initiative. The challenge called on technology developers, educators, students, policymakers, industry leaders, and the public to create blockchain-enabled ecosystems that serve individuals.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years,owing to the rapid adoption of technological solutions across the sectors. This region's increasing tech capabilities encourage the integration of innovative technologies in the education sector, including blockchain. Additionally, the region's strong focus on economic development leads to higher investments in education and technology which further propels the market.
Segments
The global blockchain in education market has been segmented on the basis of
System
Type
- Credentials Verification
- School Asset Tracking & Management
- Digital Rights Protection
- Expanding MOOCs
- Open Source Universities
- Others
Application
- Digital Rights Management
- Personal Recruitment
- University
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- RecordsKeeper
- Oracle
- ODEM
- IBM
- Education Ecosystem
- Disciplina Group, LLC
- SmartLedger
- Rick Dutch Cousin
- Hyland Software, Inc
- Blockcerts
Competitive Landscape
Key players competing in the global blockchain in education market are Records Keeper; Oracle; ODEM; IBM; Education Ecosystem; Disciplina Group, LLC;SmartLedger; Rick Dutch Cousin; Hyland Software, Inc; and Blockcerts
These organizations are boosting their market position by integrating diverse strategies, such as strategic partnerships, mergers, reducing production expenditures, launching new product lineups, and incorporating advanced technological solutions.
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In June 2022, SmartLedger, a blockchain innovation provider, and Rick Dutch Cousin, a block technological solutions provider, announced their partnership to educate and empower content creators, musicians, influencers, and media artists on the potential of blockchain technology for media content distribution, instant payments, and data ownership.
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