Blockchain in Education Market Size & Share Report | 2031

Report Description

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.

• 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.

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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

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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,

• As per the reports, approximately 190% of the increase is seen in worldwide cryptocurrency users between 2018 to 2022 and is expected to accelerate further during the projection period.

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.

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.

• 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.

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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,

• As per the reports published in August 2023, eLearning users are estimated to reach around 0.9 billion in 2027. The online learning penetration rate is estimated to be 9.6%in 2023 and is likelyto hit 11.6% in 2027.

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.

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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,

• 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.

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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.