EdTech Market

The global EdTech market size was valued at more than USD 126.88 Billion in 2022 and is estimated to reach around USD 625.80 Billion by 2031, expanding at a CAGR of 19.4% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing adoption of digital learning solutions in the educational environment.

Education technology, commonly abbreviated as EdTech, is a combination of education and technology that enhances teacher-led learning and improves the educational outcomes of students and employees. EdTech improves access to education globally with the usage of digital technology. Digital content related to education is easier to create and distribute than physical educational material resulting in a reduction in production costs.

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Educational technology makes educational content available to learners with physical disabilities in form of video and audio. Key players of the global EdTech market are developing and launching new products and services that aid learners and educators alike. For example, Coursera, Inc. are making its products available directly to users without any intermediaries. Online certification courses are being accepted and appreciated by companies in job applications. 

EdTech Market Trends, Drivers, Restraints, and Opportunities

• Increasing usage of smart devices such as smartphones and tablets and high penetration of the internet are expected to boost the market during the forecast period.
• Various technological universities are continuously launching new learning hubs, which are driving the market.
• Integration of advanced technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), and others into education technology is expected to fuel the market.
• Key players are developing innovative technologies such as interactive displays that enhance student engagement and boost the market during the forecast period.
• COVID-19 pandemic has had positive effects on the EdTech market owning educational institutes, schools, and colleges that were closed down as a result of stringent lockdown policies.
• Insufficient knowledge and awareness of education technology and the unavailability of the required infrastructure are anticipated to restrain the growth of the market.
• Increasing government support, initiatives, and funding are key opportunities for the growth of the market during the forecast period. 

Scope of EdTech Market Report

The report on the EdTech market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

EdTech Market Segment Insights

Types Segment Analysis

On the basis of types, the market is divided into software, hardware, and content. The hardware segment dominates the market with an increasing preference of digital classrooms over traditional classrooms; however, a content segment is expected to grow at a rapid pace during the forecast period. The availability of several e-learning portals with quality educational content in form of study notes, educational videos, question banks, content for preparing for tests, and others drives the market. 

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Sectors Segment Analysis

Based on sectors, the market is segmented into preschool, K-12, higher education, and others. K-12 accounts for a large share of the market owing to the growing trend of game-based learning in the K-12 sector to improve the math skills of students.

The preschool segment is expected to grow at a high CAGR during the forecast period due to technological advancements that aid preschool educators to collect data for assessment directly to their smart devices. Leading players are constantly introducing learning applications with videos and curated content for early childhood learning, which is expected to drive the market during the forecast period.

Systems Segment Analysis

On the basis of systems, the market is segregated into Student Management Systems (SMS), Training Management Systems (TMS), and Learning Management System (LMS).

The LMS segment holds a large share of the market attributing as the system automates learning administrations, track classroom instructions, provide tools to create and manage content, provides access to education content online, and supervises e-learning applications. The segment facilitates collaboration between students and teachers, which is one of the key factors driving the market.

Technologies Segment Analysis

Based on technologies, the market is divided into analytics, gamification, Artificial Intelligence (AI), Augmented Reality (AR), and others.

The gamification segment, which can be defined as a game-based learning method, is expected to grow at a significant pace due to the usage of game-based elements such as team work, point scoring, peer competition, and score tables to engage students, impart new information, motivate them, and test their knowledge. This innovative method to teach and learn is anticipated to expand the market. 

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Developments Segment Analysis

Based on deployments, the market is segmented into cloud and on-premise. The on-premise segment accounts for a key share of the market; however, the cloud segment is anticipated to expand at a rapid pace during the forecast period.

The expansion of the segment is attributed to the increasing adoption of mobile learning, growing usage of learning analytics, reduced cost of ownership, lower operational expenses, regular data backup, and rapidly developing features, which boost the education technology market.

End-User Segment Analysis

On the basis of end-users, the market is divided into consumer and business. The consumer segment is expected to exhibit rapid growth during the forecast period due to increasing awareness of the benefits of the digital education (EdTech) system among students and their parents.

Regional Analysis

On the basis of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America led the market in 2020 due to increasing investments by private investors and capitalists in the education technology sector. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period with increased use of smart devices and the internet in the region.

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Segments

The global EdTech market has been segmented on the basis of

Types

• Software
• Hardware
• Content

Sectors

• Preschool
• K-12
• Higher Education
• Others

Systems

• Student Management System (SMS)
• Training Management System (TMS)
• Learning Management System (LMS)

Technologies

• Analytics
• Gamification
• Artificial Intelligence (AI)
• Augmented Reality (AR)
• Others

Deployments

• Cloud
• On-premise

End-users

• Consumer
• Business

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Google, LLC
• upGrad Education Pvt. Ltd.
• Chegg, Inc.
• BYJU’s
• Microsoft Corporation
• Udacity, Inc.
• Coursera, Inc.
• Blackboard, Inc.
• Edutech; edX, Inc.
• Instructure, Inc.
• Apple, Inc.
• Promethean World Ltd.
• Ekalsutra
• Skolla 

Competitive Landscape

Google, LLC; upGrad Education Pvt. Ltd.; Chegg, Inc.; BYJU’s; Microsoft Corporation; Udacity, Inc.; Coursera, Inc.; Blackboard, Inc.; Edutech; edX, Inc.; Instructure, Inc.; Apple, Inc.; Promethean World Ltd.; and others are the key players competing in the EdTech market.

They adopt business strategies such as mergers, acquisitions, collaborations, partnerships, alliances, and innovative product launches to expand their consumer base and dominate the market. For example,

• In April 2020, Blackboard, Inc. launched a remote learning solution software, Blackboard Unite, for K-12. The Software includes a learning management system, a virtual classroom, smartphone applications, accessibility tools, and others.

• In August 2021, upGrad Education Pvt. Ltd. acquired Knowledgehut Solutions Pvt. Ltd., which is considered as a prominent player in the market.