Education Technology Market

The global education technology market size was valued at USD 89.32 billion in 2020 and is anticipated to reach a value of USD 377.63 billion in 2028, expanding at a CAGR of 19.4% over the forecast period, 2021-2028. The growth of the market is attributed to the increasing adoption of digital learning solutions in learning environments including schools, colleges, training centers, and others.

Education technology also widely known as EdTech is the combination of education and technology that helps in the enhancement of teacher-led learning and improves the outcome of students’ and employees’ education. Access to education can be improved using digital technology. The preference of learners is rapidly moving towards eBooks as they can be accessed from any place across the globe. Furthermore, digital content has the tendency to be generated easily and quickly when compared to printed content resulting in the reduction of production cost. Moreover, eBooks are available in numerous languages and can be easily translated at any moment of time as per the requirement. Digital books also have the capability to help out the learners with physical disabilities by providing the audio format of the educational content for better conceptual reading along with boosting their vocabulary.

The incorporation of advanced technology with the education technology allows the learners to have an interactive session which also enables them to connect ad explore abstract concepts effortlessly. Usage of such technology also allows the end-users to secure and store the learners’ records which help educators to model data-driven plans post analyzing the consumption pattern of the offered material to the learners. One of the current major concerns of the educators is the engagement of students as a result of which projector-based displays are replaced by touch screen displays and advanced interactive boards are being introduced. Comprehensive student profiles can be generated by using Student Information System (SIS) which can be accessed by both learners and educators. Every individual’s performance can be analyzed and enhanced using these profiles which helps the educators to make decisions based on the learner’s performance. It is mandatory for the market players to follow all the norms to secure learners’ personal information and abide by all the data privacy and copyright norms before launching an education technology solution.

The Covid-19 pandemic had an adverse effect on various industries; however, it had a positive impact on the education technology market as the schools, colleges, training centers, and other educational institutes worldwide were closed down due to emergency lockdown, social distancing, and other regulatory guidelines imposed by the government. Owing to the aforementioned factors the whole educational industry shifted its focus towards online education which eventually boosted the education technology market hence driving the market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Rising usage of smart phones and devices along with easy penetration of the internet is anticipated to propel the market growth during the forecast period.
• Integration of educational technology with advanced technology such as augmented reality, internet of things, virtual reality, and artificial intelligence is expected to fuel the market expansion.
• Launch of new learning hubs by various technological universities is estimated to boost the market growth over the forecast period.
• Having insufficient knowledge and awareness regarding E-learning along with the unavailability of suitable and required infrastructure are key challenges restraining the market growth.
• Growing funding by local government in technological initiatives is projected to present key opportunities for the market growth in the coming years.

Scope of the Report

The report on the global education technology market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.

Market Segment Insights

Preschool segment is anticipated to expand at a high CAGR

On the basis of sectors, the education technology market is divided into preschool, K-12, higher education, and others. The K-12 segment held a major revenue share of the market in 2020 and is expected to lead the market with a stable CAGR over the forecast period owing to the increasing trend of game-based learning in the particular segment. The game-based learning initiatives are highly supported by the educators of the K-12 sector as they help in the development of learning skills by incorporating project-based and practical work. On the other hand, the preschool segment is anticipated to expand at a high CAGR owing to the increasing development of video-based and curated content-based learning apps for children.

Content segment is expected to grow at a fast pace

Based on types, the market is segmented into software, hardware, and content. The hardware segment dominated the market in 2020 due to the rising influence of digital classrooms over the traditional ones across the education industry. Integration of hardware provides a wide range of features which include digital pens, multi-touch options, and others. However, the content segment is expected to grow at a fast pace over the forecast period owing to the presence of several e-learning portals that offer good quality educational content that is available in the form of question banks, study notes, learning videos, test-prep materials, and others. The integration of advanced technology for visualizations brings out innovative content delivery.

Consumer segment is estimated to exhibit a rapid growth

On the basis of end-users, the education technology market is bifurcated into consumer and business. The business segment dominated the market in 2020 attributed to growth in formation of the partnerships among content developers, educational institutes, and EdTech firms in order to generate exceptional opportunities for the digital education sector. On the other hand, the consumer segment is estimated to exhibit a rapid growth during the forecast period due to the increasing awareness among the students and the parents regarding the benefits of the digital education system.

Asia Pacific market is expected to expand at a fast CAGR

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America led the market in 2020 and is estimated to continue its lead in the coming years owing to the abundant investments by private-equity investors and venture capitalists in the education technology sector. However, the market in Asia Pacific is expected to expand at a fast CAGR over the forecast period attributed to the increasing usage of smart devices and the internet among the targeted population base.

Segments

Segments Covered in the Report
The global education technology market has been segmented on the basis of

Sectors

• Preschool
• K-12
• Higher Education
• Others

Types

• Software
• Hardware
• Content

End-users

• Consumer
• Business

Regions

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

Key Players

• upGrad Education Pvt. Ltd.
• Blackboard, Inc.
• Coursera, Inc.
• Chegg, Inc.
• Edutech
• edX Inc.
• Instructure, Inc.
• Google LLC
• Microsoft
• BYJU’S
• Udacity, Inc.

Competitive Landscape

Key players competing in the global education technology market are upGrad Education Pvt. Ltd.; Blackboard, Inc.; Coursera, Inc.; Chegg, Inc.; Edutech; edX Inc.; Instructure, Inc.; Google LLC; Microsoft; BYJU’S; and Udacity, Inc. Many of these players have adopted business strategies such as the development of new technology, the launch of new products, collaborations, partnerships, alliances, acquisitions, and mergers in order to increase their operation expansion, consumer base, and market position globally. For instance, a partnership was formed between Los Angeles Unified School District and Public Broadcasting Service in March 2020 to provide customized educational programs to the students.