Education Technology Market
The Education Technology Market was estimated around USD 72 billion in 2019 and is expected to grow at a CAGR of 16.6% over the forecast period (2020-2027).
The factors driving the growth of Education Technology Market includes increasing penetration of smart devices, introduction of advanced interactive whiteboards, rise in the number of EdTech start-ups around the world and expansion of E-Learning industry. According to the report published by Statista, the Global E-Learning Market was calculated around USD 200 billion in 2019 and is expected to reach USD 400 billion by the end of 2026, which will accelerate the market growth in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), availability of digital books around the world, rise in Government expenditure on the Education sector and rapid urbanization, are some of the additional factors supplementing the Global Education Technology Market. According to the report published by India Today, the budget allocated by the Indian Government on Education sector was estimated around INR 1,04,278 crore for 2022, showing an increase of INR 11,054 crore, which will boost the Education Technology Market size in the coming years.
However, the growth of Education Technology Market is hindered attributed to high cost of software and general learning packages.
The prominent players operating in the market are Instructure, Inc., Microsoft, Udacity, Inc., BYJU’S, Blackboard Inc., Coursera Inc., UpGrad Education Private Limited., Edutech, EdX Inc., and Google Inc., among others.
Based on Sector, the K-12 segment is predicted to capture the largest market share during the forecast period
Education technology provides substantial amount of information to K-12 students and enables parents to track the learning process of children along with gamification initiatives taken by schools, are some of the factors responsible for the segment’s growth.
Based on Type, the General Learning segment is projected to lead the market over the forecast period
Rise in the number of digital classrooms and growing adoption of laptops and desktops, are propelling the segment’s growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
As per the Education Technology Market Report, rise in the number of EdTech companies, rise in Government budget allocation on the Education sector, improvements in the internet connectivity, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Development
- In 2020, BYJU’S officially introduced online private tuition classes which will provide students, access to scheduled online classes from leading teachers.
Market Segmentation
Segmentation by Sector
- Preschool
- K-12
- Others
Segmentation by Type
- General Learning
- Gamification
- Analytics
- Management Courses
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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