Education Technology Industry Overview
The global education technology market size is expected to reach USD 429.5 billion by 2030, expanding at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The process of learning is evolving gradually in line with advances in technology. From virtual classrooms to massive open online courses (MOOCs), the education technology (EdTech) industry is transforming rapidly, thereby leading to an influx of massive investments worldwide. Having realized the potential of leveraging the advances in technology to enhance the process of learning, governments across the world are encouraging the incumbents of the education industry to undertake various initiatives aimed at integrating EdTech into the overall education system. For instance, in November 2021, Bengal Government partnered with EdTech startup Schoolnet India Limited, an EdTech startup, to drive the career development program and promote digital learning. This platform will also let students access the Geneo eSekha portal, the state’s education website, which covers all the subjects from class 5 to class 10.
Education Technology Market Segmentation
Grand View Research has segmented the global education technology market based on sector, end-user, type, deployment, and region:
Based on the Sector Insights, the market is segmented into Preschool, K-12, Higher Education, and Others.
- The K-12 segment led the market in 2021, accounting for over 40% share of the global revenue. The high share can be attributed to the growing trend of game-based learning in the K-12 sector. The majority of the teachers in the K-12 sector support gamification initiatives to develop the students’ math learning skills with the integration of practical, project-based work in schools.
- The preschool segment is expected to register the fastest CAGR of almost 18.2% from 2022 to 2030. Technological advancement enables educators to collect assessment data directly on mobile devices, reducing the conventional use of paper and pen. Some of the assessments are eliminating data entry and letting children respond directly through touchscreen-enabled devices.
Based on the End-user Insights, the market is segmented into Business, and Consumer.
- The business segment led the market in 2021, accounting for over 65% share of the global revenue. The high share can be attributed to the upsurge in partnerships among EdTech firms, educational institutes, and content developers to create significant opportunities for the digital education sector.
- The consumer segment is predicted to foresee significant growth in the coming years. Growing awareness among parents and students pertaining to the shift from traditional education towards digital formats is expected to drive the segment.
Based on the Type Insights, the market is segmented into Hardware, Software, and Content.
- The hardware segment led the market in 2021, accounting for over 40% of global revenue. The high share can be attributed to the growing prominence of digital classrooms across the education industry. For instance, in February 2022, Veative Labs., a prominent leader in virtual reality for the EdTech market, provided its virtual reality headsets to Smt. Godavari Devi Saraf Senior Secondary School in Andhra Pradesh, India, to let students feel what they are studying.
- The content segment is anticipated to witness significant growth in the coming years. The EdTech sector is witnessing innovation in content delivery with the incorporation of advanced visualization technologies.
Based on the Deployment Insights, the market is segmented into Cloud, and On-Premises.
- The on-premises segment led the market in 2021, accounting for over 70% of global revenue. The higher share can be attributed to the reliability and scalability of usage in the education technology market. The on-premises deployment refers to installing software or services on a company’s premises or systems.
- Cloud computing is anticipated to witness significant growth in the coming years. The higher share can be attributed to the growing usage of learning analytics, reduced cost of ownership, and increase in the adoption of mobile learning in the EdTech market.
Education Technology Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Vendors active in the market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development.
Some of the prominent players in the global education technology market include:
- Blackboard Inc.
- Chegg, Inc.
- Coursera Inc.
- edX Inc.
- Google LLC
- Instructure, Inc.
- Udacity, Inc.
- upGrad Education Private Limited
Order a free sample PDF of the Education Technology Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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