The global education technology market size is poised to reach USD 429.5 billion by 2030. The market totaled a valuation of USD 106.46 billion in 2021 and is anticipated to exhibit growth at a CAGR of 16.5% from 2022 to 2030. The growth of the market is attributed to the advanced virtual learning technologies and their benefits on the education system. In the era of digitalization and automation, education has found its pathways for learning and teaching methods. The conventional teaching method is not the only option that remained in the education system. Collaborative and innovative teaching such as Augmented Reality, simulations,3D video animations, multimedia, graphics, and many more are offering practical and easy-grasping knowledge to the students. Edtech platform assists students to gain comprehensive education and results in better performance.
Digital content generation has gained popularity and demand over printed content. E-books can be accessed easily comparatively the generated printouts. This enables higher production and less wastage of money and paper. Moreover, the digital content is available in different languages and is easy to translate and retrieve. Additionally, people with disabilities can listen to educational audio content at their convenience. Thus, the major players are focusing on providing more audio content for the physically disabled population to improve their vocabulary and enhance interpretive reading. For instance, In January 2022, Texthelp Ltd., an assistive technology provider firm working in the EdTech market, launched OrbitNote.The OrbitNote is an app consisting of pdfs that help visually impaired students access documents by leaving voice notes. These are the digital copies accessible to everyone.
The installation of the AR and VR in Edtech solution help students to engage in an interactive learning experience. It allows students to connect with infinite abstract concepts and explore more about the topics. For instance, in January 2022, a U.S.-based EdTech company .zSpace Inc launched a new AR/VR learning device to engage students in multidimensional content virtually and eliminate the need for glasses. Moreover, the installation of blockchain technology enables users to record and secure student performances. This help teachers to quantitatively analyze student interest, their potential, and patterns of study. This also enables educators to make informed decisions for students with a focus on improving the individual performance of each student.
Education Technology Market Report Key Takeaways
- The K-12 segment accounted for over 40% of the total market revenue share in 2021. The growth of the segment is attributed to the rising game-based learning in the K-12 sector. The segment has supported students in math learning skills with the integration of practical-based works in schools. Virtual field trips and complex lab experiments enable engaging learning. Hence, the incorporation of technologies in the K-12 segment will provide immersive content and exposure to the advanced learning experience
- The business segment dominated the market, accounting for over 65% of the total market revenue share in 2021. The surge of partnerships between Edtech companies and universities, and institutes have accreted market expansion through digital education. For instance, in February 2022, Greenfield Community College (GCC) partnered with Upright Education to upgrade software skills such as user experience design (UX) and user interface (UI). This will enable students of the institute to improve their skills and build a career with this technical training
- The on-premises segment accounted for the market revenue share of 70% in 2021. The segment growth is attributed to the reliability and scalability of the education technology market
- The hardware segment dominated the market accounting for over 40% of the total market revenue share in 2021. Increasing adoption of digital classrooms across the education industry is driving the segment growth. For instance, in February 2022, In India, Veative Labs, a leading company in virtual reality for EdTech provided its VR headsets to the Smt Godavari Devi Saraf School in AP in order to let students understand better about their studies
- North America led the market accounting for over 35% of the total market revenue share in 2021. The rising investments by venture capitalists and private-equity investors in the EdTech sector have spurred market growth in the U.S. For instance, in July 2021, Class Technologies Inc., an Ed-Tech platform in the U.S. increased their investments of around USD 105 million in Series B funding to expand their market position outside the U.S. and help universities to offer education during the pandemic
Education Technology Market Segments
- Education Technology Sector Outlook (Revenue, USD Million, 2017 - 2030)
- Higher Education
- Education Technology End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Education Technology Type Outlook (Revenue, USD Million, 2017 - 2030)
- Education Technology Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- Education Technology Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
- List of key players of the Education Technology Market
- Blackboard Inc.
- Chegg, Inc.
- Coursera Inc.
- edX Inc.
- Google LLC
- Instructure, Inc.
- Udacity, Inc.
- upGrad Education Private Limited