The EdTech Market is expected to reach US$ 288.4 Bn during the forecast period at a 14.5% CAGR.
The global EdTech market is anticipated to secure substantial growth revenue projected to embark near about USD 380 billion by 2028 estimated to gather a CAGR value of 20% over the forecast years from 2018 to 2028. The rapidly accelerating growth of the global educational technology market can be attributed to the increasing prevalence of digital technology proliferating at a faster pace across different industries. Penetration of digital technology in day-to-day use has multiplied significantly in the past decade with a very appealing utilization in the education industry.
Student inclination towards digitized sources of gaining knowledge has increased in the last few years with higher demand for eBooks and online references in the form of pdf files and so on. Nonetheless, the concerns associated with personal information security that is stored by EdTech solutions could possibly hamper the growth of the global digital education market in the coming years.
Online education market has gained momentum recently with popularizing distance learning and remote education options available for students engaging masses of foreign learners and creating broader network. K-12 education technology is a system that offers all-inclusive solutions showcasing hardware and software capabilities with the integration of IT tools enabling enhanced classroom engagement and individualized learning experience.
Education system displays one of the most drastic evolutions in the methodologies adapted bringing in modernized norms replacing the old computer boxes with sleek tablets and smart gadgets, online interactive courses along with apps and robots that can assist in efficient recording of lectures and taking notes for students that miss a class. Digital EdTech industry has seen significant transformation with the influx of EdTech tools such as the robots used to enhance student engagement through fun learning activities whereas the IoT devices have enabled efficient means to create and manage digital classrooms from any corner in the world and even technologies such as machine learning and blockchain are helping teachers with rudimentary tasks such as grading tests and so on.
The global EdTech market players are popularly acknowledged with a well-established foundation witnessing surging number of new market players entering the market with a view of disrupting the traditional technology system and working models adhering to the conservative education system. Increasing threat by the young market players coupled with the advancing utilization of technologies IoT robotics and machine learning with constant upgradation of the industry has resulted in market consolidation.
The major players of the global EdTech market are Google LLC, Coursera, BYJU’s, edX, Microsoft, Blackboard, Edutech, Chegg, Instructure, UpGrad Education, Udemy, HuJiang, Knewton, Age of Learning, 17zuoye, Schoology, Guild Education, Civitas Learning, VIPKid, Dreambox Learning, iTutorGroup, Newsela, and Udacity. The global EdTech market broadly encompasses a stretch of well-established local players along with an array of international market players. Additionally, the previously studied market players are bringing forth new techniques and novel approaches to enhance the technological capabilities of the education industry in order to remain competitive in the global EdTech market.
Edtech Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 380 billion|
|Growth Rate||CAGR of 20% during 2021-2028|
|Segment Covered||Type, Sector Type, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Google LLC, Coursera, BYJU’s, edX, Microsoft, Blackboard, Edutech, Chegg, Instructure, UpGrad Education, Udemy, HuJiang, Knewton, Age of Learning, 17zuoye, Schoology, Guild Education, Civitas Learning, VIPKid, Dreambox Learning, iTutorGroup, Newsela, and Udacity.|
Key Segments of the Global EdTech Market
Type Overview, 2018-2028 (USD Billion)
Sector Type Overview, 2018-2028 (USD Billion)
- Higher Education
End User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- The fundamental objective of the study is to deliver an accurate, authentic and reliable study with exhaustive research of the global EdTech market allowing you to benchmark against the rest of the market.
- Ensure you gain competitive edge amidst the innovative strategies by key players to expand the market.
What does the report include?
- The report on the global education technology market holistically covers the qualitative aspects determining growth derivatives, drivers, restrains and opportunities
- The study compiles historical data along with future forecasts accurately estimates based on the current status
- The study provides competitive benchmarking enlisting the key existing as well as prospective players of the global EdTech market along with their strategic initiatives focused on product development
- The report is inclusive of market segmentation qualitatively and quantitatively analysed based on the type, sector and end user. In addition, the study provides similar analytical outcome for key geographies
- Accurate market sizes, forecasts and share have been provided along with each of the above-mentioned segment
Who should buy this report?
- The report on the global EdTech market gives an amalgamation of data suitable for all the players across the education industry along with software and hardware providers, technology manufacturers, and private and public organizations
- Investors, stakeholders, and government bodies looking for a complete future outlook on the global EdTech market scenario
- Researchers, students, academic professors and teachers across all educational grades along with technology experts seeking insights shaping the global EdTech market
Frequently Asked Questions (FAQ) :
Expanding capabilities of the education technology services and solutions catering to the needs of a massive and diverse consumer base meeting the specific needs of individuals such as the availability of digital books or eBooks that are accessible from anywhere across the globe along with the vast variety of language options enabling easy and quick translation are primary factors boosting the growth of the global EdTech market significantly over the forecast years.
Moreover, creating digital content is considered to be relatively easy and convenient as compared to the traditional printing format thereby accelerating higher production rate. Digital education has particularly enhanced the exposure to a quality education for studently with special needs that are unable to attend classroom sessions due to physical disabilities. It offers this class of consumer base with easier access to desired educational content via audio or video lectures.
Owing to the rapid advancement in technologies such as Artificial Intelligence (AI), Virtual Reality (VR), Internet of Things (IoT) and Augmented Reality (AR), the global education technology industry is expected to propel enormously with the increasing adopting of the mentioned technological systems. AR and VR in particular are encouraging the growth of the global EdTech market with its advanced capabilities in offering students a window to explore abstract concepts.
Based on the type, the global EdTech market is fragmented into hardware and software solutions. The hardware segment accounted for majority of market share in the year 2020 due to the increasing popularity and adoption of digital classrooms in the education industry worldwide with rapid influx of smart devices such as interactive whiteboards which have gained significant popularity with its integrated features involving digital pens, multi-touch options, dry-erase surfaces and communicating software enhancing learning experience and student engagement with ability to save and exchange notes through laptops, tablets or even smartphones.
In terms of sector, the market is categorised into preschool, K-12 and higher education. The K-12 segment largely dominated the market in 2020 with a significant market share and is likely to retain the position with a sustainable CAGR over the forecast years. The dominance can be attributed to the trending game-based learning systems adopted in the K-12 education sector. EdTech technology is highly preferred by teachers across the K-12 sector to enhance student’s skills through practical, project-based learning and allows virtual field trips coupled with complex lab-based experiments.
Based on the end-user, the market is split into consumer and business. While the business segment spearheaded the revenue in the year 2020 with maximum share owing to the growing prevalence of partnerships initiated by EdTech firms, content developers and educational institutions boosting the opportunities for the digital education sector whereas the consumer segment is anticipated to register fastest CAGR during the forecast period with rising consumer awareness and student need for engaging digital solutions and parents seeking for efficient educational choices.
North America displays the most predominant EdTech markets globally with massive revenue share held in the past. The region is likely to continue escalating over the forecast years with surging investments from venture capitalists in the digitized education sector and significant private equity investors in funding the EdTech industry in the U.S. the region is also explicitly dominant with robust EdTech providers established in economies like U.S. and Canada. Asia Pacific is a potential marketspace anticipated to register exponential growth rate over the forecast years with an impressive CAGR. Rapid penetration of smart devices across the gigantic population in developing countries such as India and China coupled with strengthening broadband connectivity are together fuelling the growth of the EdTech market in the region.