Advancing technological adoption including artificial intelligence, augmented reality, virtual reality, robotics and machine learning are offering lucrative opportunities for the growth of the EdTech market
With increasing advancements in education technology services and solutions offered across the online education industry along with the rising prominence of internet of things are accelerating the demand for education technology thus anticipating significant growth over the forecast years from 2018-2028 acquiring a CAGR of 20% as the market becomes USD 380 billion. EdTech refers to all solutions offered under the online education sector including hardware as well as software coupled with integrated IT tools that allow digitized means of student and teacher interaction.
Online education technology allows students from all across the globe to engage in their desired fields of study thus enhancing the access significantly as compared to the traditional means of on-premise lectures. The digital EdTech industry has gained a push with the encouraging introduction of advanced technologies allowing distance learning and online courses along with devices and web-based solutions allowing efficient means to conduct digital classrooms. eBooks are also gaining significant popularity with the ability to download from anywhere and translate to multiple different languages.
The existing market growth and future success of the global EdTech market are outlined highlighting the market attractiveness and emerging trends leading the evolution in growth patterns and scales. The major influential factors of the global EdTech market are aligned to reflect the market opportunities over the forecast years. Key factors such as the increasing demand for digital courses and technology equipped education infrastructure along with surging investments in the education industry are propelling the growth of the global EdTech market during the forecast years.
In addition, increasing focus of educators and digital service providers in enhancing learner’s engagement and modernization of the devices installed in classrooms such as the replacement of chalkboards to project-based boards and now the introduction of touchscreens is resulting in considerable evolution of the classroom education format.
Adroit Market Research report on the global EdTech market compiles a thorough and insightful survey of the industry dynamics from 2018 to 2028, focusing on the primary factors of significance such as the market drivers, restrains, opportunities and challenges. The market has been studied by compartmentalizing the assessment years starting with the historic period from 2018 to 2020 standardizing 2020 as the base year of estimation and the future forecast spanning from 2021 onwards to 2028. The report covers accurate determination of the current market dynamics coupled with estimation of future traits and trends at global and country level. The study conducts in-depth market assessment with Porter’s five forces analysis along with positioning of key players based on revenue growth, strategic initiatives and ventures, geographic footprint, and product portfolio novelty.
The global EdTech market is a home to fierce competition among the prominent players with large-scale activities and the young market entrants. Also, the EdTech industry players are increasingly pacing towards potential opportunities and new markets tapping into the promising ways to seize a competitive advantage among other industry payers by forming influential collaborations and partnerships with other prominent leaders of the market, mergers and acquisitions of relatively new start-ups or smaller industry players ultimately expanding the business presence.
Based on the type segment, the EdTech market is split into hardware and software solution with the former segment predominantly dominating the global market with a significant share owing to the increasing adoption of education technology-based devices and a substantial influx of advanced systems such as interactive whiteboards with appealing features further encouraged by the increasing demand for smart devices by consumers to aid at home online classroom sessions.
U.S houses a promising geographic footprint with the placement of large-scale EdTech firms triggering a massive rate of investments and fundings in alliance with educational institutes thereby contributing the regional dominance of North America in the EdTech market. Developed countries like the U.S. have a strong capital status with growing private equity investors and venture capitalists largely participating in enhancing the digitization of the education industry.
Moreover, Asia Pacific is considered to be a crucial marketspace expected to register fastest growth over the forecast years with burgeoning population across developing economies such as India and China and thereby resulting needs for smart technology and higher education sector expansion.
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 EdTech market encompasses both local and international players identifying the core strengths of each of the competitor category. Additionally, the previously recognized market players are introducing an array of new technology-based services and solutions well-equipped with next generation tech to sustain in the global competition.
Key Segments of the Global EdTech Market
Type of Service 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