The edtech market, a burgeoning industry that has witnessed remarkable growth in recent years, reached a substantial valuation of US$ 74.2 billion in 2021. This rapid ascent is expected to continue, with forecasts predicting an impressive CAGR of 14.5% during the period from 2021 to 2031. By the end of this decade, the edtech market is anticipated to surge to a staggering US$ 288.4 billion, underlining the sector’s pivotal role in transforming and revolutionizing the education landscape worldwide.
As technology continues to integrate with education, the edtech market’s exponential growth stands as a testament to its enduring importance in shaping the future of learning and knowledge dissemination.
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Key Takeaways from the EdTech Market Report:
- By component, the hardware segment is anticipated to account for the leading share during the forecast period. However, the software segment is estimated to grow at a CAGR of 16.7% through 2031.
- By end user, the academic institution segment is anticipated to increase at a CAGR of 16.7% between 2021 & 2031.
- The market in the U.S. is expected to expand at a CAGR of around 11.2% through 2031.
- In India, edtech market is estimated to grow by a CAGR of nearly 22.8% over the next ten years.
- Edtech market in Japan is expected to witness growth of 5.1X during the forecast period.
Adaptive Learning is Gaining Traction:
Adaptive learning has gained more interest due to new product development, partnerships among e-learning software providers and education publishers, and significant investment in adaptive learning. Adaptive learning is gaining popularity as the development of new technologies like AR and AI which is giving adaptive learning a lift to another level. Adaptive learning has the advantage of robust analytics, it also helps in confidence-based assessments and pre-learning tests that help organizations to sidestep the drawbacks of generalized learning.
Adaptive learning ensures that each learner goes through the most effective learning path. Adaptive learning helps learners to gain confidence due to the personalized feedback provided. Adaptive learning model adoption can help the learner to gain objective knowledge and various skills.
Initiative by Educational Institutes Creating Growth Opportunities:
Education institutions are undertaking initiatives to encourage students to switch from traditional textbooks to eBooks for learning seamlessly. For Instance, K-12 schools are replacing traditional study with new online learning to benefit student’s overall growth. This is creating opportunities for the players to offer their e-learning solutions in the market.
Also, the demand for microlearning is increasing as it is a suitable way of learning for the new generation of learners that have shorter attention spans. Learners are provided information at a rate that matches their ability to help them absorb knowledge more efficiently.
Microlearning also helps them to improve learning transfer by 71% compared to traditional learning methods. It generates 50% more engagement while reducing development costs by 50% and increasing development speed.
Leading Key Players:
Chegg, Coursera, Blackboard Inc., Digital House, Platzi, PlelQ, Agenda Edu, UOL, Crehana, Smart Technologies, EdX, Microsoft, Oracle Corporation, Hurix Digital, E-Zest Solutions Ltd, Touch IT Technologies, Promethan World, SIMA E-learning
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Edtech Market Segmentation:
By Component:
- Hardware
- Interactive White Board
- AR/VR Devices
- Projectors
- Webcasting Devices
- Others
- Software
- Learning Management System Platform
- Virtual Classroom Software
- Others
- Services
- Managed Learning Services
- Professional Services
- Learning & Content Management
- Consulting
- Integration & Implementation
- Support & Maintenance
By End User:
- Government Organization
- Academic Institution
- K-12
- College Universities
- Enterprises
- SMEs
- Large Enterprises
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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