Edtech Market size to grow by USD 108.98 from 2022 to 2027 | The market is fragmented due to the presence of prominent companies like 2U Inc., Alphabet Inc., and Anthology Inc., many more
NEW YORK, Dec. 17, 2023 /PRNewswire/ -- The Edtech Market is estimated to increase at a CAGR of 13.61% during the forecast period. The edtech market is fragmented owing to the presence of many global and regional companies.
Technavio has announced its latest market research report titled Global Edtech Market 2023-2027
What is the projected size of the Edtech market in the next five years?
What are the regional or global trends impacting the Edtech Market?
North America is anticipated to contribute around 41% to the global market's growth during the forecast period. Within North America, the comprehensive expansion of the global edtech market is significantly influenced by the well-established infrastructure and the enthusiastic embrace of cutting-edge technologies, particularly in online education, by educational institutions and learners. The United States, situated in this region, stands out as a primary advocate for digital transformation, becoming a key contributor to market revenue. Moreover, the rapid adoption of smart learning systems by educational institutions in North America is facilitated by the robust internet infrastructure present in the region. Alongside hosting and cloud services, vendors are increasingly introducing software solutions, further augmenting the landscape of online education.
Mobile learning, often referred to as m-learning/digital learning, revolutionizes education by leveraging portable devices such as smartphones and tablets, facilitating access to educational resources anytime, anywhere. The flexibility of mobile learning or digital learning empowers learners to engage with course materials, assessments, and interactive content on the go, making it a convenient and versatile method for acquiring knowledge and skills in today's digital era.
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Market Dynamics
What are the main growth drivers for the Edtech market?
The learners shifting toward eBooks is driving growth in the edtech market.
What trends are emerging in the Edtech Market?
The increased demand for distance learning is a primary trend in the edtech market.
Additionally, across numerous regions, educational institutions have either partially or fully reopened amidst the ongoing pandemic. The current situation has facilitated students and professionals to engage in online courses offered by leading universities and institutions. By enabling access to these courses via the Internet, prestigious universities such as Stanford and Harvard are making education more accessible. These institutions offer a wide array of online courses spanning computer science, engineering, mathematics, business, art, and personal development. Consequently, this trend has fueled the increasing popularity of distance learning, expected to significantly contribute to the expansion of the global EdTech market in the projected period. These factors are poised to drive market growth by boosting the adoption of online courses across various disciplines.
What are some of the challenges faced by the Edtech market?
The availability of open-source learning content is a major challenge
Market Segmentation
How is the Edtech market segmented by type?
Substantial growth is expected in the market share of the hardware segment during the forecast period. This segment encompasses a range of educational tools like personal computers (PCs), interactive displays, classroom wearables, sound systems, projectors, and lecture capture solutions. The substantial rise in university student numbers is driving a significant rise in the utilization of personal computing devices, including desktops and laptops.
What are the different segments within the edtech market?
The market is segmented by type (hardware, content, and software), sector (K-12, higher education, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Technavio Research experts have provided more insights on the market share of segments - View the Free Sample Report
Revolutionizing Education: The Diverse Landscape of Edtech Innovations
In today's dynamic educational landscape, the Edtech market is experiencing growth in innovative solutions transforming traditional learning methods. E-learning platforms and learning management systems (LMS) have emerged as cornerstone tools, facilitating seamless access to virtual classrooms and a plethora of online courses tailored to diverse learning needs. The integration of gamification in education, adaptive learning techniques, and interactive whiteboards not only captivates students' attention but also personalizes their educational journey.
Educational apps, augmented reality (AR), and virtual reality (VR) technologies are redefining the learning experience, offering immersive and engaging educational content. The fusion of these technologies with blended learning approaches ensures a harmonious blend of online and offline educational methodologies. Moreover, artificial intelligence (AI) in education, learning analytics, and cloud-based education platforms are revolutionizing teaching methodologies and streamlining online assessments.
Within the Edtech landscape, educational content providers play a crucial role in curating rich and diverse resources, while open educational resources (OER) and STEM education technology foster inclusivity and innovation. The convergence of education and entertainment (edutainment) in these advancements highlights a promising future, redefining the learning paradigm and empowering learners of all ages and backgrounds.
How do Educational Technologies impact learning?
Educational technology is continually evolving, reshaping traditional learning methods and amplifying educational experiences across various domains. Augmented reality in education presents a paradigm shift in classrooms, introducing immersive elements merging virtual and real-world scenarios, thereby fostering engagement and deeper comprehension. Similarly, the integration of virtual reality in education revolutionizes how students engage with learning content, offering lifelike simulations and experiential learning across diverse subjects.
Personalized learning strategies empower educators to customize educational content and methodologies to match individual student needs, enabling tailored and self-directed learning paths. Additionally, artificial intelligence in education stands at the forefront of educational innovation, automating administrative tasks, personalizing learning experiences, and providing adaptive feedback, thus optimizing the educational journey for both students and instructors alike. Download the sample report
Related Reports: Smart Education Market: The smart education market size is estimated to grow at a CAGR of 17.98% between 2022 and 2027. The market size is forecast to increase by USD 353.17 billion.
Corporate Education Technology (EdTech) Market: The corporate education technology (EdTech) market size is estimated to grow at a CAGR of 22.96% between 2022 and 2027 and the size of the market is forecast to increase by USD 55,495.96 million.
TOC
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Sector
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
About US
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