USD 105.78 Billion
Report ID: SQMIG45E2068 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 90 | Figures: 66
Education Technology Market was valued at USD 105.78 Billion in 2021, and it is expected to reach a value of USD 302.58 Billion by 2028, at a CAGR of 16.20% over the forecast period (2022 - 2028).
Education technology (EdTech) refers to hardware and software used to educate students on a virtual level to improve classroom learning and improve students' educational outcomes. By utilizing technology for learning and teaching, EdTech platforms help students overcome difficulties in receiving a comprehensive education. Learners are increasingly turning to eBooks, which can be accessed online from anywhere in the world. Digital content is less expensive to produce than printed content, which has higher production costs. Digital books are available in a variety of languages and can be easily translated and accessed by a larger user base. Furthermore, learners, particularly those with physical disabilities, can listen to audio versions of educational content to improve their vocabulary and encourage better interpretive reading.
EdTech solutions are expected to evolve in combination with advances in cutting-edge technologies such as IoT, AI, and AR/VR, and to significantly contribute to Education Technology Market growth. The incorporation of AR and VR in EdTech solutions allows for a more interactive learning experience for students. It enables students to explore and seamlessly connect with abstract concepts, thereby increasing student engagement.
Increasing student engagement is becoming a top priority for educators. As a result, Education Technology Market participants respond to such concerns by introducing advanced interactive whiteboards and transitioning from projector-based displays to touchscreen displays. For example, In July 2021, Huawei Technologies Co., Ltd., an information technology company, launched a kid's smart learning screen for children, with a variety of educational resources and applications such as word lookup, remote homework tutoring, teaching classes, textbooks, parent management education center, and smart learning solutions.
US Education Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 105.78 Billion
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The global education technology market is segmented based on Sector, End-User, Type, and Region. Based on Sector Education Technology Market is categorized into Pre-school, K-12, Higher Education, and Others Based on End-user Education Technology Market is categorized into Business, Consumer Based on Type Education Technology Market is categorized into Hardware, Software, and Content. Based on the region Education Technology Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Education Technology Market Analysis by Sector
In 2021, the K-12 segment led the Education Technology Market, accounting for more than 40% of global revenue. The large percentage is due to the growing trend of game-based learning in the K-12 sector. The majority of K-12 teachers support gamification initiatives to improve students' math learning skills through the integration of practical, project-based work in the classroom. Incorporating technologies in this sector also allows for immersive content and experiences, such as virtual field trips and complex lab-based experiments, resulting in an engaging learning experience. For example, In September 2021, Matific, an EdTech platform that provides math learning for K-6 students, will launch a gamified environment for its students to learn math. This advanced version is personalized AI-powered for students to develop their math skills.
Education Technology Market Analysis by End-User
In 2021, the business segment led the Education Technology Market, accounting for more than 65% of global revenue. The high share can be attributed to an increase in collaborations between EdTech firms, educational institutes, and content developers to create significant opportunities in the digital education sector. As a result, partnerships and collaborations are becoming an increasingly important part of this developing ecosystem. For instance, In February 2021, Greenfield Community College (GCC), collaborated with Upright Education to offer new skills in software development and technology, such as user experience design (UX) and user interface design (UI) (UI). The collaboration would allow GCC students to focus on self-employment while also creating a hub for a career in technology training.
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North America dominated the Education Technology Market in 2021, accounting for more than 35% of global revenue. This high share can be attributed to a large number of venture capitalists and private equity investors investing in the EdTech sector in the United States. For example, In July 2021, Class Technologies Inc., a U.S.-based EdTech platform that serves both higher education classes and K-12 students, raised approximately USD 105 million in Series B funding. This funding would allow them to expand their global presence outside of the United States and remain resourced to assist universities in teaching the impacted students during the pandemic.
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Education Technology Market Driver
Education Technology Market Restraint
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The Education Technology Market's various competitors are challenged to provide innovative offerings that enable communication in addressing changing technologies, business practices, and security needs. Partnerships, strategic mergers, and acquisitions are expected to be the most effective ways for industry players to gain quick access to emerging markets while also improving technological capabilities.
Education Technology Market Top Player's Company Profiles
Education Technology Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
As per our analysis, the edtech sector has gained traction amid the pandemic as innovators and governments have invested billions of dollars into the education sector. Online learning apps are becoming increasingly popular, with millions of users worldwide. Other types of edtech, such as e-textbooks, curriculum management software, administration, and communication platforms, have been enhanced. In addition, the cost of EdTech devices and the internet data required to use them has decreased. Furthermore, edtech and smart classroom solution providers, as well as other telecom companies and the government, have worked hard to ensure that low-income students can participate in online classes.
|Market size value in 2021||USD 105.78 Billion|
|Market size value in 2028||USD 302.58 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Education Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Education Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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