Global Education Technology Market

Education Technology Market Size, Share, Growth Analysis, By Sector(Pre-school, K-12), By End-user(Business, Consumer), By Type(Hardware, Software) - Industry Forecast 2024-2031

Report ID: SQMIG45E2068 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 90 | Figures: 76

Education Technology Market Insights

Education Technology Market size was valued at USD 108.63 billion in 2019 and is poised to grow from USD 123.4 billion in 2023 to USD 388.81 billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).

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.

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Education Technology Market size was valued at USD 108.63 billion in 2019 and is poised to grow from USD 123.4 billion in 2023 to USD 388.81 billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).

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. 'Blackboard Inc.', 'IBM Corporation', 'Apple Inc.', 'Microsoft', 'Oracle ', 'Google LLC', 'Dell Technologies Inc.', 'SAP ', 'Cisco Systems Inc.', 'Pearson PLC', 'Promethean World Ltd.', 'D2L Corporation', 'Desire2Learn Incorporated', 'Edmentum Inc.', 'Ellucian Company L.P.', 'Follett Corporation', 'Instructure Inc.', 'Knewton Inc.', 'McGraw-Hill Education', 'PowerSchool Group LLC'

Due to the closure of educational institutes during the COVID-19 crisis, distance learning became one of the most prominent trends in the edtech and smart classroom industry. The pandemic has significantly changed how information is taught and learned. Learners are shifting to digital learning concepts via digital platforms as a result of social distancing norms. Despite the reopening of some educational institutions, the trend of distance learning may continue until 2021. As a result, there is a growing demand for online educational platforms. Distance learning can take the form of a slide-based online activity or an online course that assists learners in learning necessary skills.

The classroom learning experience has changed dramatically since the advent of Virtual Reality (VR) and Augmented Reality (AR) into education. AR enhances real-world experiences by utilizing images, videos, and interactive data. AR can be experienced via portable devices such as smartphones or smart glasses. VR offers a fully manufactured immersive 3D experience. It gives people the impression that they are in a genuine environment. VR headsets allow users to experience authentic sounds and vivid images in a digital environment.

North America dominated the Education Technology Market in 2021, accounting for more than 35% of 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 presence outside of the United States and remain resourced to assist universities in teaching the impacted students during the pandemic.

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Global Education Technology Market

Product ID: SQMIG45E2068