New York, United States, Aug. 21, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, The global education technology (EdTech) market size was valued at USD 144.64 Billion in 2023. It is projected to reach from USD 169.37 Billion in 2024 to USD 598.82 Billion by 2032, growing at a CAGR of 17.10% during the forecast period (2024-2032).
Large Open Online Courses (MOOCs) and virtual classrooms are only two examples of how the Education Technology sector is swiftly developing, leading to a boom in significant global investments. EdTech, or education technology, incorporates information and communication technology tools in the classroom to create more engaging, inclusive, and individualized learning environments. The involvement of students is rising in importance among educators. Market players also respond to worries by offering sophisticated interactive whiteboards and switching from projector-based to touchscreen displays.
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Growing Investment in Education Technology Development Drives the Global Market
With lower internet data costs, exponential growth in mobile penetration is set to boost the investment portfolio. Investments in digital learning platforms will encourage leading companies to expand into previously untapped markets. Consistent demand for distance learning platforms will be beneficial to the business forecast. For example, In India, the continued rollout of affordable broadband connectivity enables businesses to reach out to the population through online media. The trend is slowly paving the way for using the latest technologies to deliver educational content. Simultaneously, education stakeholders are considering using cutting-edge technologies to bridge the gap between educational infrastructure and teaching resources.
Regional Analysis
North America is the most significant shareholder in the global education technology market and is expected to grow at a CAGR of 18.34% during the forecast period. The North American education technology market analysis includes the United States and Canada. The high percentage growth is due to numerous venture capitalist and private equity investments in the American EdTech market. Companies with significant revenue growth are expected to attract additional capital and differentiate themselves from new market entrants as the sector evolves.
Asia-Pacific is expected to grow at a CAGR of 20.8%, generating USD 120.819 billion during the forecast period. The widespread adoption of personal computers and other smart devices is mainly responsible for this growth. Broadband internet access has recently spread throughout developing countries like India, allowing an influx of businesses to target the local populace. Users should be competent to take advantage of online resources for education and training as a result of this development.
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Key Highlights
- The global education technology (EdTech) market size was valued at USD 144.64 Billion in 2023. It is projected to reach from USD 169.37 Billion in 2024 to USD 598.82 Billion by 2032, growing at a CAGR of 17.10% during the forecast period (2024-2032).
- Based on sector, the global education technology (EdTech) market is bifurcated into preschool, K-12, higher education, and others. The K-12 segment is the highest contributor to the market and is expected to grow at a CAGR of 18.87% during the forecast period.
- Based on end-users, the global education technology (EdTech) market has been divided into business and consumer. The business segment is the highest contributor to the market and is expected to grow at a CAGR of 16.92% during the forecast period.
- Based on type, the global education technology (EdTech) market has been segmented into hardware, software, and content. The hardware segment owns the highest market share and is expected to grow at a CAGR of 17.12% during the forecast period.
- North America is the most significant shareholder in the global education technology market and is expected to grow at a CAGR of 18.34% during the forecast period.
Competitive Players
- BYJU'S
- Blackboard Inc.
- Chegg Inc.
- Coursera Inc.
- Edutech
- Microsoft
- UpGrad Education Private Limited
- Serif (Europe) Ltd
- Autodesk Inc.
- VMware Inc.
- Udacity and Instructure Inc
Recent Developments
- September 2021- Microsoft announced the launch of Azure Purview, a comprehensive data governance solution. Whether their data is stored on-premises, in various cloud services, or in SaaS apps, it helps enterprises thoroughly understand their data.
- May 2022- Chegg, Inc.,the leading student-first connected learning platform, announced the launching of the Center for Digital Learning to support educators and drive excellence across online, in-person, and hybrid learning modalities.
- September 2022- Instructure Inc., the provider of Elevate Data Sync, entered into an agreement with Google that bridges the integration gap for Google Classroom users with a powerful and complete solution.
Education Technology (EdTech) Market Segmentation
- By Application
-
- Preschool
- K-12
- Higher Education
- Corporate Training
- Others
- By End-User
-
- Business
- Educational Institutions
- Consumer
- By Type
-
- Hardware
- Software
- Content
- By Deployment
- Cloud-Based
- On Platform
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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