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Education Technology Market To Grow At 16.5% CAGR By 2030 Due To Rising Integration Of Latest Technologies In Education Systems And Increasing Internet Connectivity Globally | Grand View Research, Inc

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Education Technology Market To Grow At 16.5% CAGR By 2030 Due To Rising Integration Of Latest Technologies In Education Systems And Increasing Internet Connectivity Globally | Grand View Research, Inc

May 11
07:45 2022
Education Technology Market To Grow At 16.5% CAGR By 2030 Due To Rising Integration Of Latest Technologies In Education Systems And Increasing Internet Connectivity Globally | Grand View Research, Inc
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the proliferation of smart devices and the continued rollout of internet connectivity drive the growth of the education technology market

Education Technology Industry Overview

The global education technology market size was valued at USD 106.46 billion in 2021 and is expected to reach USD 429.5 billion by 2030, at a CAGR of 16.5% from 2022 to 2030.

Education technology (EdTech) includes hardware and software technology used to educate students on a virtual level to improve learning in classrooms and enhance students’ education outcomes. EdTech platforms assist students overcome hurdles to receive a comprehensive education by utilizing technology for learning and teaching. Learners are increasingly shifting toward eBooks that can be accessed online from anywhere across the globe. Digital content is comparatively easy to generate than printed content, which tends to incur higher production costs. Digital books are available in different languages and can be easily translated and retrieved by a wider user base. Moreover, learners, especially those with physical disabilities, can listen to the educational content in an audio format to improve their vocabulary and encourage better interpretive reading. For instance, in January 2022, Texthelp Ltd., a prominent assistive technology provider for the EdTech market, launched OrbitNote, a pdf enabled app that would be helpful for visually impaired students to access the document by leaving voice notes. 

Gather more insights about the market drivers, restrains and growth of the Global Education Technology Market

Further, users will be able to engage with digital copies in an entirely new way with OrbitNote. They will be able to build an accessible, active, and collaborative space for everyone. EdTech solutions are expected to evolve in line with the advances in the latest technologies, such as IoT, AI, and AR/VR, and contribute significantly to the market’s growth. The integration of AR and VR in EdTech solutions helps offer an interactive experience to the learners. It allows learners to explore and seamlessly connect with abstract concepts subsequently driving student engagement. For instance, in January 2022, zSpace, Inc., a U.S.-based EdTech firm that offers hybrid or remote learning, launched a new AR/VR learning device that would help engage students with multidimensional content in a virtual world, eliminating the need for glasses. On the other hand, the integration of blockchain technology allows end-users to store and secure records of students and learners, thereby enabling educators to analyze the consumption patterns of the material offered to the learners and make data-driven decisions.

                                Asia Pacific education technology market size, by sector, 2020 - 2030 (USD Billion)

Enhancing student engagement is emerging as a prime concern for educators. Hence, market players respond to such concerns by introducing advanced interactive whiteboards and shifting from projector-based displays to touchscreen displays. For instance, in July 2021, Huawei Technologies Co., Ltd., an information technology company, launched a kid’s smart learning screen for children with a wide range of educational resources and applications such as word lookup, remote homework tutoring, teaching classes, textbooks, parent management education center, and smart learning solutions. Such initiatives encourage active learning and the development of critical readiness skills in the learners. Furthermore, both educators and learners can access student information systems (SIS) with a primary focus to generate comprehensive student profiles that can enable educators to make informed decisions with a particular focus on enhancing every individual student’s performance.

However, given that EdTech solutions also store learners’ personal information, market players must abide by the copyrights and data privacy norms while introducing any new EdTech product. On the other hand, all the universities receiving funds from the U.S. Department of Education (DOE) have to abide by the requirements falling under the FERPA and PPRA acts. FERPA aims to protect student records while PPRA puts a strong emphasis on safeguarding students’ personal information gathered through surveys. In the European Union (EU), EdTech companies also fall under the purview of the General Data Protection Regulation (GDPR), limiting the access and processing of users’ data by all types of organizations involved in handling large volumes of information. For instance, in March 2021, Canada Government created a Digital Charter where every individual would have control over their personal information. The digital charter has a few principles to be maintained and followed for the privacy of the data.

A smart classroom is propelling the growth of the EdTech market by offering tech-savvy classroom that uses animations, multimedia, audio, video, and graphics to improve teachers’ and students’ teaching and learning processes. This enhances student involvement and results in higher academic performance. Smart classrooms are where teachers have access to audio-visual technology and computer that allows them to teach utilizing a range of media. These include a PowerPoint presentation, DVDs, a smart interactive whiteboard, and more, presented using a data projector. Smart class is a digital endeavor that revolutionizes how teachers teach and students learn. Smart classrooms have let students accomplish their educational tasks from the comfort of their own homes utilizing remote learning and various multimedia resources. It has benefitted teachers to call on any student in the room without leaving their desk, track individual student progress and give guidance or support. It also allows students to collaborate cooperatively on projects from any location in the classroom. For instance, in January 2022, the Delhi government took the initiative to install 20,000+ smart classrooms in the school by installing 16 smart classrooms in Shaheed Amir Chand Sarvodaya Vidyalaya. The initiative towards deploying a smart classroom enhances the teaching-learning process and lets students access all online learning resources. The classrooms would have modern cameras installed for the live recording of sessions which teachers and students would further access for future needs.

Additionally, in March 2022, Bruhat Bengaluru Mahanagar Palike (BBMP) school in Bangalore imparts innovative learning by adding 60 digital classrooms and seven computer labs with 20 computers in each lab. This initiative would help teachers teach students through 3D digital models, improving education and a better understanding of the concepts. Further, in March 2022, Lenovo, which had launched its Lenovo EdVisions program, updated it to provide a hybrid classroom experience that would offer Lenovo smart education. The curriculum has been upgraded to provide students with a more exciting learning experience. It also creates a forum for educators to share their hybrid classroom experiences and techniques. For instance, in August 2021, Bhubaneshwar, a city in Odisha, started with Bhubaneshwar Smart City Limited (BSCL) to set up smart classrooms for Unit IX Government High School. The main aim behind this smart classroom project was to provide virtual learning by bringing advanced technology into the classroom for teachers and students. For instance, in September 2021, Kerala’s education minister announced introducing smart classrooms with advanced technology for special schools, including visually challenged and hard of hearing students. Further, the State Council of Educational Research and Training (SCERT) would publish audio and videos on special students’ various subjects.

Education Technology Market Segmentation

Based on the Sector Insights, the market is segmented into Preschool, K-12, Higher Education and Others.

  • The K-12 segment led the market in 2021, accounting for over 40% share of the global revenue. 
  • The preschool segment is expected to register the fastest CAGR of almost 18.2% from 2022 to 2030.

Based on the End-user Insights, the market is segmented into Business and Consumer.

  • The business segment led the market in 2021, accounting for over 65% share of the global revenue.
  • The consumer segment is predicted to foresee significant growth in the coming years. Growing awareness among parents and students pertaining to the shift from traditional education towards digital formats is expected to drive the segment

Based on the Type Insights, the market is segmented into Hardware, Software and Content.

  • The hardware segment led the market in 2021, accounting for over 40% of global revenue. 
  • The content segment is anticipated to witness significant growth in the coming years. The EdTech sector is witnessing innovation in content delivery with the incorporation of advanced visualization technologies.

Based on the Deployment Insights, the market is segmented into Cloud and On-Premises.

  • The on-premises segment led the market in 2021, accounting for over 70% of global revenue.
  • Cloud deployment appeals to enterprises of all sizes because it offers regular data backup, lower operational expenses, lower capital, high security, and rapid deployment features for always-on functioning.

Based on the Education Technology Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • North America dominated the market in 2021, accounting for over 35% share of the global revenue.
  • Asia Pacific is anticipated to register the fastest CAGR of 19% from 2022 to 2030. 

Market Share Insights:

  • January 2022: Teachmint Technologies Pvt. Ltd, an online app for students and teachers, has acquired MyClassCampus, (Teachmint Technologies Pvt. Ltd) an ERP platform for educational organizations.
  • June 2021: BYJU’S, an EdTech company that provides online tuitions, partnered with Google LLC to make online learning more consistent for both professors and students. This partnership will allow educational institutions to offer a personalized digital platform for classroom organization.

Key Companies Profile:

Vendors active in the market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. 

Some prominent players in the global Education Technology market include

  • BYJU’S
  • Blackboard Inc.
  • Chegg, Inc.
  • Coursera Inc.
  • Edutech
  • edX Inc.
  • Google LLC
  • Instructure, Inc.
  • Microsoft
  • Udacity, Inc.

Order a sample PDF (free) of the Education Technology Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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