Global EdTech market
DUBLIN, Oct. 13, 2023 (Globe Newswire) — The Global EdTech Market – Outlook and Forecast 2023-2028 report has been added. ResearchAndMarkets.com Recruitment.
The global EdTech market is expected to reach $696.04 billion by 2028 from $297.56 billion in 2022, growing at a CAGR of 15.22%.
The global EdTech market is highly competitive and features a diverse range of companies and solutions that aim to revolutionize the education sector through technology.
The EdTech market has experienced significant growth and adoption globally, with regional differences in the use and development of educational technology. North America accounts for a significant share of the global EdTech market due to the presence of established companies and robust education technology ecosystem.
The US in particular has a strong EdTech market, with high adoption rates of digital learning tools in both academic institutions and corporate environments. Europe is also seeing significant growth in the EdTech market due to increased investment in digital education and e-learning. Countries such as the UK, Germany, and France are leading the way in EdTech adoption. The European EdTech market is expected to expand as more educational institutions and companies adopt digital learning solutions.
Established companies and startups alike are competing to gain market share and meet the evolving needs of learners and educators. Learning management system (LMS) providers such as Canvas by Instructor, Moodle, Blackboard, and Schoology dominate the EdTech market, offering comprehensive platforms for course creation, content management, assessment, and analysis. .
These LMS platforms serve the training needs of educational institutions and businesses, providing a central hub for managing educational content and tracking learner progress.
Market trends and opportunities
The growth of gamification
Applying game mechanics for cooperation, competition, and reward in non-gaming situations is beginning to gain popularity in educational services.
This practice is gaining popularity around the world to enhance learner engagement across different educational levels, including formal education and other training courses. Game-based learning is an effective learning method. The concept of gamification is based on the formation of a foundation based on teaching through repetition and simulation learning.
The concept of gamified learning gains momentum in the EdTech market, especially in K-12 higher education, as it has the potential to provide an innovative platform to address higher education issues and engage more end users. It is expected that
Introduction of 5G technology
The introduction of 5G technology in the education sector has revolutionized the learning experience with high-quality video and audio, and a seamless VR experience.
The virtual classroom concept could be enhanced by 5G technology using high-performance AR and VR technology. Holographic visuals engage learners more effectively and help improve learning standards. The concept of 5G technology is in its early stages and is expected to grow, and many companies in the EdTech market have started developing applications that utilize his 5G technology.
The infrastructure for 5G technology will ultimately take time due to factors such as high infrastructure costs, battery drain on 5G-enabled devices due to incompatible battery technologies, and coverage issues due to short frequencies. . However, as systems become increasingly sophisticated, these initial shortcomings and challenges can be corrected through the growth of disruptive technologies.
industry constraints
Data security concerns
EdTech platforms store vast amounts of data about instructors, learners, and other customers who use the platform, including personal information and other personal data. Vendors hold sensitive information, including intellectual property, employee data, and other sensitive data, at risk of cyberattack. To protect your data from unauthorized access or misuse, our vendors employ third-party providers to take steps to protect your personal and confidential information.
Cyberattacks can be carried out by hackers, criminal groups, and other sponsoring organizations. Such cyber-attacks can lead to service delays and interruptions, and can also damage a vendor’s reputation in the marketplace. Players in the global EdTech market are susceptible to cyber-attacks as third-party sources may not have fully implemented preventive measures.
Additionally, some jurisdictions have enacted laws that require companies to notify individuals about data security breaches involving certain types of personal data. Such forced disclosures can create negative publicity for consumers.
Insights by type
Sales of hardware such as interactive displays, SD cards, laptops, and tablets significantly drive revenue for global EdTech market players.
The increasing adoption of interactive whiteboards and simulation-based learning hardware is fueling an increase in hardware sales. On the other hand, the software segment is projected to experience the fastest growth rate over the forecast period.
This growth can be attributed to continued technological advances in online education. Owing to the rapid development of online education environment, the technology-enabled services sector is also expected to expand during the forecast period.
Sector insights
The K-12 education segment is projected to be the largest revenue contributor to the global EdTech market during the forecast period. The widespread adoption of technology in K-12 education is primarily driven by the ease of internet access and relatively high disposable income of families.
Additionally, the convenience of accessing online tutoring and e-learning services through smartphones is further accelerating this trend. The global EdTech market is expected to benefit from the growing youth population as parents increasingly invest in these services as supplementary education for their children.
Notably, the competitive testing segment is expected to witness the fastest growth during the forecast period. The expansion of online education will play an important role in supporting distance learning programs.
End user insights
The highest revenue in the global EdTech market is expected to be derived from the individual learner segment during the forecast period, accounting for over 49% of the total revenue.
There is a noticeable trend towards work-focused preparations leaning towards digital platforms. EdTech vendors cater to the needs of avid learners by offering a diverse portfolio of products and services tailored to specific areas of interest. On the contrary, the laboratory segment is projected to experience the fastest compound annual growth rate during the forecast period.
Many universities and highly reputed universities have developed strong collaborations with EdTech market players, driven by increased competition among students seeking admission and increasing disposable income of parents. Additionally, the growing demand for hybrid learning has led to more schools and universities partnering with various EdTech companies.
Key questions answered:
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How big is the EdTech market?
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What is the growth rate of the global EdTech market?
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Which region dominates the global EdTech market share?
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What are the key trends in the EdTech industry?
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Who are the key players in the global EdTech market?
Market opportunities and trends
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Growth in gamification
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Adopting a hybrid learning model
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Prefer personalized learning
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Focus on mobile learning
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virtual reality and augmented reality
Factors enabling market growth
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Increasing connectivity infrastructure and smartphone penetration
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Introduction of 5G technology
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Increased investment by private equity and venture capital firms
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Growing demand for online and remote learning
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Digital skills requirements
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Rising traditional education costs
market constraints
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Data security concerns
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Evolving rules and regulations
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Emergence of open source solutions
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Infrastructure challenges
Vendor scenery
Main company overview
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2U Co., Ltd.
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box light
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Biju’s
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blackboard
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Udemy
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Coursera
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Chegg
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Duolingo
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Yuna Academy
Other notable vendors
market segmentation
Segmentation by type
Segmentation by sector
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K-12
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higher education
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competitive exam
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certification
Segmentation by end user
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individual learner
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research Institute
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company
For more information on this report, please visit https://www.researchandmarkets.com/r/ymgmhq.
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