Education Technology is a type of online learning that can be accessed from anywhere in digital form either through video lectures, e-textbooks, audio format, or animated videos to make students learn in an interactive manner. Technological advances in the education sector, such as the Internet of Things (IoT), Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality contribute towards the market growth. The major driver for Education Technology Market is the increase in online courses from top universities around the world. For instance, in 2020, Zhejiang University launched more than 5,000 courses online using “DingTalk ZJU”. In 2020, EdX launched MicroBachelors programs, a series of undergraduate online courses which will also provide real college credits and are job-ready courses. In April 2021, O.P. Jindal Global University collaborated with Coursera to introduce 3 New Online Masters” Degree Programmes in Business, Public Policy, and International Relations. Moreover, various initiatives launched by governments of the respective countries to develop education technology are contributing to the market growth. For instance, in 2017, the Indian Government launched the Study Webs of Active Learning for Young Aspiring Minds (SWAYAM) initiative to develop & deliver Massive open online courses (MOOCs) through video lectures. However, flexible data privacy rules for students that hamper their personal information and lack of digital infrastructure in developing nations impede the growth of the market over the forecast period of 2020-2027. Also, with the strict regulations by the authorities to safeguard the personal data of students and the integration of technology in daily life, the adoption & demand for education technology is likely to increase.
The global Education Technology Market is valued at approximately USD 74.64 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 19.9 % over the forecast period 2020-2027 and is estimated to reach USD 318.80 billion by 2027.
The regional analysis of the global Education Technology market is dominated by North America is the leading region among the Asia Pacific, North America, Europe, Latin America, and the Rest of the World, in terms of market share owing to the establishment of the top educational universities and the demand for skill development courses incorporates has been coupled with the well-established Internet-of-Things (IoT) infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2020-2027. Factors such as a large young population, investments by the EdTech companies, and affordable broadband connectivity would create lucrative growth prospects for the Education Technology market across the Asia-Pacific region.
Major market players included in this report are BYJU’S, Blackboard Inc, Chegg Inc, Coursera Inc, Edutech, edX Inc, Google LLC, Instructure Inc, Microsoft, and Udacity Inc.
The detailed segments and sub-segment of the market are explained below:
By Sector: Preschool, K-12, Higher Education, Others
By End-User: Business, Consumer
By Type: Hardware, Software, Content
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