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Education Technology (EdTech) Market Size to reach USD 410.2 Billion By 2026 Growing at 16.0% CAGR | GlobalData Plc
News provided byEIN Presswire
Nov 25, 2022, 7:36 AM ET
LONDON, UK, November 25, 2022 /EINPresswire.com/ -- The global Education Technology (EdTech) market size reached USD 183.4 billion in 2021, according to a new report by GlobalData Plc. Disruptive technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), and game-based learning platforms among others are likely to pave a way for the EdTech market growth over the next few years. AI enables learners and teachers with content creation, the customization of learning processes, evaluating performances, ensuring real-time communication, and automating grading.
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Similarly, VR and AR allow the building of appealing learning environments for students by introducing virtual elements and situations. This enables both teachers and students to perform tasks virtually rather than trying to visualize theoretical concepts, creating demand for EdTech solutions. Over the last few years, language learning services have been dominated by traditional teaching institutions. However, the growing popularity of app-based language learning platforms including Duolingo, Bussu, and Preply is presumed to have a detrimental impact on revenues earned by incumbents, thereby favoring EdTech market growth over the forecast period.
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EdTech Market Report Highlights
• The global EdTech market is projected to witness a CAGR of 16.0% from 2022 to 2026, reaching a value of $410.2 billion by 2026. AI-driven education, focus on personal development & learning and adaptive learning are emerging trends that are likely to drive the market growth over the forecast period.
• The K-12 and post-secondary segments together accounted for more than 80% of the overall Edtech market share in 2021. Favorable government initiatives to promote digital learning across the K-12 and higher education categories are expected to drive market growth over the forecast period. For instance, according to the EdTech Evidence Exchange, it is estimated that edtech spending in the US K-12 school sector ranged between $60bn and $75bn in 2020.
• China accounted for more than 20% of the overall market share and is expected to surpass USD 90 billion by 2026 growing with an estimated CAGR of 16% The market growth is attributed to for favorable government initiatives to promote digital learning and safeguard the health and welfare of the students.
• For instance, in March 2021, China’s Ministry of Education announced that education departments should limit the times when primary and secondary school students take part in online learning to ensure they are getting enough sleep.
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• According to the online learning platform Coursera, building a fully online course can take an experienced online instructional designer around six months. There is a possibility that natural sciences and medicine, currently taught mainly in a knowledge-centric and lab-based format, could shift towards more experiential forms of learning using VR and AR.
• Asia Pacific closely followed by North America captured over 40% of the overall Edtech demand in 2021. The growing popularity of Massive Open Online Courses (MOOCs) among the working professional is expected to drive the EdTech market growth over the forecast period.
• The EdTech sector is still in its infancy and the sector witnessed massive growth during the pandemic. To continue the growth trajectory and meet demand, vendors in Edtech space are focused on Mergers & Acquisitions (M&A) to expand their geographical footprint. For instance, in June 2021, 2U Inc. acquired edX, a MOOC created by Harvard University and MIT for $800m. The initiative enabled 2U to compete with another MOOC, Coursera.
• The key Edtech market players analyzed as part of this report include Alphabet Inc.; Course Hero Inc; Coursera Inc; Duolingo Inc.; Instructure Inc; Kahoot! AS; Microsoft Corporation; Pearson Plc; Sorting Hat Technologies Pvt Ltd; and Udemy Inc.
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GlobalData Plc has segmented the EdTech market report by end-use, and region
EdTech End-Use Outlook (Revenue, USD Billion, 2019-2026)
EdTech Regional Outlook (Revenue, USD Billion, 2019-2026)
• North America
• Rest of Europe
• Asia Pacific
• South Korea
• Rest of Asia Pacific
• South & Central America
• Rest of South & Central America
• Middle East & Africa
• United Arab Emirates (UAE)
• Kingdom of Saudi Arabia (KSA)
• Rest of the Middle East & Africa
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