The global edtech market is experiencing growth due to several
factors such as virtual labs teaching experiments and AI-based
tailor-made courses.
NEW
CASTLE, Del., Aug. 6, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"EdTech Market by Type (Hardware and Software), Deployment Mode
(On-premise and Cloud), Sector (Preschool, K-12, Higher Education,
and Others), and End User (Business and Consumer): Global
Opportunity Analysis and Industry Forecast, 2024-2034". According
to the report, the edtech market was valued at $139.5 billion in 2023, and is estimated to reach
$518.9 billion by 2034, growing at a
CAGR of 12.9% from 2024 to 2034.
Prime determinants of growth
The global edtech market is experiencing growth due to several
factors such as an AI-based tailor-made courses, improved
engagement with virtual reality, and big data automating
educational aspects. However, the growing cost of education and
operational concerns related to funding in the medium-term hinder
market growth to some extent. Moreover, growing investments from
governments and local bodies on improving educational quality at
public schools offers remunerative opportunities for the expansion
of the global edtech market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2034
|
Base
Year
|
2023
|
Market Size in
2023
|
$139.5 Billion
|
Market Size in
2034
|
$518.9 Billion
|
CAGR
|
12.9 %
|
No. of Pages in
Report
|
189
|
Segments
Covered
|
Type, Deployment Mode,
Sector, End User, and Region.
|
Drivers
|
- AI-based tailor-made courses
- Improved engagement with virtual
reality
• Big data
automating educational aspects
|
Opportunities
|
• Growing
investments from governments and local bodies on
improving
|
Restraint
|
• Growing cost of
education and operational concerns related to funding in the
medium-term
|
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Tables, and Figures) at:
https://www.alliedmarketresearch.com/edtech-market/purchase-options
The software segment is expected to grow faster throughout
the forecast period.
Based on the type, the hardware segment held the highest market
share in 2022, accounting for more than half of the global edtech
market revenue and is likely to retain its dominance throughout the
forecast period, owing to the widespread adoption of mobile devices
such as smartphones and tablets, which offer unparalleled
accessibility to educational resources and facilitate personalized
learning experiences.
However, the software segment is projected to manifest the
highest CAGR of 15.4% from 2024 to 2032, owing to the adaptive
learning platforms, leveraging algorithms to personalize
instruction based on individual student needs, preferences, and
learning styles. Similarly, learning management systems (LMS)
continue to evolve, offering educators comprehensive tools for
course administration, content delivery, and assessment.
The cloud segment is expected to grow faster throughout the
forecast period.
Based on the deployment mode, the on-premise segment held the
highest market share in 2022, accounting for nearly one-third of
the global edtech market revenue and is likely to retain its
dominance throughout the forecast period, owing to the
customization and integration of software and hardware to meet the
unique needs of individual schools or districts. This approach
allows educational institutions to maintain full control over their
infrastructure and data, ensuring compliance with local regulations
and safeguarding sensitive information.
However, the cloud segment is projected to manifest the highest
CAGR of 15.1% from 2024 to 2032, owing to the widespread adoption
of cloud-based learning management systems (LMS), which provide
educators with a centralized platform for course management,
content delivery, and student engagement.
The preschool segment is expected to lead
throughout the forecast period.
Based on the sector, the K-12 segment held the highest market
share in 2022, accounting for nearly two-fifths of the global
edtech market revenue, and is likely to retain its dominance
throughout the forecast period, owing to majority of the teachers
in the K-12 sector support gamification initiatives to develop the
students' math learning skills with the integration of practical,
project-based work in schools.
However, the preschool segment is projected to manifest the
highest CAGR of 16.3% from 2024 to 2032, owing to the technological
advancements enable educators to collect assessment data directly
on mobile devices, reducing the conventional use of paper and pen.
Some of the assessments are eliminating data entry and letting
children respond directly through touchscreen-enabled devices.
The consumer segment is expected to grow faster throughout
the forecast period.
Based on the end user, the business segment held the highest
market share in 2022, accounting for two-fifths of the global
edtech market revenue and is likely to retain its dominance
throughout the forecast period, owing to increasing focus on
corporate learning and professional development, as businesses
recognize the importance of upskilling and reskilling their
workforce to remain competitive in today's rapidly changing
economy. EdTech companies are responding by offering tailored
solutions such as online courses, microlearning modules, and
virtual training platforms designed to meet the specific needs of
corporate learners.
However, the consumer segment is projected to manifest the
highest CAGR of 15.0% from 2023 to 2032, owing to the rise of
online learning platforms and marketplaces offering a wide range of
courses, tutorials, and educational content on virtually every
subject imaginable. These platforms empower learners of all ages to
pursue their interests, acquire new skills, and advance their
careers from the comfort of their homes.
Asia-Pacific to maintain its
dominance by 2032.
Based on region, Asia-Pacific
held the highest market share in terms of revenue in 2022,
accounting for three-fourths of the global edtech market revenue
and is expected to rule the roost in terms of revenue throughout
the forecast timeframe, owing to the rapid adoption of online
learning platforms and digital education solutions, driven by the
region's large and diverse population, increasing internet
penetration, and growing demand for quality education. EdTech
startups and established companies alike are leveraging this
opportunity to offer innovative learning experiences, including
live online classes, interactive content, and personalized learning
pathways tailored to the cultural and linguistic diversity of the
region.
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Major Industry Players:
- Think and Learn Private Limited
- Blackboard Inc.
- Chegg, Inc.
- Coursera Inc.
- EDUTECH INC
- edX Inc.
- Google LLC
- Instructure, Inc.
- Microsoft Corporation
- Udacity, Inc.
The report provides a detailed analysis of these key players in
the global edtech market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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