Global Education Technology (EdTech) Market - 2023-2030

Global Education Technology (EdTech) Market - 2023-2030

Global Education Technology (EdTech) Market reached US$ 125.41 billion in 2022 and is expected to reach US$ 404.6 billion by 2030, growing with a CAGR of 13.7% during the forecast period 2023-2030. The rising adoption of artificial intelligence (Al) and machine learning (ML) technology for developing individualized eLearning experiences is driving market growth. Furthermore, the growing prevalence of high-speed internet, combined with rising sales of smart devices, is driving the market forward.

Increased investments in online learning and remote learning programs are also having a favorable impact on the market due to their flexibility and real-time feedback. Cloud deployment is estimated to account for around 39.3% of the global education technology (EdTech) market during the forecast period. Cloud deployment is driving the businesses of all sizes because it provides regular data backup, lower operational costs, lower capital, high security and rapid deployment characteristics for always-on functioning.

Market Dynamics

The Growing Preference of Digital Learning

EdTech solutions will likely evolve in parallel with advances in innovative technologies such as IoT, AI and AR/VR and to significantly contribute to market growth. The combination of AR and VR in EdTech solutions benefits in providing learners with an engaging experience. It enables students to investigate and connect with abstract concepts, which increases student engagement.

For example, zSpace, Inc., a U.S.-based EdTech company that provides hybrid or remote learning, introduced a new AR/VR learning device in January 2022 that would assist engage students with multidimensional information in a virtual world without the need for glasses. The use of blockchain technology, on the other hand, enables end-users to keep and protect records of students and learners, allowing educators to study the consumption patterns of the content supplied to the learners and make data-driven decisions.

The Growing Concept of Smart Classrooms

By providing tech-savvy classrooms that integrate animations, multimedia, audio, video and graphics to enhance teachers' and students' teaching and learning processes, smart classrooms are driving the growth of the EdTech market. Bruhat Bengaluru Mahangara Palike (BBMP) School in Bangalore built 60 digital classrooms and seven computer labs having 20 computers each in March 2022. The idea is to help teachers in teaching students using 3D digital models, thereby improving education and gaining a deeper knowledge of the concepts.

By utilizing remote learning and numerous multimedia tools, smart classrooms have enabled students to complete their educational tasks from the comfort of their own homes. It also enables students to work together on projects from wherever in the classroom. For example, in November 2021, the Bengal Government collaborated with EdTech company Schoolnet India Limited to support the professional development program and promote digital learning.

High Costs and Data Privacy Concerns

Creating high-quality educational material that is targeted to students unique requirements can be costly. To generate attractive and successful content, educators, subject matter experts and instructional designers must work together. Furthermore, licensing fees for employing third-party educational content might add to educational institutions' financial burden.

Collaborations between governments, for-profit businesses and nonprofit organizations may combine resources to fund edtech initiatives. To bridge the digital gap and make edtech more accessible, public-private partnerships can harness experience, finance and technology. Edtech suppliers can investigate flexible pricing structures, such as subscription-based services or license agreements, to help educational institutions control their expenditures.

COVID-19 Impact Analysis

With an increase in online platforms, institutes and courses, the COVID-19 pandemic has a favorable impact on the growing application of technology in education. Teachers, professors and students have found themselves working in new circumstances as a result of the COVID-19 epidemic, with schools closing and colleges shifting to virtual learning.

Many colleges and educational organizations now offer open online courses and distant degrees. There has been an increase in the number of efforts focused on improving learning effectiveness via the use of technology such as machine learning in remote education and telepresence. Furthermore, the significance of data was gaining traction in education, both in terms of program content and how it may improve learning.

AI Impact

AI-powered technology has brought much-needed stability to the post-COVID environment, where many children switch between virtual and in-person learning. By tracking students' eye contact, keyboard/mouse activity, participation and other signals of engagement, AI can identify how they respond to virtual classrooms. AI analysis of student data provides critical information to teachers and academics about work habits, learning styles and other qualities and drawbacks.

AI, with the introduction of enhanced learning tools, brings new opportunities into education both online and in real classrooms around the world. For example, Squirrel AI Squirrel AI is a major online learning startup in China that provides tailored virtual tutoring experiences with AI-powered algorithms. It has touched over 1,700 schools across the country and has begun to spread beyond its borders.

Russia- Ukraine War Impact

In the midst of the COVID-19 pandemic, the attacks on Ukrainian cities resulted in additional school closures. According to ""Save the Children,"" the attacks on Ukraine put at risk the lives and futures of 7.5 million children, with up to ten children murdered in battle and educational facilities bombed around the country. Many students had to interrupt their studies in order to flee to safety. Individuals who are unable to leave have either remained indoors or, in the case of those as young as 18, have joined the Ukrainian army.

Over 2,400 schools have also been damaged or destroyed by the Russian military, adding to the construction burden. As the school year began, government data showed that only about a quarter of Ukrainian schools across the state could provide full-time, in-person education. Despite major initiatives to create bomb shelters for schools, many are plain, dirt-floor basements. Furthermore, Russia's intentional invasion of Ukraine's electrical system and civilian infrastructure poses significant risks to children's health and education.

Segment Analysis

The global education technology (EdTech) market is segmented based on type, sector, deployment, end-user and region.

The Rising Partnerships in Business Sector

Business end-user is expected to hold more than 65.3% of the global education technology (EdTech) market during the forecast period 2023-2030. The high share is attributed to an increase in partnerships between EdTech enterprises, educational institutions and content providers to create major prospects for the digital education sector. Therefore, partnerships and collaborations are becoming an increasingly important aspect of the emerging ecosystem.

In February 2022, GCC-Greenfield Community College along with the partnership with Upright Education is offering new skills in software development and technology, like user experience design (UX) and user interface (UI). The partnership will enable GCC students to focus on self-employment while also creating a center for a career in technology training. Incorporating technologies in the business sector also allows for immersive material and experiences, such as virtual field trips and complicated lab-based experiments, leading to an engaging learning experience.

Geographical Analysis

The Rising Internet Connectivity Drives Education Technology in Asia-Pacific

Asia-Pacific is anticipated to have a significant growth holding around 1/4th of the global education technology (EdTech) market during the forecast period 2023-2030. Developing countries such as India have seen an increase in cost-effective broadband connectivity, resulting in a rise of businesses reaching out to the public. The trend is expected to allow consumers to engage in educational learning with the help of internet access.

Furthermore, stakeholders in education in developing nations are increasingly looking to technology to fill the gap between educational infrastructure and instructional resources. For example, Teevra Edutech Pvt Ltd, an EdTech platform in India that provides personalized education with individualized courses to each student, is expanding its business in January 2022 by leveraging AI-powered tools like a recommendation engine, analytical dashboard and personalized improvement plan to bridge the gap between teacher and students.

Competitive Landscape

The major global players include Blackboard Inc., Byju’s, Chegg, Inc., Coursera, Inc., Edutech, Edx, Inc., Google Llc, Microsoft, Instructure, Inc. and Udacity.

Why Purchase the Report?
• To visualize the global education technology (EdTech) market segmentation based on type, sector, deployment, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of education technology (EdTech) market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global education technology (EdTech) market report would provide approximately 69 tables, 67 figures and 203 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies