Academic Software Market Analysis and Forecast to 2031: By Deployment Type (Cloud-Based, On-Premise), Application (Colleges and Universities, Educational Services, Others), and Region

Academic Software Market Analysis and Forecast to 2031: By Deployment Type (Cloud-Based, On-Premise), Application (Colleges and Universities, Educational Services, Others), and Region

The global academic software market was valued at US$ 0.8 billion in 2021 and it is anticipated to grow up to US$ 2.7 billion by 2031, at a CAGR of 12.7% during the forecast period.

Any application designed to facilitate teaching and learning can be called academic software. Academic software is a modern workplace deployment solution where every type of user (staff, student, teacher, researcher) can access, deploy and license the tools they need through the single sign-on of their institution. Users can use the software to create educational content, manage online courses, track the attendance of teachers and students and collect course fees. Academic software usually provides a common digital platform to both students and teachers. Students often use these products to access course materials, participate in group studies & discussion forums, and submit assignments. Conversely, the software allows teachers to organize classes, monitor progress, assess student’s performance and contact parents. Additionally, the more advanced academic software comes with analytics and reporting functionality to help educators measure the effectiveness of their training programs.

Market Drivers and Trends

Over the past few years, educational institutions have sought academic software solutions to enhance or replace their existing systems. Educations institutions are acquiring and integrating components such as the student information system (SIS), a financial and human resources and payroll system from another, and a research administration system from yet another. Education institutions adopt these advanced SIS tools to achieve higher efficiency, flexibility, effectiveness, competitiveness, and agility. These educational institutions are tailoring their administrative infrastructure systems to maximize their return on investment. Thus, SIS tools are most economical, less complex, and easily available.

Further, SIS solutions are already installed in academic software solutions and have been implemented across academic organizations. The benefits of SIS solutions are visible for those organizations having implemented multiple modules of these solutions for carrying out administrative processes, such as student billing and registration.

Moreover, North America and Europe are widely developing and implementing education SIS solutions. In the Middle East and the Asia Pacific, adopting these solutions is still in its growth stage and is expected to increase in the coming years. Therefore, the increasing adoption of student information system solutions due to multiple benefits supports the growth of the global academic software market.

Market Restraints and Challenges

Many developing nations lacks in the infrastructure, which acts as a restraining factor to the growth of the education system. Educational institutions also still use legacy telecom infrastructure, which cannot deliver low latency and high-capacity connectivity. The lack of high-speed internet makes it difficult to implement web-based SIS solutions that need a stable internet connection. Furthermore, these countries have a limited budget for academic curricula. Thus, lack of appropriate infrastructure in developing economies is acting as a restraining factor for the market growth.

Further, in many educational institutions, there is a lack of expertise among the educational institutions about digital technologies, which leads to the improper implementation of any digital solution. Because educators lack expertise, they select the wrong vendor for the implementation of the SIS, which ultimately leads to increased expenses. This factor is not limited to any particular country or region and is a major challenge faced by educational institutes and faculties worldwide. Therefore, technological adoption was one of the major challenges faced by educational institutions due to the lack of skilled teachers and instructors.

Global Academic Software Market Segmental Overview

The report analyses the global academic software market based on deployment type, application, and region.

Global Academic Software Market by Deployment Type

Based on deployment type, it is bifurcated into cloud-based and on-premise. The cloud-based segment is expected to have the largest academic software market share in 2021. Over the years, the demand for cloud-based systems is expected to grow substantially due to the cloud-based academic software offering enhanced flexibility, scalability, and security to its users. Further, it allows the end users to receive automatic software updates without additional capital expenditures, improving technology competitiveness. Due to these factors mentioned above, the cloud-based academic software is expected to receive the main market attraction resulting in market growth.

Global Academic Software Market by Application

Based on application, it is segmented into colleges and universities, educational services, and others. The colleges and universities segment is expected to be the largest segment in the academic software market in 2021. Increasing adoption of modern solutions across colleges and universities to offer both online and offline courses to students coupled with the initiative to make advanced solutions available to all staff and students is influencing the adoption of academic software. Thus, colleges and universities segment is likely to hold the major share of the market in 2021.

Geographical Analysis of Global Academic Software Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. The US government spends a large amount every year on developing primary and secondary education programs. In addition, the trend of privatizing schools in the US is prevailing, another aspect that would help boost the scope of integrating advanced software in schools. Further, in the 21st century, the education sector across North America is experiencing numerous efforts to privatize educational services provided by public agencies & school systems. Privatization is expected to transform the method of running schools and will open up opportunities for integrating new software and technologies to efficiently manage operations in educational institutes. This, in turn, boosts the demand for academic software in the North American region.

Major Players in the Global Academic Software Market COVID-19 Impact

The COVID-19 pandemic had negatively affected the offline education sector worldwide. This has also promoted the adoption of online education systems across all major economies worldwide. The closure of educational institutions had impacted students, staff, and teachers and brought societal and economic consequences. Higher education and their students suffer the most from these unfortunate events as their major career decisions depend upon the higher education classes. Also, the strict lockdown forced the faculties and trainers to adopt online teaching and learning solutions, increasing the demand for online learning platforms. Thus influencing the adoption of academic software for various applications, such as delivering lectures, managing students, and other operational activities from remote locations. Therefore, the increasing adoption of technologically advanced solutions across the sector is expected to positively impact the growth of the academic software market during the pandemic. Further, due to the COVID-19 pandemic, businesses have adopted work-from-home policies. Hence, the demand for remote learning and development systems is surging. It helped the academic software market to expand.

Recent Developments

• May 2021, TrueDialog was named a finalist in EdTech Digest’s 2020 EdTechAwards. EdTech Digest recognized TrueDialog higher education texting solutions as a top performer in its Communication Solution category. The SMS texting platform gives colleges and universities a better way to reach and engage students than email alone.
• December 2020, Alma Student Information System (SIS) introduced the creation of Grade Point Averages (GPA) to the Gradebook tool. Standards-Based Grading (SBG), also known as competency-based learning or proficiency based learning, is rooted in aligning student feedback and progress measurement against the particular skills being taught and assessed, rather than using a single score to cover multiple topics or standards.
• July 2020, ConexED had updated its iOS app (version iOS App 2.2.3) for a more user-friendly experience. The app lets students, staff, and faculty join virtual meetings and video conferences on mobile devices. The app provides audio, video, and text chat functionality, access to built-in tools such as document library, the whiteboard, and digital signatures, and closed captioning and compatibility with the main screen & text-to-speech readers.

Frequently Asked QuestionsQ1. How big is the academic software market?Ans. The global academic software market size was US$ 0.8 billion in 2021 and is anticipated to reach US$ 2.7 billion in 2031, growing at a rate of 12.7% from 2022 to 2031.Q2. What is the academic software market growth rate?Ans. The growth rate of the academic software market is 12.7% from 2022 to 2031.Q3. Which region holds a major market share for the academic software market?Ans. North America holds a major market share of the academic software market in 2021.Q4. Which segment accounted for the largest academic software market share?Ans. Based on deployment type, it is bifurcated into cloud-based and on-premise. The cloud-based segment is expected to have the largest academic software market share in 2021.Q5. Who are the key players in the academic software market?Q6. What are the factors driving the academic software market growth?Ans. The major factor driving the growth of the market is increasing adoption of student information system solutions.Q7. What are the key growth strategies of academic software market players?Ans. The key growth strategies of academic software market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the academic software market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the academic software market during the forecast period.

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