STEM Education In K-12 Market Size, Share & Trends Analysis Report By Type (Self-Paced, Instructor-led), By Application (Elementary School, Middle School, High School), And Segment Forecasts, 2022 - 2030

STEM Education In K-12 Market Size, Share & Trends Analysis Report By Type (Self-Paced, Instructor-led), By Application (Elementary School, Middle School, High School), And Segment Forecasts, 2022 - 2030

STEM Education In K-12 Market Growth & Trends

The global STEM education in K-12 market size is expected to reach USD 131.98 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 14.6% from 2022 to 2030. A renewed emphasis on STEM-focused schools and the need for a pipeline of specialist STEM skills have reinforced market growth. The increased attention to STEM education will likely foster critical thinking, spatial reasoning, creativity, and problem-solving. Further, the prevalence of high-definition videos, interactive games, and skills training for kids will augur growth. The demand for high-quality learning experiences and investments in STEM literacy to prepare students for jobs and post-secondary STEM degrees will reshape the industry dynamics. For instance, in February 2022, Tata Consultancy Services Limited, a provider of IT services, expanded its presence in New Jersey and invested in the future workforce by boosting STEM education initiatives.

The pervasive COVID-19 outbreak prompted school building closures and compelled educators, teachers, instructors, and students to transition to online learning. Citing a report from the Organization for Economic Co-operation and Development, the National Science Foundation mentioned that the shutdown of schools globally could lead to a 3% lower income for K-12 students during their lifetime. Meanwhile, the trend for virtual engagement ushered in innovation as online and computer-based instructions gained ground across advanced and emerging economies. Although K-12 online learning was first witnessed in the U.S. in the mid-1990s, it was during the pandemic that the trend for virtual schooling became pronounced. K-12 students who frequently visit for chronic health management and remain absent due to illness leveraged online STEM education.

The STEM-supported pedagogic system has gained prominence among middle school students, mainly due to the trend for real-time formative assessment, online laboratory experiments, and gaming. STEM education is expected to underpin curiosity, prepare students to combat real-world issues, and equip them with solid technical know-how. Middle school STEM programs are poised to introduce learners to subjects and skills they will need to succeed in high school, college, and careers. Students are also expected to gain soft skills, such as critical thinking, problem-solving, and innovation while doing activities and completing assignments. For instance, rubber band cars and toothpick bridges can help educators test middle school students' engineering and creativity skills.

The Asia Pacific is slated to account for a considerable share of the STEM education in the K-12 market on the back of bullish government policies and the adoption of state-of-the-art technologies. For instance, in October 2022, Robotex India, a non-profit organization, and BMC Software, Inc., which helps clients with modular solutions to their complex IT problems, collaborated to launch a STEM robotics Lab in India. The initiative would let students acquire the STEM skills like robotics, coding, and artificial intelligence Internet of Things (IoT) to pursue the opportunity in the digital world. Besides, robotics became a viable tool for bolstering digital literacy and solving real-world problems. India brought the revised National Education Policy (NEP) to the fore, spotlighting creativity, hands-on work, and critical thinking. Prominently, analysis and discovery-based learning environments and implementation of STEM-related pedagogy will bode well for Asia Pacific STEM education in the K-12 market.

Well-established players, startups, and governments are slated to emphasize STEM curricula to foster cohesive learning based on real-life situations and real-world applications. Forward-looking companies could inject funds into organic and inorganic growth strategies to propel their footprint. For instance, in April 2021, Amazon Australia joined forces with the Australian Literacy and Numeracy Foundation (ALNF) to donate STEM toys. Besides, in September 2022, Bhanzu, a math learning platform, raised USD 15 million in Series A funding under Eight Roads Ventures.

STEM Education In K-12 Market Report Highlights

• The self-paced segment will exhibit impressive growth with the rising prominence of virtual reality and online education
• The high school segment dominated the market in 2021 to enhance STEM education and encourage more diverse students to pursue STEM degrees and careers
• The North America market will grow due to expanding footfall of STEM education programs and digital literacy