The education technology market was valued at USD 72 billion in 2019

Education Technology Market

Education Technology Market

The education technology market was estimated at around USD 72 billion in 2019 and is expected to grow at a CAGR of 16.6% over the forecast period (2020-2027).

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Factors driving the growth of the education technology market include growing penetration of smart devices, introduction of advanced interactive whiteboards, increasing number of EdTech start-ups globally, and the expansion of the e-learning industry. According to the report published by Statista, the global e-learning market was calculated around USD 200 billion in 2019 and is expected to reach USD 400 billion by the end of 2026, which will accelerate the growth of the market in the coming years. coming. Additionally, the increasing adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML) and the Internet of things (IoT), the availability of digital books around the world, the increase in government spending in the education sector and rapid urbanization, are some of the additional factors complementing the global education technology market. According to the report published by India Today, the budget allocated by the Indian government to the education sector was estimated to be around INR 1,04,278 crore for 2022, which shows an increase of INR 11,054 crore, which will increase the size of the education technology market in the coming years. .

However, the growth of the education technology market is hampered due to the high cost of software and general learning packages.

Major players operating in the market are Instructure, Inc., Microsoft, Udacity, Inc., BYJU’S, Blackboard Inc., Coursera Inc., UpGrad Education Private Limited., Edutech, EdX Inc., and Google Inc., among others.

Based on the industry, the K-12 segment is expected to capture the largest market share during the forecast period

Education technology provides a substantial amount of information to K-12 students and allows parents to follow the learning process of children, as well as gamification initiatives taken by schools, are some- one of the factors responsible for the growth of the segment.

On the basis of type, General Learning segment is expected to dominate the market during the forecast period

Rising number of digital classrooms and increasing adoption of laptop and desktop computers are propelling the growth of the segment.

Based on region, North America region is expected to hold the highest market share during the forecast period

According to the Education Technology Market report, increasing number of EdTech companies, increasing government budget allocation to education sector, improving internet connectivity, increasing population growth rates and high per capita incomes, are some of the significant factors increasing the market growth in North America.

Key development

In 2020, BYJU’S officially introduced online private lessons which will provide students with access to online lessons scheduled by leading teachers.

Market segmentation

Segmentation by sector

Preschool
K-12
Others

Segmentation by type

General learning
Gamification
Analytic
Management courses
Others

Segmentation by region

Asia Pacific
China
Japan
India
Rest of APAC

North America
the United States of America
Canada

Europe
UK
Germany
France
Spain
The rest of Europe

Line
Brazil
South Africa
Saudi Arabia
United Arab Emirates

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