Selbyville, Delaware, May 24, 2021 (GLOBE NEWSWIRE) — According to seasoned experts, global education technology market size was valued at USD 74.64 billion in 2019 and is reckoned to witness a compound annual growth rate of 19.9% over the next seven years to be remunerated at USD 318.8 billion by the year 2027.
Besides, the study delves deep into the micro-markets to unveil opportunities which can be exploited in favor of industry stakeholders. A thorough take on competitive dashboard is presented in the report, wherein business profiles for various market players are scrutinized, along their product & service portfolio, and particulars about new launches, partnerships & mergers, profit returns, and their position in the overall industry sphere.
Widespread acceptance of various innovations like Augmented Reality (AR), Internet of Things (IoT), Virtual Reality, and Artificial Intelligence (AI) in education vertical, along with offering of online courses by global universities are propelling the growth of worldwide education technology market.
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For example, over 5000 online courses were launched by Zhejiang University using ZJU DingTalk in 2020. In the same year, MicroBachelors programs, a series of undergraduate online courses was launched by EdX, which provided job-ready courses and real college credits.
Notably, education technology is a digital form of learning with the help of e-books, animated videos, video lectures, and audio format, providing interactive learning experience for students. Government initiatives to revolutionize education sector, along with stringent norms to protect private data of students will stimulate global education technology industry outlook. Citing an instance, the Government of India announced SWAYAM (Study Webs of Active Learning for Young Aspiring Minds) initiative in 2017, which facilitated Massive Open Online Courses (MOOCs) with video lectures.
On the contrary, lack of digital infrastructure in the developing nations, along with flexible rules of data privacy that leads to hampering of personal data are expected to be restraining the industry expansion over the forecast period.
Outlining market segmentations
Based on type, global education technology market is bifurcated into content, hardware, and software. Speaking of sectors, the market space is divided into K-12, preschool, higher education, and others. While the end user spectrum consists of consumer, and business.
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Regional market summary
Expert analysts claim that North America held majority market share in the recent past, owing to demand for skill development courses in the corporates, along with presence of renowned educational institutions, and mature IoT infrastructure in the region.
Asia Pacific education technology industry, on the other hand, is expected to record highest growth rate through 2027. Booming young populace, feasible broadband connection, along with investments by the EdTech companies will positively sway the business dynamics in APAC.
Global Education Technology Market by Type (Revenue, USD Billion, 2017-2027)
Global Education Technology Market by Sector (Revenue, USD Billion, 2017-2027)
Global Education Technology Market by End-user (Revenue, USD Billion, 2017-2027)
Global Education Technology Market Regional Gamut (Revenue, USD Billion, 2017-2027)
Global Education Technology Market Competitive Hierarchy (Revenue, USD Billion, 2017-2027)
E-Learning Market Size, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
E-Learning Market size is anticipated to grow at over 8% CAGR to 2026, as per new research report. The advent of several new technologies, such as cloud computing and AI coupled with increasing internet penetration across the globe will drive the market growth. Rapid cloud adoption provides flexibility in content storage, sharing, and access to both learners and content providers. From a regional frame of reference, the E-learning market in North America is likely to witness significant growth since players are focusing on offering their services and solutions to the countries where favorable government policies and high growth in the education sector can be seen.
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