Westford, USA, July 21, 2022 (GLOBE NEWSWIRE) -- Education technology market has become an increasingly important part of the world and takes many different forms - from books to websites and classes. There has been a revolution in education technology that is moving at an incredible speed as new platforms, tools, and solutions create opportunities for people to learn more and faster.
Modern World Requires Modern Solution, and Education Technology is Just Doing That
Generation Y (born between 1981–2000) is the largest demographic in the world and it is only getting bigger. According to a study by SkyQuest Technology, there will be over 2.3 billion people living in this generation by 2024. They are already active and impactful and their Influence is only going to increase in the global education technology market. For businesses, generating a billion-dollar opportunity directly from this demographic can be a challenge. However, there are some start-ups that are actively encouraging Gen Y to rule the world.
It can be hard to keep up with all the new education technology innovations. The revolution is so big, in fact, that it's hard to know where to start. But if you're like most people, you want to make sure that your investment in education technology is worth it. So, let's take a closer look at this revolution and see just how big it really is.
The education technology market revolution is about making learning more efficient and easier for students. Technology has always played an important role in classrooms, but recent advances in hardware and software have made a dramatic difference in how students learn. There are now tools available that make learning fun and interactive, as well as tools that help teachers get the most out of their students.
In fact, education technology market has become so important that there are now entire industries built around it. Software companies develop tools for teachers, virtual learning platforms offer online courses for students of all ages, and hardware companies create devices such as tablets and laptops that can be used in the classroom. All of these companies are working hard to create innovative new technologies that can improve student learning.
So where does this leave us? SkyQuest Technology has done in-depth analysis of the education technology market. The report has identified key revenue pockets, future potential, trends, investment strategies by market players, current and future outlook, market forecast, market dynamics, value chain and Value chain optimization, among others.
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Education technology has the potential to revolutionize education as we know it, but only when this industry is developed in such a way that it's not just another tool for teachers and students, but rather an effective way for them to work together.
Start-ups are Active More than Ever to Incentivize on 300 billion Dollar Opportunity in Education Technology Market
There is no doubt that education technology start-ups are more active than ever. This is evidenced by the number of new companies being founded, the amount of venture capital being invested in the sector, and the number of edtech products and services being launched.
One reason for this increased activity is that there is a growing recognition of the potential of edtech to transform education. With advances in technology, it is now possible to create educational experiences that are more personalized, engaging, and effective than ever before. Another reason for the increased activity in education technology market is that the demand for education technology products and services is growing rapidly. This growth is being driven by factors such as the increasing use of mobile devices for learning, the expanding online education market, and the rise in demand for educational software and applications. This has led to a surge in interest from both educators and investors.
In terms of sheer numbers, education technology market is already quite large. More than 2 billion people are currently using mobile devices for educational purposes, and that number is only going to continue to grow. Furthermore, online learning platforms like Coursera, Unacademy, GoGuardian, Dreambox Learning, Outschool, Newsela, Civitas Learning, Byju's, and Udacity have been extremely successful in attracting students and professors alike. In fact, revenue generated by online learning platforms will exceed revenue generated by traditional brick-and-mortar universities by 2028.
In 2021, global education technology market witnessed an inflow of over $20 billion, which was valued at $15 billion in 2020. This has also increased market value of start-up by more than 15X in last one decade. Despite world crippling due to covid-19 pandemic, the market witnessed increased number of edtech start-up during this period. In fact, 1/3 of all start-ups came into existence in the same period. Wherein, Indian start-up in education technology market succeed in raising more than $4.7 billion from private equity players and venture capitalists. In 2019, it was estimated at around $440 million. Following are some of the recent funding developments
- In July 2022, Creative Galileo, Edtech startup, garnered funding of $7.5 million in Series A round
- In July 2022, xQ, another Edtech startup, raised $1.4 million
- In July 2022, Edtech firm AntWalk raised $7.5 million in funding led by GSV Ventures
- In July 2022, Edtech startup Kreedo raised $2.3 million in pre-Series A funding
- In July 2022, ByJu’s succeed in raising $400 million out of $800 million target
- In July 2022, ByJu’s announced to acquire 2U, an American edtech company, and it has planned to raise over $2.4 billion
Tech companies are pouring money into edtech startups to try and stay ahead of the curve in the global education technology market. The ad-supported learning platform Udacity announced this week that it has raised $160 million in new funding, including from prominent venture capital firms such as Andreessen Horowitz and Index Ventures. The company says the new capital will be used to "accelerate its mission of democratizing access to high-quality education."
Elsewhere, Coursera, a teaching platform owned by Stanford University, earlier this year announced a $60 million round of financings. Pearson, one of the world's largest education publishers, is reportedly planning to invest an additional $500 million in digital learning platforms over the next five years.
The edtech startup boom is creating opportunities for young entrepreneurs who are looking to capitalize on growing consumer demand for educational services. And while the industry is still in its early stages, there's no doubt that it's rapidly evolving and will continue to do so for the foreseeable future. To understand detailed analysis of investments in education technology market,
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Consumers Spending on Education Technology to Surpass $150 billion by 2028
Technology revolution in the global education technology market is an ongoing process that has drastically transformed how students learn. Throngs of consumers are utilizing various forms of technology in their classrooms, and there is no telling where the trend will lead. In order to better understand consumer trends, SkyQuest has analyzed data from 1,5000 U.S. households across eleven different industries.
The results of the study showed that consumer spending on education technology is steadily climbing, reaching a record high of $24.8 billion in 2017 and is projected to surpass $158 billion by 2028 in the global education technology market. Half of all U.S. households now have at least one device used for educational purposes, with tablets and laptops leading the way (55% and 32%, respectively). Notably, 72% of tablet owners said they use them for educational purposes. Additionally, 57% of U.S. adults believe that using digital technologies in the classroom makes learning more engaging for students.
Though the majority of Americans are already utilizing education technology in their classrooms, there are still countless opportunities for growth. For instance, 73% of respondents said they would be interested in using augmented reality (AR) in the classroom. In addition to advances in digital technologies, it is important to continue innovating along traditional school teaching methods.
Providers are Partnering with Technology Giants to Transform into Digitalization
In recent years, the education technology market has seen a surge in the number of providers partnering with technology giants to transform into digital organizations. This shift is being driven by the ever-increasing demands of today’s students and parents for more personalized, engaging, and relevant learning experiences. In response, many edtech companies are turning to cutting-edge technologies like artificial intelligence (AI), big data, and cloud computing to help them meet these challenges.
One such company is 2U, which partners with leading universities to offer online degree programs that combine rigorous academics with real-world experience. 2U’s use of AI allows it to provide each student with a personalized learning plan that takes into account their individual strengths and weaknesses. The company also relies on big data to track student engagement and performance across all its programs. This information helps 2U identify areas where students are struggling and design targeted interventions to improve outcomes.
Another edtech leader in the global education technology market that is harnessing the power of technology is Pearson Education. LearningMate recently announced a partnership with Google Cloud Platform (GCP) to migrate its entire content library onto the GCP platform. This will allow LearningMate to take advantage of GCP’s AI and machine learning capabilities to deliver more personalized experience to students.
Recently in July 2022, TMRW Partnered with TCS to digitally transform K-12 education sector. TMRW is eyeing to leverage their all-in-one integrating Learning Operating System (LearnOS) to bring together the entire spectrum of education and school operational elements under one unified umbrella.
Top 5 Education Technologies Poised to Take the Market by Storm
The education technology market is one of the most exciting things to happen in recent years. There has been a big shift in the way we learn, and there are several Technologies that are poised to take over the market. here are some of the top education technologies that you should be aware of.
1. MOOCs: Massive Open Online Courses are becoming more and more popular every day. These courses are typically offered online, and they offer a variety of courses from different disciplines.
2. Virtual Schools: Virtual schools are another great option when it comes to learning in the global education technology market. These schools allow students to attend classes online, which saves them time and money. Students can also choose a virtual school that specializes in a certain subject area, such as math or science.
3. Augmented Reality: Augmented reality is another technology that's gaining popularity in the education world. AR allows student to see information superimposed on real-world environment. This technology can be used in a number of ways, such as teaching subjects or preparing students for the SATs or ACTs exams. AR has been getting a lot of attention lately in the global education technology market thanks to Pokemon GO. However, its potential goes far beyond gaming. AR can be used for things like interactive textbooks, crime scene reconstruction, and medical training simulations. With Microsoft HoloLens leading the way, AR looks like it will become increasingly prevalent in the coming years.
4. AI Tutoring: An artificial intelligence computer system is a robot teacher. Using this technology, you can have an AI tutor tailor your coursework to match what you need. You can also ask for help with math, science and general subject issues using this method.
5. Virtual Reality (VR) and Augmented Reality (AR) – VR is already being used in a variety of industries, and its potential for education is vast. It can be used for simulations, educational games, and even virtual field trips. With the Oculus Rift and HTC Vive leading the charge, VR is experiencing a renaissance that looks set to continue into the foreseeable future.
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Current outlook of Education Technology Market is Not so Bright, But its Temporary
In 2022, Edtech companies started facing massive lay off, slower funding, and closing operations of education technology companies. This is mainly due to the current state of the economy and rising inflation. Industries such as online education and digital learning have taken a hit due to changes in the market dynamics. Companies that focus on edtech products have been struggling to find investors and secure sales. Even though these companies are still profitable, they are shutting down due to the reasons mentioned above. for instance, 2U has started closing its operations across the globe and Byju’s in talk with the company for acquisition.
Moreover, many consumers are simply cutting back on spending on non-essential items like education technology during these difficult times.
All of this means that it is a tough time to be an edtech company in the education technology market. However, there are some silver linings to be found. For one thing, the current situation is likely to lead to increased consolidation in the industry as weaker players are forced out of business by stronger ones. Additionally, the crisis could lead to more innovation in the sector as companies are forced to find new ways to reach and serve their customers.
What Does Future Hold for Education Technology Market?
Global education technology market is booming and the future looks bright. The global edtech market is expected to reach $302.58 billion by 2028, with a compound annual growth rate of 16.20%. This growth is being driven by advances in technology, the increasing use of mobile devices for learning, and the growing demand for online and blended learning solutions.
There are a number of trends that are shaping the future of edtech. One of the most important is the move towards personalized learning. This approach tailors’ content and instruction to each individual student, based on their abilities, interests, and needs. This allows students to learn at their own pace and in a way that best suits them. Personalized learning is already being adopted by leading schools and districts across global education technology market, and it is poised to have a major impact on education in the years to come.
Another trend in the education technology market that is influencing the future of edtech is the rise of artificial intelligence (AI). AI-powered tools are being developed that can help teachers with everything from lesson planning to assessment. AI can also be used to create customized learning experiences for students based on their individual needs. As AI continues to evolve, it will increasingly shape how education technology is used in classrooms and beyond.
This growth will present both challenges and opportunities for companies in education technology market. On the one hand, they will need to meet the growing demand for their products and services; on the other hand, they will face increased competition from traditional providers as well as new startups. They will also need to address concerns about privacy and data security, as well as manage changing regulatory environments.
Despite these challenges, there are reasons to be optimistic about the future of edtech. First, there is a growing recognition that technology can play an important role in improving education outcomes. Second, funding for edtech initiatives is becoming more available, both from private investors and government sources. Finally, there is an increasing number of pilot projects and case studies demonstrating the potential of edtech solutions.
Top Players in Education Technology Market
- Microsoft (US)
- Oracle (US)
- SAP (Germany)
- Instructure (US)
- 2U INC (US)
- Ellucian (US)
- Campus Management (US)
- Lenovo (China)
- Smart Technologies (Canada)
- Cornerstone OnDemand (US)
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