Dublin, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The "EdTech Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The EdTech Market was valued at USD 334.29 Billion in 2023, and is expected to reach USD 738.60 Billion by 2029, rising at a CAGR of 14.13%.
The global EdTech market is highly competitive and characterized by various companies and solutions aiming to revolutionize the education sector using the latest technologies. Several established players and start-ups are vying to capture a greater EdTech market share and cater to the evolving needs of learners and educators.
Learning Management Systems (LMS) providers such as Canvas by Instructure, Moodle, Blackboard, and Schoology dominate the market and offer comprehensive course creation, content management, assessments, and analytics platforms. These LMS platforms cater to academic institutions and corporate training requirements and provide a centralized hub for managing educational content and tracking learner progress.
ONLINE LEARNING FOR WOMEN
The role of women in the global EdTech market has been increasingly significant, and their participation as learners and professionals has driven market growth and innovation. According to United Nations Educational, Scientific and Cultural Organization (UNESCO) data, women have historically faced significant barriers in accessing education and skills development opportunities, particularly in developing regions. EdTech is emerging as a powerful tool to address these disparities, providing women with more equitable access to quality learning experiences. As learners, women embrace EdTech platforms to pursue education and upskilling opportunities.
Women are generally underrepresented in the global technology sector, including EdTech. According to UNESCO's report, "Cracking the Code: Girls' and Women's Education in Science, Technology, Engineering and Mathematics (STEM)," highlights that only 35% of STEM students in higher education worldwide are women. EdTech offers the flexibility and convenience that can be particularly beneficial to women juggling multiple responsibilities, including work, caregiving, and household duties. Furthermore, EdTech can potentially be transformative in promoting gender equality in education and workforce development. According to a report by the World Economic Forum, gender parity in education and skills development could contribute to closing the gender gap in the workplace and boost global GDP by USD 5.3 trillion by 2025.
EdTech's capacity to deliver accessible and inclusive learning experiences can empower women to pursue careers in traditionally male-dominated industries such as STEM and leadership roles. In addition to being learners, women are also making significant contributions as professionals in the EdTech (education technology) market. The representation of women in technology and design roles has been growing steadily, contributing to the creation of more inclusive and user-friendly EdTech solutions. Female entrepreneurs and educators are leveraging EdTech platforms to create and deliver courses, webinars, and training programs, establishing themselves as thought leaders and content creators in the education space.
MARKET TRENDS & DRIVERS
Growth in Gamification
The application of game mechanics to collaborate, compete, and reward in non-game situations has started gaining popularity in educational services. This practice has been gaining popularity worldwide for enhancing learners' engagement across different education levels, including formal education and other training courses. Game-based learning is an effective mode of learning. The concept of gamification is based on teaching through repetition and forming a foundation based on simulation learning. The concept of gamified learning is expected to gain traction in the K-12 and higher education segment as it can address issues such as lack of understanding and quick learning associated with higher education and provide an innovative platform to engage more end users.
Rise in Demand for Online and Remote Learning
The rise in demand for online and remote learning is one of the key factors contributing to the growth of the global EdTech market. This trend has been accelerated by the COVID-19 pandemic, which has forced educational institutions worldwide to shift to online and remote learning. The demand for online learning platforms has surged after the pandemic. For instance, Forbes said more than 10 million college students took at least one distance education class in the fall of 2022. Slightly less than half of those students took all their courses online. Most of these online learners are undergraduates attending four-year public institutions. Popular online learning platforms such as Coursera, Udemy, and edX have seen a significant increase in enrollment numbers during the pandemic, as people were focused on upskilling and reskilling in the face of a changing job market.
INDUSTRY RESTRAINTS
Data Security Concerns
EdTech platforms can store colossal amounts of data related to instructors, learners, and other customers, which includes personal information and other personal data. EdTech market vendors hold sensitive information, including intellectual property, employee data, and other confidential data, and are at risk of being cyberattacked. Thus, vendors must hire third-party providers to take measures to protect personal and confidential information from unauthorized access and misuse. Such data is prone to cyberattacks by hackers, criminal groups, and other sponsored organizations. Also, cyberattacks would lead to delays or interruptions in services, which could also defame the reputation of vendors in the market. Players in the market are more susceptible to cyberattacks as third-party sources may not fully implement preventive measures. Furthermore, some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. Such mandatory disclosures could lead to negative publicity among consumers.
SEGMENTATION INSIGHTS
INSIGHTS BY EDTECH BUSINESS MODELS
The global EdTech market is segmented into various business models. The freemium model by EdTech companies has been attracting a large customer base and establishing trust in the brand. Several companies have adopted the freemium approach by providing premium content to potential learners. Players in the market have adopted the freemium business model as a part of their growth strategy to persuade many new learners with their offerings and expand their reach. Vendors target customers who seek to obtain hands-on learning to advance their careers. Furthermore, the free trial model is similar to the freemium model, where end users avail themselves of the courses for a short period and are converted into subscribed customers. Several EdTech players focus on free trials to convert their free customers into subscribed customers on their platform and use customer insights and analytics to enhance engagement and efficacy.
INSIGHTS BY TYPE
The global EdTech market by type is segmented into hardware, software, and technology-enabled services. The hardware segment holds the most prominent global market share in 2023. Hardware sales, including interactive displays, SD cards, laptops, and tablets, significantly drive the revenue of global EdTech market players. The rise in the adoption of interactive whiteboards and simulation-based learning hardware is expected to fuel the surge in hardware sales. Meanwhile, the software segment is projected to experience a CAGR of 15.02% throughout the forecast period. This growth can be attributed to the continuous technological advances in online education. The technology-enabled services segment is also expected to expand during the forecast period due to rapid developments in the online education landscape
INSIGHTS BY SECTOR
The global EdTech market by sector is segmented into K-12, higher education, competitive exams, and certifications. During the forecast period, the K-12 education segment is projected to emerge as the leading revenue contributor. The widespread adoption of advanced technologies in the K-12 education segment is primarily fueled by the ease of internet access and families' relatively high disposable incomes. Additionally, the convenience of accessing online tutoring and e-learning offerings through smartphones has further accelerated this trend. The global EdTech market is expected to benefit from expanding the young population as most parents increasingly invest in these services as supplementary education for their children. Notably, the higher education segment is anticipated to witness the second-fastest growth during the forecast period. The expansion of online education is set to play a significant role in supporting distance learning programs.
GEOGRAPHICAL ANALYSIS
The global EdTech market has witnessed significant growth with regional variations in the adoption and development of educational technology. North America holds a significant share of the market for EdTech due to the presence of well-established companies and a robust education technology ecosystem. The U.S. has a strong EdTech market and a high adoption rate of digital learning tools in academic and corporate settings. Europe is also witnessing substantial growth in the EdTech market due to the considerable increase in investments in digital education and e-learning initiatives. Countries such as the UK, Germany, and France are leading the way in adopting EdTech. The European EdTech market is expected to expand as more educational institutions and businesses embrace digital learning solutions.
Being the world's most populous region with a GDP of more than 5%, APAC significantly contributes to the global EdTech market. The increase in disposable income does not limit consumption and implies a rise in preference for various value-added products and services. The APAC EdTech market is expected to be influenced by rapid urbanization, followed by the increasing penetration of smartphones that can be used for access to learning material. Moreover, the availability of budget smartphones, high disposable incomes, and increased buying power of the middle-class population, especially in countries such as China, South Korea, and India, are expected to drive the EdTech market.
COMPETITIVE LANDSCAPE
Key Company Profiles
- 2U Inc
- Anthology Inc.
- BoxLight
- Byju's
- Udemy
- Coursera
- Chegg
- Duolingo
- Unacademy
- Pearson PLC
Other Prominent Vendors
- UpGrad
- VIPKid
- Fujitsu
- Promethean World
- Ellucian
- Red Shelf
- Xello
- Scoir
- Kahoot
- BenchPrep
- Coassemble
- Codecademy
- CrossKnowledge
- FutureLearn
- GoSkills
- iHASCO
- ITPro
- Khan Academy
- MasterClass
- OpenSesame
- Rosetta Stone
- Teachlr
- DataCamp
- BrainStation
- Estacio
- Learnetic
- Absorb Software
- Noggin Guru
- Bridge
- Degreed
- Easygenerator
- EduMe
- Epignosis
- ExpertusONE
- G-Cube
- Gnowbe
- iQualify
- iSpring
- Kallidus
- LearnUpon
- Mindtickle
- Moodle
- NovoEd
- Neovation Learning Solutions
- Schoox
- SkyPrep
- SmartUp
- Epignosis
- Teachable
- THINKIFIC
- Thought Industries
- Cisco
- Instructure
- GP Strategies
- Thomson Reuters
- Docebo
- McGraw Hill
- Desire2Learn
- Edmodo
- Cengage
- Macmillan Education
- Cornerstone
- Educomp
- Cogna Educacao
- Telefonica
- edX
- SAP Litmos
- Open Education
- Veduca
- LinkedIn (Microsoft)
- Simplilearn
- Think & Learn (BYJU'S)
- LeQuest
- FutureLearn
- L2P (Learn2Play)
- Bright Little Labs
- Aula Education
- WhiteHat Security
- Blinkist
- Age of Learning
- Elearn Australia
- 360Learning
- Skillshare
- Udacity
- Pluralsight
- Alison
- Babbel
- Treehouse
- Tracxn Technologies
- IGNOU
- BenchPrep
- Coassemble
- Codecademy
- FutureLearn
- GoSkills
- Cengage Learning India
- New Oriental Education & Technology Group Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 378 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $334.29 Billion |
| Forecasted Market Value (USD) by 2029 | $738.6 Billion |
| Compound Annual Growth Rate | 14.1% |
| Regions Covered | Global |
Key Topics Covered:
Market Opportunities & Trends
- Rising Popularity of Gamified Learning
- Growing Adoption of Hybrid Learning Model
- Increasing Demand for Personalized Learning Solutions
- Increasing Focus on Mobile Learning
- Integration of VR & AR Technology in Education
Market Growth Enablers
- Improvements in Connectivity Infrastructure and Smartphone Penetration
- Rising Demand for Online and Remote Learning
- Surging Demand for Digital Skills
- Increasing Costs of Traditional Education
Market Restraints
- Growing Concerns Over Data Security
- Evolving Rules & Regulations
- Emergence of Open-Source Solutions
- Lack of Proper Infrastructure
Edtech Business Models
- Freemium Model
- Ad-based Revenue Model
- Free Trial & Subscription-based Model
- Marketplace Model
- Institutional Sales Model
- Recruiting Model
Type
- Hardware
- Software
- Technology-Enabled Services
Sector
- K-12
- Higher Education
- Competitive Exams
- Certifications
End-user
- Individual Learners
- Institutes
- Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/4i1224
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