Dublin, April 06, 2023 (GLOBE NEWSWIRE) -- The "Education Apps Market Size, Share, Trends, By Product Type, By End-Use, By Operating System, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The education app market is experiencing steady growth, with a market size of USD 6.48 billion in 2021 and a projected revenue compound annual growth rate (CAGR) of 8.9% during the forecast period.
One of the major drivers of this growth is the increasing demand for STEM-based applications, as well as the adoption of digital learning solutions, and government regulations and initiatives .
STEM fields are expected to have significant employment growth by 2029, with a predicted 8% growth rate, which is more than twice the rate of non-STEM careers. Therefore, the importance of quality K-12 STEM education is emphasized, as the median STEM wage is twice as high as the median wage for non-STEM fields. The U.S. Department of Education is committed to using technology to transform education and enhance teaching and learning experiences. The Office of Educational Technology is working to update and build upon the National Educational Technology Plan (NETP) to ensure its relevance and value in today's policy, financial, and social contexts. The NETP outlines a vision for how districts and schools across the United States can use technology to increase learning opportunities for all children. The plan also takes into account infrastructure requirements for this vision to become a reality. The National Educational Technology Plan is a premier educational technology policy document in the United States, promoting justice, active use, and collaborative leadership to enable learning anytime and anywhere .
Government initiatives aimed at promoting digitalization and technological advancement in the edtech sector are also driving demand for education apps in other national governments.
The market for education apps is being driven by the increasing demand for STEM-based applications, along with government initiatives aimed at digitizing education infrastructure. STEM applications offer a useful toolset for STEM teaching, combining engaging games, riddles, high-quality graphics and audio to pique users' interest.
The demand for STEM subjects is rising due to their greater scope and employment opportunities, with STEM employees earning significantly more than the median annual wage for non-STEM occupations. Governments across the globe are investing billions of dollars to improve the accessibility of education, with initiatives such as increasing government expenditure in research and development, funding for artificial intelligence PhDs and scholarships for master's degree conversion programs, and implementing digital skills partnerships.
The reluctance to adopt new technology, coupled with a lack of skilled workforce, instructors, and trainers, is limiting the revenue growth of the education apps market. Traditional methods of teaching are preferred by various education professionals, parents, and students, particularly for younger age groups. Lack of skilled educational professionals who are well-equipped with digitalization of educational sector is another major concern limiting revenue growth of the education apps market.
Teachers struggle with a lack of IT assistance, ongoing technological advancements, unequal access for all learners, mobile device software that is not optimal, and security concerns. Moreover, security risks related to student information and other administrative data have increased with the deployment of educational tools such as apps, which may also lower the rate of app-based mobile learning adoption.
Key Takeaways
Product Type Outlook:
The global market for education apps is divided into different categories based on product type, end-use, and operating system. In terms of product type, the market is split between web-based and mobile-based apps, with the latter expected to generate the most revenue in the foreseeable future. Mobile e-learning apps are gaining popularity due to their unique approach that makes learning more enjoyable for students. They offer flexibility, accessibility, and convenience, making them a highly engaging and useful tool for students to enhance their productivity. Mobile apps also provide students with access to technology, enabling them to learn faster and more efficiently. Moreover, e-learning has become a continuous process that allows students to learn at their own pace and from anywhere they want, thanks to mobile phones and various feature-rich apps.
End-use Outlook:
Regarding end-use, the market is segmented into K-12 education, higher education, business, or corporate education. The K-12 segment is expected to dominate the market due to its appeal to young learners and the proven benefits of multimedia content, especially for students with learning difficulties. The K-12 learning ecosystem also offers a range of tools and services that enhance classroom learning, and teachers can use edtech apps to interact and collaborate with students online.
Operating System Outlook:
Finally, the market is divided by operating system into IOS and MacOS, Android, and Windows. The Android segment is expected to grow significantly due to the increasing number of Android users and the rising trend of online learning, especially among millennials. Android is the most popular mobile operating system worldwide, and countries such as the UK and India have a high proportion of Android users. Additionally, the demand for health and fitness apps continued to increase in 2020, with app store purchases, downloads, and usage time all rising compared to 2019. Android is still a popular choice due to its affordability and wide variety of options.
Regional Outlook:
The North American market has the highest revenue share in 2021, with the need for efficient and high-quality learning being a significant factor driving market growth. Technological advancements have had a significant impact on the education industry, with the development of ICT allowing institutions to experiment with new approaches to education. The growth of LMS is also expected to drive market growth in this region .
The European market has a steady revenue share, with rising adoption of e-learning and initiatives by government and universities to improve the education sector's infrastructure expected to drive market growth. The University of Kentucky's Smart Campus digital strategy is an example of such an initiative that will improve the overall wellness of students .
The Asia Pacific region is expected to register the highest revenue growth rate during the forecast period, with education apps preferred as learning software due to the prevalence of the COVID-19 pandemic and the growing preference for on-the-go learning methods. The region has seen widespread adoption of edtech applications due to significant investments in IT infrastructure, but revenue growth is hampered by lack of awareness, cultural barriers, and insufficient e-learning infrastructure. The region has also seen various mergers, acquisitions, and partnership agreements driving revenue growth, such as Byju's acquisition of Aakash Educational Services Ltd for USD 950 million.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Education Apps Market Segmentation & Impact Analysis
4.1. Education Apps Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Rising demand for Science, Technology, Engineering, and Math (STEM) based applications
4.2.2.2. Growing adoption of digital learning solutions
4.2.2.3. Government regulations and initiatives
4.2.3. Market restraints analysis
4.2.3.1. Reluctance to adopt new technology
4.2.3.2. Lack of skilled workforce, instructors, and trainers
4.2.3.3. Security risks related to student information and other administrative data
Chapter 5. Education Apps Market By Product Type Insights & Trends
Chapter 6. Education Apps Market By End-use Insights & Trends
Chapter 7. Education Apps Market By Operating System Insights & Trends
Chapter 8. Education Apps Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- Duolingo
- BYJU'S
- Age of Learning Inc.
- Coursera Inc.
- Blackboard Inc.
- Rosetta Stone Ltd.
- BrainPOP
- MyScript
- Khan Academy
- Wiziq Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hu4k85
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