New York, USA, April 24, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global K12 education market is expected to garner $525.7 billion by 2031 and rise at a stable CAGR of 17.7% in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the K12 education market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing popularity of online learning across the globe is predicted to be the primary growth driver of the K12 education market in the forecast period. Additionally, various features associated with K12 education including personalized and dynamic school experiences are anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Adoption of Artificial intelligence (AI) and Open Educational Resources (OER) in the education sector is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing investments by education institutions is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, lack of government budgetary allocation may become a restraint in the growth of the K12 education market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The K12 education market, too, faced tremendously negative impact of the pandemic. Schools, colleges, and educational institutions across the world were closed due to the lockdowns which affected the education sector hugely. Also, though classes were shifted online, many students from rural backgrounds didn’t have access to the internet which created a digital divide between them and the rest of the population. These factors led to a decline in the growth rate of the market.
Segments of the Market
The Research Dive report has fragmented the K12 education market across different segments such as type, deployment mode, application, spend analysis, and region.
Type: Public Sub-segment to be the Fastest Growing
The public sub-segment is expected to have the highest CAGR by 2031. The primary reason behind the stunning growth of the sub-segment is the high-quality education provided by state-certified teachers in K12 online public schools.
Deployment Mode: Cloud Sub-segment to Have the Highest CAGR
The cloud sub-segment of the K12 education market is predicted to be the fastest growing sub-segment by 2031. Features of cloud computing like minimized data storage costs and ease of access and mobility have led to an increase in adoption of cloud-based services in K-12 district schools. This increased adoption is anticipated to help the sub-segment to grow in the forecast period.
Application: High School Sub-segment to be the Most Dominant
The high school sub-segment is expected to be the most dominant sub-segment by 2031. Inclusion of technology for providing high-quality education in higher schools is expected to push the growth of this sub-segment in the forecast period.
Spend Analysis: Software Sub-segment to be the Fastest Growing
The software sub-segment of the K12 education market is predicted to be the most profitable by 2031. Growing adoption of K12 software due to their ability to manage student information, assist instructors in teaching different courses, facilitate student collaboration, and simplify administrative operations is anticipated to help this sub-segment to grow in the forecast period.
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Market in the North America Region to be the Most Profitable
The K12 education market in North America region is predicted to be the most lucrative sub-segment in the forecast period. The rapidly developing education system and massive spending on EdTech is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the K12 education market are
- McGraw-Hill Education
- Blackboard Inc.
- Next Education India Pvt. Ltd.
- Pearson Education Inc.
- Tata Class Edge
- Adobe Systems
- Cengage Learning India Pvt. Ltd.
- Educomp Solution
- TAL Education Group
- K12 Inc.
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
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For instance, in January 2023, LEAD, one of the biggest edtech startups based in India, announced the acquisition of Pearson’s K12 learning business in India. Pearson is a British educational giant, and this acquisition is expected to increase the foothold of LEAD in India’s educational sector.
Finally, this comprehensive report also summarizes many crucial facets of the K12 education market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about K12 Education Market:
- What are the Main Pitfalls While Implementing Online Education Software in K-12?
- Global K12 Education Market to Generate $525.7 Billion by 2031, Due to Increased Adoption of Artificial intelligence (AI) and Open Educational Resources (OER) in Education
