NEWARK, Del, April 08, 2024 (GLOBE NEWSWIRE) -- The global edtech market size is envisioned to progress considerably, achieving US$ 108.246 billion in 2024. From 2024 to 2034, the educational technology market is predicted to advance at an impressive 14.3% CAGR. The edtech demand is expected to be estimated at US$ 411.566 Billion by 2034.
With a trend toward online and individualized learning, the EdTech market is expanding significantly. The demand for digital tools, adaptive technologies, and remote education is rising, spurring innovation. In line with the evolving nature of education, the emphasis is on reskilling, upskilling, and lifelong learning.
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EdTech adoption surged because of the global pandemic, underscoring the significance of adaptable, tech-enabled educational solutions. Collaboration between EdTech providers and traditional educational institutions is becoming increasingly common as the industry develops to meet various learning demands.
Limited internet connectivity and technology access, particularly in underprivileged and distant locations, are some hurdles facing the educational technology market. The difficulty of incorporating new technology into established educational systems and worries about data security and privacy impede adoption of educational technology. The pace of edtech innovation is slowed by institutional obstacles and educators' resistance to change.
Regional Outlook:
- Asia Pacific's adoption of edtech solutions is propelled by government measures that support online learning and digital literacy and the expansion of the middle class and their discretionary income.
- Adaptive learning technologies, gamification of education, and the incorporation of artificial intelligence and machine learning algorithms to customize learning experiences are among the trendy edtech trends in North America.
- A growing understanding of the value of digital skills in the workforce, the need for lifelong learning, and integrating technology into classrooms are some factors promoting the expansion of edtech in Europe.
"From our comprehensive market research study, the Edtech Market exhibits promising growth prospects, fueled by the increasing integration of technology in education globally. Our findings indicate a surge in demand for innovative digital learning solutions, driven by the evolving educational landscape and the imperative for remote learning solutions in the wake of global disruptions." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways From The Edtech Market Report:
- The academic institution segment in the end user category to grab a share of 45.0% in 2024.
- In the component category, the hardware segment to acquire a market share of 42.8% in 2024.
- The United States edtech industry is anticipated to evolve at a CAGR of 11.2% through 2034.
- Germany edtech market is envisioned to develop at a CAGR of 12.4% from 2024 to 2034.
- China sales of edtech are expected to surge at a CAGR of 13.5% through 2034.
- Australia and New Zealand edtech market is anticipated to boost at a CAGR of 22.7% between 2024 and 2034.
- Japan edtech market is likely to exhibit a CAGR of 17.8% through 2034.
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Competitive Landscape:
Prominent educational technology producers are experimenting to create fresh educational technology parts that satisfy end users' needs. The edtech vendors have used tactics to increase their worldwide reach, such as partnerships, alliances, collaborations, and acquisitions.
Leading Key Players:
- Coursera
- PowerSchool
- Udemy
- Yuanfudao
- VIPKid
- 17zuoye
- 2U
- Genshuixue
- iTutorGroup
- Civitas Learning
- Newsela
- Instructure
- Guild Education
- Dreambox Learning
- Duolingo
- Knewton
- Zuoyebang
- HuJiang
- Age of Learning
- Stride
- Udacity
- Blackboard
- BYJU'S
- Chegg
Noteworthy Developments:
- SMART Technologies unveiled new interactive displays in 2022 that come equipped with cutting-edge technologies like NFC login, increased stability, and an integrated microphone array.
- To support educators and promote excellence across online, in-person, and hybrid leading modalities, Chegg Inc., the industry leader in student-first connected learning platforms, founded the Center for Digital Learning in June 2022. It outlined a new platform for educators that enables students to share educational materials with millions of other students on Chegg, improving student outcomes.
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EdTech Market Segmentation:
By Component:
- Hardware
- Interactive White Board
- AR/VR Devices
- Projectors
- Webcasting Devices
- Others
- Software
- Learning Management System Platform
- Virtual Classroom Software
- Others
- Services
- Managed Learning Services
- Professional Services
- Learning and Content Management
- Consulting
- Integration and Implementation
- Support and Maintenance
By End User:
- Government Organization
- Academic Institution
- K-12
- College Universities
- Enterprises
- SMEs
- Large Enterprises
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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