Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Global EdTech Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global EdTech market is expected to reach a value of $696.04 billion by 2028 from $297.56 billion in 2022, growing at a CAGR of 15.22%.
The global EdTech market is highly competitive, characterized by a diverse range of companies and solutions aiming to revolutionize the education sector through technology.
The EdTech market has experienced significant growth and adoption globally, with regional variations in the use and development of educational technology. North America holds a significant share of the global EdTech market, driven by the presence of well-established companies and a robust education technology ecosystem.
The United States, in particular, has a strong EdTech market, with a high adoption rate of digital learning tools in both academic institutions and corporate settings. Europe is also witnessing substantial growth in the EdTech market, fueled by increasing investments in digital education and e-learning initiatives. Countries like the United Kingdom, Germany, and France are leading the way in EdTech adoption. The European EdTech market is expected to expand as more educational institutions and businesses embrace digital learning solutions.
Established players and startups alike are vying to capture a 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 EdTech market, offering comprehensive platforms for course creation, content management, assessments, and analytics.
These LMS platforms serve academic institutions and corporate training needs, providing a centralized hub for managing educational content and tracking learner progress.
MARKET TRENDS & OPPORTUNITIES
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 EdTech market, especially in K-12 and higher education, as it has the potential to address higher education issues and provide an innovative platform to engage more end-users.
Introduction of 5G Technology
The adoption of 5G technology in the education sector has brought huge transformations in the learning experience with high video and audio quality and a seamless VR experience.
The concept of virtual classrooms could be enhanced through 5G technology using high-performance AR and VR technologies. The holographic visuals will engage learners more effectively and help improve their learning standards. The concept of 5G technology is at a nascent stage and is expected to grow, and many companies in the EdTech market have started developing applications utilizing 5G technology.
The infrastructure of 5G technology will eventually take time owing to factors like the high infrastructure cost, battery drains on 5G-enabled devices due to non-compatible battery technology, and range issues due to short frequency waves, among others. However, as the system becomes more and more refined, these initial drawbacks and challenges can be corrected with growing disruptive technologies.
INDUSTRY RESTRAINTS
Data Security Concerns
EdTech platforms hold huge amounts of data relating to instructors, learners, and other customers using the platform, which includes their personal information and other personal data. Vendors hold sensitive information, including intellectual property, employee data, and other confidential data, at risk of cyberattack. To protect the data from unauthorized access and misuse, vendors hire third-party providers to take measures to protect personal and confidential information.
Cyberattacks can be performed by a hacker, criminal groups, and other sponsored organizations. Such cyberattacks would lead to delays or interruptions in services, which could also defame the reputation of vendors in the market. Players in the global EdTech 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 on the consumers.
INSIGHTS BY TYPE
Hardware sales, including interactive displays, SD cards, laptops, and tablets, significantly drive the revenue of global EdTech market players.
The increasing adoption of interactive whiteboards and simulation-based learning hardware is fueling the growth in hardware sales. Meanwhile, the software segment is projected to experience the fastest growth rate throughout the forecast period.
This growth can be attributed to the continuous technological advancements in online education. The technology-enabled services segment is also expected to expand during the forecast period, owing to the rapid developments in the online education landscape.
INSIGHTS BY SECTOR
The K-12 education segment is projected to be the leading revenue contributor to the global EdTech market during the forecast period. The widespread adoption of technology in K-12 education 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 the growing youth population as parents increasingly invest in these services as supplementary education for their children.
Notably, the competitive exam segment is anticipated to witness the fastest growth during the forecast period. The expansion of online education is set to play a significant role in supporting distance learning programs.
INSIGHTS BY END-USER
The highest revenue in the global EdTech market is expected to come from the individual learner segment during the forecast period, accounting for over 49% of total revenues.
There is a notable trend of job-focused preparations leaning towards digital platforms. EdTech vendors cater to enthusiastic learners by offering diverse product portfolios and services tailored to their specific areas of interest. Conversely, the institute segment is projected to experience the fastest compound annual growth rate during the forecast period.
Many colleges and reputable universities are forming strong collaborations with EdTech market players, driven by increased competitiveness among students seeking admissions and the rising disposable incomes of parents. Furthermore, the growing demand for hybrid learning has led to an increase in schools and universities partnering with various EdTech companies.
KEY QUESTIONS ANSWERED:
- How big is the EdTech market?
- What is the growth rate of the global EdTech market?
- Which region dominates the global EdTech market share?
- What are the significant trends in the EdTech industry?
- Who are the key players in the global EdTech market?
Market Opportunities & Trends
- Growth In Gamification
- Adoption Of Hybrid Learning Model
- Preference For Personalized Learning
- High Focus On Mobile Learning
- Virtual & Augmented Reality
Market Growth Enablers
- Improvements In Connectivity Infrastructure And Smartphone Penetration
- Introduction Of 5G Technology
- Growing Investments By Private Equity & Venture Capital Firms
- Rise In Demand For Online And Remote Learning
- Requirements For Digital Skills
- Rise In Costs Of Traditional Education
Market Restraints
- Data Security Concerns
- Evolving Rules And Regulations
- Emergence Of Open-Source Solutions
- Infrastructure Challenges
VENDOR LANDSCAPE
Key Company Profiles
- 2U Inc
- BoxLight
- Byju's
- Blackboard
- Udemy
- Coursera
- Chegg
- Duolingo
- Unacademy
Other Prominent Vendors
- UpGrad
- VIP KID
- 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
- Telefonica Learning Services
- 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
- 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
MARKET SEGMENTATION
Segmentation by Type
- Hardware
- Software
- Technology-Enabled Services
Segmentation by Sector
- K-12
- Higher Education
- Competitive Exams
- Certifications
Segmentation by End-user
- Individual Learners
- Institutes
- Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/ymgmhq
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