The global pandemic accelerated growth in the academic e-learning and education technology (edtech) market.
Analysts say that the Covid-19 crisis was only part of the driving force and so the uptrend has every reason to continue post-pandemic.
According to the research data analysed and published by Definanzas.com, the worldwide e-learning market will grow at a compound annual growth rate (CAGR) of nearly 18% between 2021 and 2025. The sector’s incremental growth during the period will be an impressive $184,52-billion.
Investors and equipment makers are taking note of the massive potential in the edtech and e-learning markets.
Based on a study by HolonIQ, venture capitalists around the globe poured in $16,1-billion into edtech in 2020. And, thanks to the demand from the education sector, Chromebook shipments hit 12-million in Q1 201, marking a 274,6% uptick.
North America is the dominant player in the worldwide e-learning market. In 2020, it accounted for a 37% share of the global market. Technavio estimates that the US market will grow at 15,95% in 2021. Between 2021 and 2025, it will grow at a CAGR of 17%, equivalent to $36,54-billion.
Additionally, the global edtech market is projected to grow at a CAGR of 19,9% in the period between 2021 and 2028. According to Grand View Research, the sector was worth $89,49-billion in 2020 and by 2028, it is projected to reach $285,2-billion.
Asia Pacific will be the fastest growing region, registering a 22,6% CAGR up to 2028. North America, which dominated with a 37% share in 2020, will still retain dominance up to 2028.
Global edtech venture capital hit nearly $4-billion in Q1 2021 alone, averaging over $300-million every week. According to HolonIQ, education technology unicorns will grow to more than 100 by 2025.