The global education technology market is expected to reach $348,41-billion by 2030 – growing at a CAGR of 13,4% from 2024 to 2030 – according to a new report by Grand View Research.
The process of learning is evolving gradually in line with advances in technology. From virtual classrooms to massive open online courses (MOOCs), the EdTech industry is transforming rapidly and leading to an influx of massive investments worldwide.
Having realised the potential of leveraging the advances in technology to enhance the process of learning, governments across the world are encouraging the incumbents of the education industry to undertake various initiatives aimed at integrating edtech into the overall education system.
The proliferation of smart devices and the continued rollout of Internet connectivity drive the growth of the global edtech market. The growing awareness about the advantages of integrating the latest technologies in education systems is also contributing to the growth of the market.
Developed economies including the US, the UK, and Germany are focusing on introducing innovative edtech offerings supporting education administration, reducing teacher workload, and engaging students and the community.
On the other hand, emerging economies focus on ensuring easy and convenient access to educational opportunities for their citizens. Edtech holds immense potential to ensure access to education for rapidly growing populations, particularly in emerging economies.
The education industry is on the cusp of a digital revolution. In the age of digitisation and automation, conventional teaching methods are not the only available options for educating students. Advances in the latest technologies such as AI, robotics, and AR/VR – and their potential integration into learning – are anticipated to transform conventional teaching techniques.
Additional highlights from the report include:
* North America dominated the market in 2023 accounting for the largest share of global revenue. Some of the major higher institutes and educational organisations across North America are increasingly shifting their focus from legacy edtech education system towards online-based edtech solutions.
* Based on sectors, the K-12 segment led the market in 2023 owing to the growing trend of game-based learning in the K-12 sector. The integration of AI in schools and universities to automate activities such as grading subjects and providing feedback is anticipated to propel the demand for edtech offerings.
* Based on end-use, the business segment accounted for the largest share of global revenue in 2023. The high share can be attributed to the increasing partnerships and collaborations done by various market players to expand their product portfolio and strengthen their position in the global market.
* Based on type, the hardware segment led the market in 2023. The widespread use of mobile devices and tablets is leading to the use of gamification and immersive learning in educational institutions for an interactive and enhanced learning experience.