Education Technology Market Growth & Trends
The global education technology market size is expected to reach USD 429.5 billion by 2030, expanding at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The process of learning is evolving gradually in line with advances in technology. From virtual classrooms to massive open online courses (MOOCs), the education technology (EdTech) industry is transforming rapidly, thereby leading to an influx of massive investments worldwide. Having realized 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. For instance, in November 2021, Bengal Government partnered with EdTech startup Schoolnet India Limited, an EdTech startup, to drive the career development program and promote digital learning. This platform will also let students access the Geneo eSekha portal, the state’s education website, which covers all the subjects from class 5 to class 10.
The proliferation of smart devices and the continued rollout of internet connectivity drive the growth of the 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 U.S., U.K., 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 the rapidly growing population, particularly in emerging economies. For instance, in November 2021, BYJU’S, an EdTech platform, launched BYJUS Future School, personalized AI-driven capabilities online learning platform to expand its global presence in the market.
The education industry is on the cusp of a digital revolution. In the age of digitization 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 the conventional teaching techniques. For instance, in March 2022, 3RDFLIX Visual Effects Pvt. Ltd. (Practically), an EdTech firm, acquired Foradian Technologies. (Fedena) a school management software platform. This acquisition would let schools use collaborative and innovative tools for teaching, such as simulations, Augmented Reality, and 3D Videos for education. These cross-curricular learning opportunities can enable institutes and teachers to streamline resource commitments while encouraging students’ knowledge development through practical and cross-curricular applications. MOOCs are also gaining immense popularity across the globe and are emerging to be an affordable mode of online education.
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Education Technology Market Report
Education Technology Market Report Highlights
- Some of the major higher institutes and educational organizations across North America are increasingly shifting their focus from legacy EdTech education systems toward online-based EdTech solutions
- 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
- Cloud computing technology is used to store vital resources, such as audio/video lessons, written lessons, and assignments, on a school’s cloud terminal. Students can access these resources at their convenience
- 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
