EdTech Market Will Reach USD 230 Billion By 2028 Growing At A CAGR of 15% - Valuates Reports
BANGALORE, India, March 31, 2022 /PRNewswire/ -- EdTech Market is segmented by Type - Hardware, Software, Content, by Application - Preschool, K-12, Higher Education, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Software Category.
The global EdTech market size was valued at USD 85 Billion in 2021, it is expected to reach over 230 Billion U.S. dollars by 2028, growing at a CAGR of 15% during 2022-2028.
Major Factors Driving The Growth Of The Edtech Market Are
Learners are increasingly turning to online learning because it is convenient and less expensive than traditional classroom learning. These factors are expected to boost the edtech market's growth.
Furthermore, the recent COVID-19 outbreak has compelled all educational institutions to adopt an online learning model, which has aided the growth of the edtech market.
Other trends in the edtech space include personalized learning, growth in gamification, adoption of the hybrid model, improvement in connectivity infrastructure and smartphone penetration, and growing investments by private equity and venture capital.
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TRENDS INFLUENCING THE GROWTH OF THE EDTECH MARKET
By allowing students to learn at their own pace and allowing educators to use digital resources to make learning more interesting and collaborative, online learning platforms provide a flexible environment. In Edtech, adaptive learning adapts study materials to a student's abilities and knowledge level. Adaptive exams can help teachers figure out what obstacles each student faces and focus on those to smooth out the rough spots. Students are actively engaged in their learning with adaptive learning, resulting in the best possible outcomes. This, in turn, is expected to drive the growth of the edtech market.
Growth in gamification is expected to drive the growth of the edtech market. In situations where there is less direct interaction with teachers and classmates, engaging students is especially important. Gamification is the preferred training methodology for keeping students engaged because it improves the appeal of learning processes, innovation, fun, productivity, the ability to retain knowledge, and the ability to learn new skills. The use of thought and game techniques in non-entertainment settings, such as education or work, is referred to as this technique.
In schools, offline learning will continue, but a hybrid learning model will be the way forward. The digital revolution in education has been in the works for a long time, and the pandemic has only accelerated it. Students are valuing the ease of access and affordability of online learning, especially now that the Internet is readily available on mobile devices. This in turn is expected to drive the growth of the edtech market. Even teachers who were previously confined to their neighborhoods benefit from this behavioral shift because they can now teach students from all over the world.
Learners of all ages, socioeconomic statuses, and geographic locations are expected to benefit from the digital form of education. Learners of all ages, socioeconomic statuses, and geographic locations are expected to benefit from the digital form of education. During the forecasted period, advanced technologies such as artificial intelligence (AI) and augmented reality (AR) are expected to drive the digital education market, fostering education through game-based learning (gamification), hybrid models, and mobile-based learning, attracting many investors to inject funds.
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EDTECH MARKET SHARE ANALYSIS
Based on application, The K-12 market is the most lucrative. The high percentage can be attributed to the growing trend in K-12 education of game-based learning. The majority of teachers in the K-12 sector support gamification initiatives in schools to help students improve their math learning skills by incorporating practical, project-based work.
Based on type, Hardware is the most profitable. The high percentage can be attributed to the growing popularity of digital classrooms in the education sector. Interactive whiteboards, for example, have grown in popularity and provide a better experience. Dry-erase surfaces, digital pens, communicating software, and other multi-touch options are among the features included. They also allow users to save and share notes across a variety of digital devices, including tablets, smartphones, and laptops.
Based on region, Asia Pacific is the most lucrative. This increase can be attributed to the general public's increased use of the internet and smart devices. In recent years, developing countries like India have seen a surge in affordable broadband connectivity, resulting in a slew of new businesses reaching out to the population. Furthermore, stakeholders in the education sector in developing countries are increasingly looking to technology to help bridge the gap between educational infrastructure and teaching resources.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Market By Company
- BYJU'S
- VIPKid
- iTutorGroup
- Udacity
- Newsela
- Civitas Learning
- Dreambox Learning
- Guild Education
- Coursera
- Schoology
- Instructure
- Knewton
- 17zuoye
- Yuanfudao
- Udemy
- Age of Learning
- HuJiang
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SIMILAR REPORTS
- The global learning management system market size was valued at USD 1.2 Billion in 2020 and is projected to hit USD 3.6 Billion by 2027, at a CAGR of 20.76% from 2020 to 2027.
- The global Virtual Classroom market size is projected to reach USD 16020 Million by 2027, from USD 8602.8 Million in 2020, at a CAGR of 9.2% during 2021-2027.
- The global K12 Education Technology market size is projected to reach USD 56490 Million by 2026, from USD 11850 Million in 2019, at a CAGR of 25.0% during 2021-2026.
- In 2021, the global Private Tutoring market size will be USD 236 Million and it is expected to reach USD 391.5 Million by the end of 2027, with a CAGR of 8.8% during 2021-2027.
- The global elearning market size is projected to grow USD 370 Billion by 2026, from USD 226 Billion in 2020, at a CAGR of 8.56% during 2021-2026. The 2021 revenue of E-Learning in Japan is 1100.84 million USD.
- The global E-Learning Virtual Reality market size is projected to reach USD 300.3 Million by 2028, from USD 65 Million in 2021, at a CAGR of 23.8% during 2022-2028.
- The global Corporate elearning market size is projected to reach USD 37160.40 Million by 2026, from USD 17245.65 Million in 2019, at a CAGR of 10.91% during 2020-2026.
- The medical education market size was valued at USD 74.5 Billion in 2020 and is projected to reach USD 122.8 Billion by 2027 at a CAGR 7.60%.
- The global Game-based Learning market size is projected to reach USD 18120 Million by 2028, from USD 5715.2 Million in 2021, at a CAGR of 17.3% during 2022-2028.
- The global learning management system market size was valued at USD 1.2 Billion in 2020 and is projected to hit USD 3.6 Billion by 2027, at a CAGR of 20.76% from 2020 to 2027.
- The global Education ERP market size is projected to reach USD 15470 Million by 2027, from USD 8397.9 Million in 2020, at a CAGR of 9.0% during 2021-2027.
- The global Education Technology and Smart Classroom market size is projected to reach USD 239900 million by 2028, from USD 92870 million in 2021, at a CAGR of 14.3% during 2022-2028.
- Global Academic E-Learning Market Size, Status and Forecast 2022
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