LONDON, United Kingdom, Nov. 25, 2022 /EINPresswire.com/ — The global education technology (EdTech) market size reached US$183.4 billion in 2021, according to a new report by GlobalData Plc. Disruptive technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and game-based learning platforms, among others, are likely to pave the way for EdTech market growth over the next few years. AI enables learners and teachers to create content, customize learning processes, assess achievement, ensure real-time communication, and automate grading.
The EdTech Market Outlook Report is now available from GlobalData Plc at: https://www.globaldata.com/store/report/edtech-market-analysis/
Similarly, VR and AR allow students to build engaging learning environments by introducing virtual elements and situations. This allows both teachers and students to carry out tasks virtually instead of trying to visualize theoretical concepts, creating a demand for EdTech solutions. In recent years, language learning services have been dominated by traditional teaching institutions. However, the growing popularity of app-based language learning platforms such as Duolingo, Bussu and Preply are believed to be detrimental to the revenues of the incumbents, thereby fueling the growth of the EdTech market over the forecast period.
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EdTech Market Report Highlights
• The global EdTech market is expected to register a CAGR of 16.0% from 2022 to 2026 and will reach a value of US$410.2 billion by 2026. AI-driven education, focus on personal development and learning, and adaptive learning are emerging trends that are likely to drive the market growth over the forecast period.
• The K-12 and post-secondary segments together accounted for more than 80% of the total edtech market share in 2021. Favorable government initiatives to encourage digital learning in the K-12 and college categories are expected to drive the market growth during the forecast period. For example, according to the EdTech Evidence Exchange, it is estimated that edtech spending in the US K-12 school sector ranged from $60 billion to $75 billion in 2020.
• China accounted for more than 20% of the total market share and is expected to surpass $90 billion by 2026, with an estimated CAGR of 16%. The market growth is attributed to favorable government initiatives to promote digital learning and protect the health and well-being of students.
• For example, in March 2021, the Chinese Ministry of Education announced that education departments should limit the times that primary and secondary school students participate in online learning to ensure they get enough sleep.
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• According to online learning platform Coursera, it can take about six months for an experienced online instructional designer to create a complete online course. There is a possibility that science and medicine, currently taught primarily in a knowledge-centric and laboratory-based format, could shift towards more experiential forms of learning with VR and AR.
• Asia Pacific, closely followed by North America, captured over 40% of total edtech demand in 2021. The growing popularity of Massive Open Online Courses (MOOCs) among professionals is expected to drive the growth of the EdTech market over the forecast period.
• The EdTech sector is still in its infancy and has seen massive growth during the pandemic. To continue growing and meet demand, edtech vendors are focusing on mergers and acquisitions (M&A) to expand their geographic footprint. For example, in June 2021, 2U Inc. acquired edX, a MOOC created by Harvard University and MIT for $800 million. The initiative allowed 2U to compete with another MOOC, Coursera.
• Major Edtech market players analyzed in this report include Alphabet Inc.; Course Hero Inc; Coursera Inc.; Duolingo Inc.; Instructors Inc; Kahoot! HOW; Microsoft Corporation; Pearson Plc; Sorting Hat Technologies Pvt Ltd; and Udemy Inc.
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GlobalData Plc has segmented the EdTech market report by end-use and region
EdTech End-Use Outlook (Revenue, $Bn, 2019-2026)
• Post-secondary education
Regional EdTech Outlook (Revenue, $Bn, 2019-2026)
• North America
• Great Britain
• Rest of Europe
• Asia Pacific
• South Korea
• Rest of Asia Pacific
• South and Central America
• Rest of South and Central America
• Middle East and Africa
• United Arab Emirates (UAE)
• Kingdom of Saudi Arabia (KSA)
• Rest of Middle East and Africa
Get a sample PDF of regional opportunities at: https://www.globaldata.com/store/talk-to-us/?report=3248306
• https://www.globaldata.com/store/report/urban-education-the-benefits-of-urban-education-the-argument-for-decentralization-and-the-impact-on-the-local-economy /
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