Edtech Market Size to grow by USD 162.7 billion between 2024-2028
According to a research report “ Edtech Market” by Type (Hardware, Content, Software) Sector (K-12, Higher education, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 162.7 billion, at a CAGR of 16.82% during the forecast period. The edtech market is witnessing significant growth as traditional publishing industries adapt to the digital shift. In the US, Amazon's introduction of user-friendly e-readers has disrupted the market, enabling consumers to purchase e-books at competitive prices. The COVID-19 pandemic further accelerated this trend, with lockdowns forcing closures of publishing units and driving a surge in e-book adoption. The flexibility and convenience of e-books, coupled with consumers' increased homebound availability, fueled a significant uptick in e-reading during the pandemic..
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By Type, the Hardware segment is projected to dominate the market size in 2024
The Edtech hardware market encompasses a range of technologies, including educational PCs, interactive displays, classroom wearables, sound systems, projectors, and lecture capture solutions. The higher education sector, which comprises a significant portion of the student population, is witnessing a surge in the adoption of educational PCs, such as desktops and laptops. These devices are essential for technology-enabled classrooms, enabling information access and dissemination. Furthermore, many institutions are investing in digital displays, including touch screens, to enhance the learning experience. The market for educational technology products, including flat-panel displays, interactive whiteboards, projectors, and document cameras, is experiencing significant growth. Document cameras, in particular, have gained popularity due to their ability to enhance teaching and learning by allowing teachers to display 3D objects and documents in real time.
By Sector, K-12 segment is expected to hold the largest market size for the year 2024
In the realm of education and educational technology, K-12 refers to publicly funded educational institutions encompassing kindergarten through 12th grade. The expectations for these systems are substantial, as they are tasked with preparing students for success in an evolving job market. School districts and governments face the continual challenge of ensuring a high-caliber teaching workforce and providing schools and educators with an advanced curriculum, all while managing budgetary constraints. The emergence of the COVID-19 pandemic in 2020 intensified these challenges, causing widespread disruptions to K-12 education globally.
North America is forecasted to hold the largest market size by region in 2024
The Edtech market is experiencing significant growth, with businesses investing heavily in innovative educational technologies. This sector's potential is immense, as it caters to the evolving needs of students and educators in the digital age. Companies are developing advanced learning platforms, AI-powered tools, and personalized learning solutions to enhance the educational experience. The market's future looks promising, with increasing demand for remote learning and personalized education. Businesses that can effectively leverage technology to deliver effective and engaging educational content will thrive in this dynamic market.
The Edtech Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Edtech market is experiencing exponential growth as educational institutions and corporations embrace digital transformation. Integrated facilities solutions are now incorporating advanced facility scheduling systems to optimize classroom usage and reduce operational costs. For students with physical disabilities, educational content is being made available in various formats, including audio and eBooks. Interpretive reading and vocabulary building tools are being integrated into educational platforms to enhance learning experiences. Artificial Intelligence is playing a significant role in personalized learning experiences, with e-learning platforms and educational apps providing customized content based on individual learning styles and needs. Digital learning tools, such as virtual classrooms and online learning platforms, are enabling remote learning solutions for students and upskilling opportunities for educators. Hardware and digital content are no longer mutually exclusive, with printed content being phased out in favor of digital formats. Corporate training spaces are also adopting digital tools and e-learning platforms to enhance employee upskilling and development. Language learning apps and educational content in multiple languages are expanding access to education for a global audience. Overall, the Edtech market is revolutionizing the way we learn and providing new opportunities for personalized, accessible, and effective education.
Market Research Overview
The Edtech market is a dynamic and growing industry, encompassing various segments including the Content segment, On-premises segment, Consumer segment, Business segment, and Preschool segment. The Content segment focuses on creating and distributing educational content in various formats such as multimedia, animations, videos, audio, and eBooks for different age groups and subjects. Venture capitalists are actively investing in innovative Edtech startups offering adaptive learning platforms, game-based learning, and AI technology. Big data, graphics, and video are essential elements in creating personalized learning experiences. Smart classrooms are equipped with IoT devices, work orders, and facility scheduling for integrated facilities solutions. The Consumer segment caters to individual learners, while the Business segment serves corporate training needs. Preschool segment focuses on creating interactive and engaging content for young learners. Accessibility features such as closed captioning, audio format, and eBooks cater to physical disabilities and various languages. The COVID-19 pandemic has accelerated the adoption of remote learning solutions, including virtual classrooms, educational apps, and online learning platforms. edutainment, hybrid learning models, and infrastructure challenges are shaping the future of educational technology. AI technology, learning analytics, microlearning, and mobile learning are transforming the corporate training space. Digital transformation, reskilling, and upskilling are essential for educators and learners in the digital age.
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