EdTech Market Trends, Business Strategies, Regional Outlook and Analysis to 2030
The K-12 sector is expected to dominate the edtech market with a share of around 30% in 2030.
NEW YORK, USA, June 28, 2022 /EINPresswire.com/ — In 2021, the edtech market reached $237.6 billion in revenue, and it is expected to grow at a rate of 17.3% from 2021 to 2030, reaching $998.4 billion in revenue. by 2030. This is mainly attributed to the increased emergence of artificial intelligence and digitization in the education technology industry. Advanced technologies such as IoT and the integration of augmented reality and virtual reality facilitate the enhanced interactive learning experience for students, which is driving the boom in the market.
The impact of COVID-19 with the lockdown announced by governments around the world has led to the boom in the education technology market, attributed to the increased demand for EdTech solutions. The situation highlighted the potential of advanced educational technologies to facilitate distance learning, which boosted the market. Market players are focusing on expanding product offerings to provide interrupted learning.
APAC holds the largest share of the edtech market at 45%, attributed to growing internet penetration driven by smart devices. The financial assistance provided by governments to digitize education has also led to the proliferation of the market. Developing countries such as India and China have invested in making digital devices more accessible to students, which has led to an expansion of the market. For example, the Indian government has placed about 20,000 digital boards in Delhi.
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Moreover, the emergence of advanced technologies, the growing number of vendors facilitating distance learning services, and the increase in the number of students are driving the expansion of the educational technology market. Moreover, the most expensive education system in the world belongs to China, with the presence of about 500,000 schools, 280 million students and 18 million teachers.
North America is the next major contributor after APAC to the edtech market, holding a 20% revenue share, attributed to the high investments made in the education sector in India and the increased participation of ‘companies aiming to expand the geographic scope to cater to a broad customer base. . For example, Class Technologies raised over $100 million in Series B funding to expand geographically outside of the United States.
Within the type segment, hardware is the largest contributor to the edtech market, accounting for 60% of revenue, attributed to increased sales in emerging economies. Booming sales of hardware equipment such as pen displays, laptops, tabs, and secure digital (SD) cards are propelling the market. Tabs saw massive sales, followed by laptops. Apple Inc. contributed significantly to tab sales at 40%, leaving competitors such as Samsung Electronics Co. Ltd., Amazon.com Inc. and Lenovo Group Ltd. behind.
The growing popularity of digital classrooms is propelling the education technology market, attributed to increased demand for hardware. Major players aim to expand digital classroom platforms, attributed to the growing importance of digital classrooms. For example, in February 2022, VR headsets were offered to Smt. GDS Sr. Sec. School by Veative Labs, India to facilitate the virtual learning experience for students in subjects such as science.
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In the end-user segment, individual learners are primarily driving the market growth, generating over $100 billion in revenue in 2021, attributed to the trend of learning new skills and high budget allocation in the IT industry. ‘education. For example, the Indian Union budget has allocated INR 1,04,278 crore to the education sector for the 2022-2023 session. Rising investment to improve digital connectivity to facilitate high quality education has driven the boom in the market.
Hence, the COVID19 lockdown and the growing popularity of digital classrooms with advanced learning solutions has led to a boost in the market.
EdTech Market Size Breakdown by Segment
• Higher Education
• Competitive exams
Per end user
• Individual learners
• North America
o United States
o United Kingdom
• Asia Pacific
o South Korea
• Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
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