The global edtech market size reached US$ 194.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 452.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.
Education technology (EdTech) refers to a technology that is used to deliver education on a virtual level. EdTech consists of hardware and software that are used to deliver education on a virtual level for the benefit of students and to improve their education outcomes. The use of technology for learning and teaching assists students in overcoming hurdles to obtaining a comprehensive education. Digital content is easier to generate than printed content, which has a higher production cost, and therefore eBooks are becoming increasingly popular among learners due to their cost efficiency, flexibility and portability. Additionally, listeners with disabilities can benefit from audio formats of educational content to improve their vocabulary and learn to read interpretively.
Edtech Market Trends:
The market is majorly driven by the paradigm shift in the adoption of touchscreen displays from projector-based displays to provide more student engagement. This can be attributed to the rapid digitization in the education sector. In addition to this, the rapid utilization of artificial intelligence (Al) and machine learning (ML) technologies for creating personalized eLearning experiences is creating a positive market outlook. Moreover, the expanding penetration of high-speed internet, along with the increasing sales of smart devices, is providing an impetus to the market. Increasing investments in online learning and distance learning programs due to their flexibility and real-time feedback are also impacting the market positively. The market is further propelled by the outbreak of COVID-19 leading to the rapid closure of educational institutions and the mandatory implementation of social distancing norms resulting in widespread digital learning via digital platforms. Some of the other factors that are contributing to the market include rapid urbanization, inflating disposable income levels, the emergence of 5G, and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global edtechmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on sector, type, deployment mode and end user.
Breakup by Sector:
Breakup by Type:
Breakup by Deployment Mode:
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 2U Inc., BYJU'S, Chegg Inc., Class Technologies Inc., Coursera Inc., Edutech, Google LLC (Alphabet Inc.), Instructure Inc., Lenovo Group Limited, SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.), Udacity Inc. and upGrad Education Private Limited.
Base Year of the Analysis
Sector, Type, Deployment Mode, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
2U Inc., BYJU'S, Chegg Inc., Class Technologies Inc., Coursera Inc., Edutech, Google LLC (Alphabet Inc.), Instructure Inc., Lenovo Group Limited, SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.), Udacity Inc. and upGrad Education Private Limited
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Key Questions Answered in This Report
The global edtech market was valued at US$ 194.6 Billion in 2022.
We expect the global edtech market to exhibit a CAGR of 14.3% during 2023-2028.
The increasing investments by individuals in online learning and distance learning programs, on account of their flexibility and real-time feedback, are primarily driving the global edtech market.
The sudden outbreak of the COVID-19 pandemic has led to the growing demand for edtech solutions, owing to the temporary closure of various educational institutions across several nations.
Based on the sector, the global edtech market has been divided into preschool, K-12, higher education, and others. Currently, K-12 exhibits a clear dominance in the market.
Based on the type, the global edtech market can be categorized into hardware, software, and content. Among these, hardware currently accounts for the majority of the global market share.
Based on the deployment mode, the global edtech market has been segregated into cloud-based and on-premises, where on-premises exhibit a clear dominance in the market.
Based on the end user, the global edtech market can be bifurcated into individual learners, institutes, and enterprises. Currently, individual learners hold the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global edtech market include 2U Inc., BYJU'S, Chegg Inc., Class Technologies Inc., Coursera Inc., Edutech, Google LLC (Alphabet Inc.), Instructure Inc., Lenovo Group Limited, SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.), Udacity Inc., and upGrad Education Private Limited.
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