According to the latest report by IMARC Group, titled “EdTech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global EdTech market size reached US$ 194.6 Billion in 2022. Education technology (EdTech) refers to the utilization of digital tools, platforms, and resources to enhance and facilitate the learning process. It encompasses a wide array of technologies and tools, including online courses, educational apps, interactive multimedia, virtual reality (VR), and learning management systems. It enables personalized and adaptive learning, allowing students to learn at their own pace and catering to their individual needs. It provides access to numerous educational content and resources, breaking down geographical barriers and promoting inclusive education. It also promotes active engagement and collaboration among students through interactive learning activities and online discussion forums.
Global EdTech Market Trends:
At present, the rising availability of online and blended learning models represents one of the primary factors impelling the growth of the market. Besides this, the rising number of educational institutions and learners relying on digital platforms and tools to deliver and access education remotely is contributing to the growth of the market. In addition, the growing traction of interactive and immersive learning experiences that enhance student engagement, motivation, and knowledge retention is offering a favorable market outlook. Apart from this, the increasing integration of artificial intelligence (AI) and machine learning (ML) algorithms into EdTech platforms to offer personalized and adaptive learning experiences is supporting the growth of the market. Looking forward, the market value is projected to reach US$ 452.4 Billion by 2028, expanding at a CAGR of 14.3% during 2023-2028.
- Based on the sector, the market has been segmented into preschool, K-12, higher education, and others. At present, K-12 dominates the market, holding the largest share.
- On the basis of the type, the market has been segregated into hardware, software, and content. Hardware currently accounts for the total market share.
- Based on the deployment mode, on-premises represent the largest segment, followed by the cloud-based.
- On the basis of the end user, the market has been classified into individual learners, institutes, and enterprises. Presently, individual learners exhibit a clear dominance in the market.
- Region-wise, the market has divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some 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., upGrad Education Private Limited, etc.
|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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