Education Technology Market Size & Growth Forecast, 2022-2028

Global Education Technology Market Size, Share & Industry Trends Analysis Report By Deployment (On-premise and Cloud), By Type (Hardware, Software, and Content), By End User (Business and Consumer), By Sector, By Regional Outlook and Forecast, 2022 - 2028

Published Date: July-2022 | Number of Pages: 249 | Format: PDF | Report ID: KBV-18630

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Education Technology Market

Market Report Description

The Global Education Technology Market size is expected to reach $283 billion by 2028, rising at a market growth of 15.5% CAGR during the forecast period.

Education technology (EdTech) refers to hardware and software that is used to educate children on a virtual level in order to improve classroom learning and improve student results. By leveraging technology for learning and teaching, EdTech platforms assist students in overcoming obstacles and receiving a full education. eBooks, which can be downloaded online from anywhere in the world, are becoming increasingly popular among students. Digital content is less expensive to produce than printed content, that has greater production expenses.

Education Technology Market - Global Opportunities and Trends Analysis Report 2018-2028

Digital books come in a variety of languages and may be quickly translated and accessed by a large number of people. Learners can also hear to the academic material in an audio format to increase their vocabulary and develop better interpretive reading, which is especially beneficial for individuals with physical limitations. For example, Texthelp, a leading EdTech assistive technology company, released OrbitNote, a pdf-enabled software, which allows visually impaired students to access documents by recording voice notes, in January 2022.

OrbitNote would also allow users to interact with digital copies in a completely new way. Businesses would be able to create a welcoming, dynamic, and collaborative environment for all. EdTech solutions are predicted to emerge in tandem with advances in cutting-edge technologies like AI, IoT, and AR/VR, and to play a vital role in the market's expansion. The use of AR and VR in EdTech solutions allows students to have a more participatory experience. It enables students to explore and interact with abstract concepts in a natural way, resulting in increased student engagement.

For example, zSpace, Inc., a U.S.-based EdTech company that provides hybrid or remote learning, introduced a new AR/VR learning gear in January 2022 that would enable students engage with multilayered content in a virtual world without the requirement for glasses. The implementation of blockchain technology, but, enables end-users to keep and safeguard student records and learners, allowing educators to study the consumption patterns of the content provided to students and take data-driven decisions.

COVID-19 Impact Analysis

Owing to the shutdown of educational institutes during the COVID-19 crisis, distance learning is among the major changes in the EdTech and smart classroom industries. The pandemic has altered how data is learned dramatically. There is a shift in the operations of different sectors from in-person to digital platform. Due to the social distancing conventions, students are moving to digital learning ideas through digital platforms. Since, everyone has accepted the new normal and digitalization is on its peak, the demand and growth of the education technologies and solutions would augment in the coming years.

Market Growth Factors

Rising improvements in technologies

EdTech solutions are projected to expand in lockstep with technological advancements such as IoT and AI. The use of AR and VR in these systems allows students to have a more engaged learning experience. It allows students to develop and interact with abstract subjects in a natural way, which increases their engagement. Also, the usage of blockchain technology allows consumers to keep and protect records of students and learners, enabling educators to examine consumption patterns of resources and take data-driven decisions.

Customization of various learning opportunities

Access to instructional information is available 24 hours a day, seven days a week, owing to technology. Classes can be completely completed online using a laptop or mobile device. Hybrid learning models combine remote access to technology with frequent in-person classroom sessions. It is possible to employ technology to adapt learning plans for individual student in both cases. Teachers can design lessons based on the interests and strengths of their students. Students could study at their own pace, which is an extra benefit. In addition, students could review videos in the lesson plan when they require to study class material to gain a greater understanding of key ideas. Teachers can use the data collected by these online activities to discover what students battled with certain courses and provide additional help and support.

Education Technology Market Share and Industry Analysis Report 2021

Market Restraining Factors

Decrease direct peer communication

Technology is often designed with the best of intentions in mind: to save time and make specific mechanical tasks easier. Almost all school tasks, though, have been automated because to technological advancements. As a result, what started out as a good idea has resulted in a situation where future generations would be unable to execute basic cognitive tasks without the aid of technology. Furthermore, it should be noted that when children rely on technology to solve all of their issues at school, they progressively lose their problem-solving skills that are in high demand. Teachers and educational institutions as a whole must put constraints on the usage of technology in education as the only answer to this challenge.

Deployment Outlook

Based on Deployment, the market is segmented into On-premise and Cloud. The cloud segment garnered a substantial revenue share in the education technology market in 2021. The expanding use of learning analytics, lower cost of ownership, and increased acceptance of mobile learning in the EdTech sector can all be related to the larger share. Cloud deployment is appealing to businesses of all sizes because it provides regular data backup, reducing operating costs, less capital, highly secure, and quick deployment characteristics for always-on operation.

Type Outlook

Based on Type, the market is segmented into Hardware, Software, and Content. The content segment registered a significant revenue share in the education technology market in 2021. With the introduction of modern visualization tools, the EdTech sector is seeing development in content delivery. It's due to the proliferation of e-learning sites that provide higher-quality instructional information in the form of study notes, question banks, test prep resources, and learning videos.

End User Outlook

Based on End User, the market is segmented into Business and Consumer. The business segment garnered the highest revenue share in the education technology market in 2021. The growth can be ascribed to an increase in collaborations between EdTech companies, educational institutions, and content creators to offer major prospects for the digital education sector. Due to this, collaborations and partnerships are emerging as extremely important aspect of this evolving ecosystem.

Sector Outlook

Based on Sector, the market is segmented into K-12, Preschool, Higher Education, and Others. The K-12 segment acquired the highest revenue share in the education technology market in 2021. The high percentage can be linked to the expanding tendency in K-12 education of game-based learning. The majority of K-12 instructors favour gamification programmes to improve students' arithmetic learning skills through the incorporation of practical, project-based work in the classroom. Incorporating technology into this sector also allows for immersive material and experiences, like virtual field trips and intricate lab-based experiments, leading in a more engaging learning experience.

Education Technology Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 104.3 Billion
Market size forecast in 2028 USD 283 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 15.5% from 2022 to 2028
Number of Pages 266
Number of Tables 434
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Deployment, Type, Sector, End User, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Rising improvements in technologies
  • Customization of various learning opportunities
Restraints
  • Decrease direct peer communication

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific acquired a significant revenue share in the education technology market in 2021. This increase can be ascribed to the growing use of computers and smart devices among the general public. In recent years, emerging countries like India have seen a surge in inexpensive broadband connectivity, leading in a slew of new businesses attempting to reach out to the public. Users will be able to witness education learning with the use of internet access as a result of this trend.

Free Valuable Insights: Global Education Technology Market size to reach USD 283 Billion by 2028

KBV Cardinal Matrix - Education Technology Market Competition Analysis

Education Technology Market - Competitive Landscape and Trends by Forecast 2028

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Education Technology Market. Companies such as BYJU'S, Upgrad Education Private Limited and Instructure, Inc. are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, Microsoft Corporation, Instructure, Inc., Coursera, Inc., Chegg, Inc., edX, Inc., BYJU'S, Upgrad Education Private Limited, Udacity, Inc., and Edutech.

Strategies Deployed in Education Technology Market

» Partnerships, Collaborations and Agreements:

  • May-2022: Udacity came into a contract with Southeast Asia’s leading IT firm, FPT Software. This contract focused on improving FPT Software’s Upskilling program, offering its employees with fully sponsored Nanodegree, which is the extensive training and mentoring program by Udacity.
  • May-2022: Coursera came into a partnership with IIM Ahmedabad, IIM Indore, IIIT Bangalore, Indian Institute of Science (IISc), Hero Mindmine, PwC India, and Tally Education. This partnership aimed to develop technology, business, and data science skills.
  • Apr-2022: BYJU’S joined hands with Intel, an American multinational corporation and technology company. Under this partnership, the Intel SFI PD would empower teachers by allowing them to be more efficient in owning and leading learning experiences.
  • Mar-2022: BYJU’S formed a partnership with Qatar Investment Authority (QIA). This partnership aimed to release the latest edtech business and R&D centre in Doha, Qatar. The new entity would boost research and innovation to develop cutting-edge learning solutions personalized for students in the Middle East and North Africa (MENA) region.
  • Jan-2022: Coursera formed a partnership with UiPath, a global software company. This partnership aimed to provide top-class automation education courses from UiPath to the over 92 million registered learners on Coursera. With this portfolio that comprises Professional Certificates, free courses, and full collegiate degrees from leading universities, Coursera would offer people access to a wide catalog of online educational resources in high-demand fields comprising technology and business.
  • Jan-2022: Google Cloud formed a partnership with LearningMate, an Education technology pioneer. This partnership aimed to provide intelligently, customized learning through Google Cloud’s Student Success Services. In addition, Google Cloud developed Student Success Services to assist educational institutions to meet learners in the digital age.
  • Dec-2021: Instructure partnered with ThingLink, a Finnish education and media technology company. This partnership aimed to provide educators with simply managed and accessible, interactive learning experiences. The partnership would initially provide the global educator community with a new engaging way to be Certified in utilizing Canvas, the leading platform for managing learning.
  • Jun-2021: Byju’s entered into a partnership with Google, an American multinational technology company. This partnership aimed to integrate Google Workspace for Education with Byju’s would provide a collaborative and customized digital platform for classroom organization, accessible for free to participating educational institutions.
  • May-2021: Udacity entered into a partnership with Amazon Web Services (AWS). Under this partnership, Udacity would join the AWS Machine Learning Scholarship Program, which would remove barriers to skills training in machine learning, and develop the next generation of Machine Learning (ML) leaders from underrepresented backgrounds, comprising Indigenous, Black, Women, Latinx, and People of Color.
  • Apr-2021: Google Classroom entered into a partnership with Clever, the US-based edtech portal. This partnership aimed to assist in the automation of the enrolment of new students when utilizing Google Classroom. With enhanced digital learning and more teachers shifting to Google Classroom, several educators and school leaders have been looking for how to automatically establish classes and keep rosters in sync with their Student Information System.

» Product Launch and Product Expansion:

  • Jun-2022: Google introduced new updates for Chromebooks, Google Classroom and Google Meet. These updates assist teachers and students to focus on control, effectiveness, and interconnectivity in the classroom to GoogleMeet.
  • May-2022: Byju’s released its 1:1 live online learning platform ‘Byju’s Future School’. This platform would be available in the US, Indonesia, Australia, UK, Brazil, and Mexico and would rapidly expand to more geographies in the coming years. This would develop on the success of Byju’s subsidiary WhiteHat Jr in India and select nations across the world.
  • May-2022: Chegg launched the Center for Digital Learning. This solution would support educators and fuel excellence across online, in-person, and hybrid learning modalities. The Center would offer educators appropriate tools, content, and resources to assist them to locate the intersection of technology and higher education, comprising best practices for engaging students in online learning environments, strategies for efficient assessments, and professional development resources for educators.
  • Feb-2022: Google unveiled the latest lineup of safe and sustainable Chromebook devices. This launch also contains updated programmes, resources, and Chrome OS advances, developed wholly for education.
  • Jan-2022: Chegg released “Learn With Chegg,” a new phase in its digital learning platform. This platform would provide more customization and the capability to automatically push appropriate content to customers based on their requirements.
  • Dec-2021: Microsoft along with Olive Group released the Olive app, a new Virtual Learning Environment (VLE) app in Microsoft Team. This app is an intuitive software platform that would offer a broad range of interactive digital content, allowing a more user-centric learning experience for up to 250 million Microsoft Teams daily active customers.
  • Jun-2021: Chegg unveiled Uversity: a platform for educators and faculty. This platform would share their educational content with millions of learners on Chegg to assist in their studies and improve learner results. The content would fuel and improve Chegg’s existing Chegg Study service, which would already comprise 59 million step-by-step solutions.
  • Jun-2021: upGrad unveiled a new business solution, upLevel. This product would offer corporates an organization-wide on-demand learning offering. This learning and development solution would assist the workforce to stay abreast of developing skill sets and trends.
  • May-2021: Microsoft unveiled new technological tools and updates. These updates are developed to support the 5 major fields educators need to develop a holistic learning environment and shift education forward: security, student centricity, skills focus, safety, social learning, and scalability.
  • Nov-2020: edX unveiled Online Campus Essentials, a free learning solution. This solution is developed to fulfill the requirements of colleges and universities that are facing resource and technology constraints in the wake of the COVID-19 pandemic.

» Acquisition, Joint Venture and Merger:

  • May-2022: Byju's took over Epic, the US-based kids learning platform. This acquisition would make Epic a part of Byju's foray into the overseas market and would fit well into BYJU's overall plan of building an edtech ecosystem.
  • Nov-2021: Instructure Holdings took over Kimono, the cloud-based integration and interoperability platform. Under this acquisition, Instructure would rebrand Kimono as Elevate Data Sync as it would join the Instructure Learning Platform. This move would expand Instructure’s learning data integration and rostering offerings among edtech applications and student information systems (SIS).
  • Sep-2021: Microsoft completed the acquisition of TakeLessons.com, an online education provider. The acquisition aimed to augment the company's portfolio of hybrid offerings for work and school.
  • Aug-2021: upGrad took over KnowledgeHut, the global EdTech company. This acquisition aimed to enable upGrad to venture into the short-duration upskilling and reskilling segment.
  • Jul-2021: Instructure came into an agreement to acquire EesySoft, the technology adoption vendor. Through this acquisition, Instructure would rebrand EesySoft as "Impact by Instructure," with solutions developed to assist institutions to enhance the adoption of education technologies, effortlessly locate new platforms, and analyze the impact they have on student engagement and results.
  • May-2021: upGrad took over Impartus, a video-enabled learning solutions provider. This acquisition aimed to strengthen upGrad's presence in India’s higher education market.
  • May-2020: Google took over Workbench Education, a Baltimore-based education technology firm. This partnership aimed to engage learners & educators via shared, meaningful lessons and tools.

Scope of the Study

Market Segments Covered in the Report:

By Deployment

  • On-premise
  • Cloud

By Type

  • Hardware
  • Software
  • Content

By End User

  • Business
  • Consumer

By Sector

  • K-12
  • Preschool
  • Higher Education
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Google LLC
  • Microsoft Corporation
  • Instructure, Inc.
  • Coursera, Inc.
  • Chegg, Inc.
  • edX, Inc.
  • BYJU'S
  • Upgrad Education Private Limited
  • Udacity, Inc.
  • Edutech

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Related Reports:

North America Education Technology Market Report 2022-2028

Europe Education Technology Market Report 2022-2028

Asia Pacific Education Technology Market Report 2022-2028

LAMEA Education Technology Market Report 2022-2028

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