According to a new report, published by KBV research, 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.
The On-premise segment acquired maximum revenue share in the Global Education Technology Market by Deployment in 2021, thereby, achieving a market value of $186.8 billion by 2028. The larger proportion can be ascribed to the education technology market's dependability and scalability of utilization. Deploying software or services on the premises of the organization and systems is referred to as on-premises deployment.
The Hardware segment is leading the Global Education Technology Market by Type in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $112.2 billion by 2028. The growing importance of digital classrooms in the education business can be linked to the high share. For example, Veative Labs, a prominent leader in virtual reality for the EdTech market, provided VR headsets to Smt. Godavari Devi Saraf Senior Secondary School in Andhra Pradesh, India, in February 2022 to allow students to feel what they were studying. The school allows students to utilize the VR headsets for 20 minutes each day.
The Consumer segment is showcasing a CAGR of 16.9% during (2022 - 2028). The category is predicted to grow as parents and students become more aware of the change from conventional schooling to digital formats. Adults and business workers are increasingly interested in lifelong learning because it allows them to learn at their own pace and in different locations.
The Preschool segment has shown growth rate of 16.7% during (2022 - 2028). Educators can now collect evaluation information directly on mobile devices, rather than using paper and pen, owing to technological advancements. Some of the tests don't require data entry and instead allow youngsters to react directly on touchscreen-enabled devices.
The North America market dominated the Global Education Technology Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $95.9 billion by 2028. The Europe market is estimated to witness a CAGR of 15.3% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 16.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/education-technology-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Google LLC, Microsoft Corporation, Instructure, Inc., Coursera, Inc., Chegg, Inc., edX, Inc., BYJU'S, Upgrad Education Private Limited, Udacity, Inc., and Edutech.
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