Edtech Market Report 2023
What is Edtech (Education Technology)?
Education technology, or edtech, represents innovative technological solutions that are utilized for delivering education on a virtual level. They consist of various hardware and software components, such as augmented reality and virtual reality (AR and VR) devices, webcasting devices, projectors, interactive whiteboards, virtual classroom platforms, learning management systems, etc. Edtech services improve student education outcomes by assisting them in overcoming hurdles to obtain a comprehensive education. They prove to be extremely cost-effective and ensure flexibility and portability. As a result, edtech solutions are extensively used across the globe.
How Big is The Edtech Market:
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.
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What are the growth prospects and trends in the Edtech industry?
The elevating penetration of smartphones and the internet across countries and the shifting preferences toward smart classrooms as innovative teaching aid are primarily driving the edtech market. Additionally, the growing availability of digital education content in the form of digital books or e-books and the escalating integration of artificial intelligence (Al) and machine learning (ML) technologies to create personalized eLearning experiences are also positively influencing the global market. Apart from this, the emerging trend of gamification in e-learning that facilitates the learning of both simple and complicated concepts through puzzles and games is acting as another significant growth-inducing factor. Moreover, the inflating investments in online learning and distance learning programs, owing to their flexibility and real-time feedback feature and the increasing requirement for learning management systems that enable end users to manage and create courses, lessons, and other training materials, are further propelling the market growth. Besides this, the development of interactive education technology and the rising investment by government bodies, especially in developing countries, to enhance K-12 and university education are expected to augment the edtech market in the coming years.
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Who are the key players operating in the industry?
The major players in the market are
• 2U Inc., BYJU’S
• Chegg Inc.
• Class Technologies Inc.
• Coursera Inc.
• 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.
What is included in market segmentation?
The report has been segmented the market into following categories:
Breakup by Sector:
• Higher Education
Breakup by Type:
Breakup by Deployment Mode:
Breakup by End User:
• Individual Learners
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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This release was published on openPR.