Education Technology Market: Overview
The education sector has seen a seismic shift in terms of technological advancements over the years. The large influence of digitalization on the education sector has led to massive inventions and the introduction of new technologies. The heightening influence of adopting education technology among many individuals will serve as a key growth booster for the education technology market across the assessment period of 2020-2030.
Education technology, commonly known as EdTech is an umbrella term used for describing a wide range of learning-related software and hardware that are used for facilitating collaborations in active learning environments. The growing importance of technology in education is bringing great growth opportunities for the education technology market.
The heightening influence of education technology in preschool, K-12, higher education, competitive exams, and others will bring promising growth opportunities. The education technology market can be segmented into business-oriented and consumer-oriented in terms of end-users. The technology mainly focuses on the hardware, software, and content.
Education Technology Market: Competitive Insights
The education technology market is highly fragmented. The entry of new players in the education technology market due to the increasing demand has intensified the competition among the players. Many new players are coming up with novel technologies to gain good revenues.
The players are gearing up for funding initiatives that will help them in enhancing the product and spend more on research and development activities for innovations. Many players in the education technology market like Byju’s have received funding for accelerating their growth. Byju’s recently received a funding of $460 mn, making its valuation slightly more than $13 bn. Teachmint, an EdTech startup raised $16.5 mn in funding.
Major players in the education technology market are;
Pandemic Leveling Up the Growth of the Education Technology Market
The COVID-19 pandemic is accelerating the growth across the education technology market. EdTech platforms were already gaining considerable traction and the pandemic served as a big booster for the growth of the education technology market. Traditional classrooms were swiftly replaced by virtual classrooms and the rest is history. The advancements in the education technology market and the massive funding received by the players are leading the market toward profitability. The education technology market will not see much decline in growth even after the pandemic subsides as many parents are finding convenience in online education.
Government Initiatives to Bring Promising Growth for the Education Technology Market
The government bodies of numerous countries are focusing heavily on the promotion of digital education. Many countries are framing regulatory laws to boost digitization in the education sector. For instance, the Indian Government will have a novel autonomous body known as the National Educational Technology Forum (NETF) for providing evidence-based advice to government agencies on tech-based interventions in the education sector.
The Affordable Broadband Act in the U.S. was recently reintroduced again the house for discussion. This act will provide more than US$ 90 bn in funding that will help in expanding the broadband infrastructure in underserved communities. The expansion of the broadband infrastructure will give a much-needed boost to the educational technology sector, eventually increasing the growth prospects.
Education Technology Market: Regional Aspects
North America’s education technology market is estimated to grow at a rapid rate across the assessment period of 2020-2030. The emergence of startups related to education technology in the region will serve as a vital growth factor. Asia Pacific’s education technology market will also observe promising growth during the forecast period.
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