Education Technology Market Size, Growth & EdTech Industry Report, 2020-2027

 

Education Technology Market

The Education Technology Market is expected to witness a robust growth of 16.6% over the forecast period. The accelerating number of internet users, accelerating penetration of mobile devices, and growing demand for EdTech solutions in classrooms has bolstered the education technology market size.

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Education Technology Market Dynamics

The growth of the education technology market is attributed to the accelerating number of internet users, rising demand for EdTech solutions, and the growing penetration of mobile devices. Nearly 4 billion people in the world had access to the internet in 2019. Also, the increasing advancement in technologies such as Internet of Things (IoT), Artificial Intelligence, and Augmented Reality will offer huge opportunities to the market. The growing acceptance of education technology tools across academic and non-academic industries will propel the market growth. Besides this, the rising prominence of technology in education serves as a key growth booster for the global education technology market.

The increasing influence of education technology in preschool, K-12, higher education and competitive exams is another factor projected to elevate the market size. Additionally, the evolution of 4G LTE and the introduction of JIO in India have paved the way for market growth. Besides this, the technology has played a crucial role in encouraging adults to overcome challenges, such as providing students the flexibility learn new skills without being confines to a specific geographical locations.

The coronavirus resulted in an unexpected boom in the education sector which has left a huge influence on learning. For example, according to BYJUY’S, in the first and second quarter of 2020, nearly 35 million new users were added to the platform, which resembles the growth of the company and industry during the pandemic situation.

Sector Segment Drivers

Based on the sector, the K-12 sector is projected to lead the global educational technology market over the forecast period. The major part of the teachers in the K-12 sector encourage gamification initiatives to embellish math learning skills in the student’s with the incorporation of practical, project-based work in schools. Additionally, as per the Education Technology Market forecast, the integration of technologies in this industry is allowing immersive content and offering experiences, such as virtual field trips and complicated lab-based experiments, thus resulting in a captivating learning experience.

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