EdTech Market Trends
Growth Drivers
- Increasing consumer demand for online learning: Online education is becoming more popular, driven by various factors, including the growing use of technology, easy accessibility and availability, and the convenience of online courses. According to the statistics, more than 92 million students registered for Coursera’s online education courses in 2021, which increased from 71 million in 2020, and this data was recorded to 21 million in 2016.
- Rising disposable income: The booming economies and growing disposable income of consumers are also driving the demand for online education courses, leading to greater growth of the education technology market.
- Greater sustainability: The use of cloud-based education technologies can lead to greater energy and cost efficiency, providing a more sustainable approach to education delivery.
- Increasing global accessibility: The increasing adoption of technology and access to fast and stable internet connections allow for the expansion of the EdTech market to a global audience.
Challenges
- Limited integration: The lack of proper integration of technology along with its various applications can limit the effectiveness of the EdTech market as the technology is highly effective if it is used in isolation.
- Limited funding and resources: The need for new technology requires a certain funding, which is not always available to all stakeholders, such as schools, institutions, and others.
- High-security concerns such as data breaches, hacks, and cyber-attacks.
Education Technology Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
13.2% |
|
Base Year Market Size (2024) |
USD 164.59 billion |
|
Forecast Year Market Size (2037) |
USD 824.91 billion |
|
Regional Scope |
|
