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The global education technology market is expected to witness a CAGR of 15.4% to reach revenue of $34.10 billion by 2024

03-12-2019 12:29 PM CET | Science & Education

Press release from: Valuates Reports

The global education technology market revenue is estimated to be $14.43 billion in 2018 and is expected to reach $34.10 billion by 2024, growing at a CAGR of 15.4% during the forecast period 2018–2024. The increasing usage of mobile devices, mobile applications, cloud computing, digitization, and innovation in network connectivity are supporting the education technology market growth.

North America, followed by Europe, is leading the education technology market.
With its recently published study “Global Education Technology Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, forecasts that the global market for education technology will continue to grow, owing to the increasing number of application areas in both developed and emerging economies. In the present scenario, the pressure on online course providers is to remain competitive in the rapidly changing market landscape and continually innovate to improve their products, processes, and services. Furthermore, education service providers are also striving to achieve operational efficiency, reduce operational costs, and reach customers with innovative & more enhanced qualitative products. The education service providers are giving more importance to the inclusion of a new product line in their product portfolio and are gaining access to various global markets as part of their first growth plan in education technology.

North America has the largest share in the education technology market. Major higher institutions and organizations in the US and Canada have been shifting their traditional legacy education systems and processes to online-based high-tech education technology and systems. The government is also focusing on emerging technologies and is facilitating huge investments in the region. The dominance of North America will continue during the forecast period, while underdeveloped countries and emerging economies are expected to witness a higher adoption rate, thereby boosting the education technology market. The strongest growth in APAC is likely to be witnessed in India followed by China. In Asia, there is a growing trend of early childhood care and education market, driven by the increase in the number of working parents with higher incomes and growing awareness of the importance of early development.

“Globally, higher education institutions are developing educational technology plan (ETP). This sets a vision for the use of educational technology to improve instruction, learning, and assessment, and recognizes the role of technology in accelerating students’ & teachers’ efforts to address issues of access, affordability, and completion at a systemic level. Furthermore, higher academic institutions and organizations in the education sector are heading towards enhancing their offerings and are partnering with technology providers to cater to the increasing needs of the users.

See Full Report:

Key insights of the report include:
• Major Educational Systems:
§ Learning Management System (LMS)
§ e-Learning Content Management system
§ e-Learning Content Development System
§ Student Response System (SRS)
§ Electronic Document Management System (EDMS), and other software

• End-users
§ Kindergarten
§ Grade 1-12, and
§ Higher Education

Key Regions
§ North America
§ Europe
§ Asia-Pacific
§ Latin America Middle East & Africa (LAMEA)
• Industry outlook: Market trends, drivers, restraints, and opportunities.

• Benefits
The report provides an in-depth analysis of the global education technology market aiming to reduce time to market for educational products and services, reduce operational cost, and operational performance.

• The growth of the education technology market is driven by the growing Internet usage among the population, increased use of cloud-based technology by education service companies, use of mobile-based applications along with cross-industry partnerships, and a significant increase in venture capital investments.

• The evolution of technologies such as cloud computing, cognitive computing, and machine learning are paving the way for the growth of education technology. Major companies such as IBM, Microsoft, Apple, and Google among others are providing solutions related to education technology; for instance, IBM’s Watson for education technology and Google’s G Suite for education.

• The report provides details about educational systems, end-users, and regions. Furthermore, the report provides details about the major challenges impacting the market growth.

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