Academic Software Market to grow with CAGR of 12.7% by 2031 | Full Fabric (UK), PowerVista Software, Inc. (US)

The global academic software market was valued at US$ 0.8 billion in 2021 and it is anticipated to grow up to US$ 2.7 billion by 2031, at a CAGR of 12.7% during the forecast period.

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Any application designed to facilitate teaching and learning can be called academic software. Academic software is a modern workplace deployment solution where every type of user (staff, student, teacher, researcher) can access, deploy and license the tools they need through the single sign-on of their institution. Users can use the software to create educational content, manage online courses, track the attendance of teachers and students and collect course fees. Academic software usually provides a common digital platform to both students and teachers. Students often use these products to access course materials, participate in group studies & discussion forums, and submit assignments. Conversely, the software allows teachers to organize classes, monitor progress, assess student's performance and contact parents. Additionally, the more advanced academic software comes with analytics and reporting functionality to help educators measure the effectiveness of their training programs.

Market Drivers and Trends

Over the past few years, educational institutions have sought academic software solutions to enhance or replace their existing systems. Educations institutions are acquiring and integrating components such as the student information system (SIS), a financial and human resources and payroll system from another, and a research administration system from yet another. Education institutions adopt these advanced SIS tools to achieve higher efficiency, flexibility, effectiveness, competitiveness, and agility. These educational institutions are tailoring their administrative infrastructure systems to maximize their return on investment. Thus, SIS tools are most economical, less complex, and easily available.

Further, SIS solutions are already installed in academic software solutions and have been implemented across academic organizations. The benefits of SIS solutions are visible for those organizations having implemented multiple modules of these solutions for carrying out administrative processes, such as student billing and registration.

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Moreover, North America and Europe are widely developing and implementing education SIS solutions. In the Middle East and the Asia Pacific, adopting these solutions is still in its growth stage and is expected to increase in the coming years. Therefore, the increasing adoption of student information system solutions due to multiple benefits supports the growth of the global academic software market.

Major Players in the Global Academic Software Market

The key players studied in the global academic software market are Alma (US), CAMPUS CAFÉ SOFTWARE (US), ConexED (US), Envisio Solutions Inc. (Canada), Full Fabric (UK), PowerVista Software, Inc. (US), Qualtrics (US), Tophatmonocle Corp. (Canada), TrueDialog (US), and WizeHive, Inc. (US).

COVID-19 Impact

The COVID-19 pandemic had negatively affected the offline education sector worldwide. This has also promoted the adoption of online education systems across all major economies worldwide. The closure of educational institutions had impacted students, staff, and teachers and brought societal and economic consequences. Higher education and their students suffer the most from these unfortunate events as their major career decisions depend upon the higher education classes. Also, the strict lockdown forced the faculties and trainers to adopt online teaching and learning solutions, increasing the demand for online learning platforms. Thus influencing the adoption of academic software for various applications, such as delivering lectures, managing students, and other operational activities from remote locations.

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 Therefore, the increasing adoption of technologically advanced solutions across the sector is expected to positively impact the growth of the academic software market during the pandemic. Further, due to the COVID-19 pandemic, businesses have adopted work-from-home policies. Hence, the demand for remote learning and development systems is surging. It helped the academic software market to expand.

Global Academic Software Market Segmentation

By Deployment Type

Cloud-Based
On-Premise

By Application

Colleges and Universities
Educational Services
Others

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