K12 Education Market Trend to Reflect Tremendous Growth Potential With A Highest CAGR of 17.7% by 2031 | Knewton, Cengage Group

According to the report, the global K12 education industry generated $103.5 billion in 2021, and is anticipated to generate $525.7 billion by 2031 witnessing a CAGR of 17.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Implementation of government programs to raise the standard of K12 education around the world and the rise in use of learning analytics in the educational sector as a result of quick technical advancements drive the growth of the global K12 education market. However, shut down of schools due to the sudden outbreak of the COVID-19 pandemic hampered the growth of K12 education industry.

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On the other hand, adaptive learning is gaining traction due to its advantages, such as provision of opportunities for formative assessment, emphasis on mastery-based learning, efficient feedback mechanisms, and idea mapping. These factors are expected to produce ample opportunities to accelerate the K12 education market growth in the coming years.

Based on spend analysis, the hardware segment contributed to the largest share of around half of the global K12 education market in 2021. E-learning and software solutions provide integrated corporate resource planning tools that allow for the creation of better courses and more effective delivery of classes.

On the other hand, the software segment is projected to dominate in terms of revenue and portray the fastest CAGR of 19.4% during the forecast period. This is because, software solutions provide institutions with well-organized enterprise resource planning systems that assist faculty members in developing better courses and effectively managing classrooms and schools.

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By region, North America accounted for the highest share in 2021, holding more than two-fifths of the global K12 education market revenue, and is expected to maintain a progressive growth during the forecast period. This growth is attributed to the region's rapidly developing education system a strong emphasis on reducing the administrative burden on teachers, massive spending on EdTech, an enhanced need for personalized learning in classrooms, and the rise in demand for intelligent solutions to improve students' school achievement.

On the other hand, the market in the Asia-Pacific region would portray the fastest CAGR of 19.2% during the forecast period. This is due to the widespread adoption of online learning by millions of students in the region. Several countries from the region have made their entire K-12 curriculum available online.

In terms of deployment mode, the on-premise segment garnered the highest share in 2021, holding nearly three-fifths of the global K12 education market revenue, and is expected to retain its dominance by 2031. This is because it's definitely possible to maintain a high level of security with an on-premises solution for schools.

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On the other hand, the cloud segment would portray the fastest CAGR of 18.4% during the forecast period. Cloud computing's powerful and affordable features are available to K-12 school districts. These features provide numerous benefits to schools, including reduced data storage costs, elimination of the need for expensive hardware, and improved access and mobility.

Based on type, the private segment contributed to the largest share of nearly three-fifths of the global K12 education market revenue in 2021 and is expected to retain its dominance by 2031. This is because one of the innovations that the global education system has universally accepted and made mandatory for private schools is the K-12 model.

In grades K-12, there is a lot of teacher-student interaction, with the teacher encouraging a lot of question-and-answer sessions, assignments, and other activities to help students develop advanced learning habits. However, the public segment would portray the fastest CAGR of 18.5% during the forecast period. K12 online public schools are attempting to provide a personalized and high-quality education with instructions from state-certified teachers to help the students reach their full potential.

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COVID-19 Scenario:

• The COVID-19 epidemic had a significant impact on almost every sector of life, including schooling. A majority of countries, including the United States, closed their schools in March 2020, as lockdown mechanisms were developed to halt the spread of the virus.

• Numerous challenges arose as educators transitioned from traditional face-to-face learning to digital platforms for remote teaching, needing quick responses and changes to policy and procedures to provide equitable and appropriate remote learning to all students.

• Governments all across the world worked to develop open-source e-learning solutions so that all kids can receive an education regardless of their technical limitations. As a result, the COVID-19 epidemic had a prominent impact on the K-12 schooling market.

The key players for K12 education analysis in this report include IBM Corporation, Adobe, Microsoft Corporation, Samsung, D2L Corporation, Oracle Corporation, Pearson Media Company, Knewton, Cengage Group, and Smart Technologies.

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