Rising Penetration of Internet Fuel Edtech Industry Growth

The education technology industry has captured $237.6 billion revenue in 2021, and it is projected to rise by 17.3% from 2021 to 2030, to generate $998.4 billion revenue in 2030. It is led by the advent of digitalization and AI in education technology.

Moreover, the increasing number of vendors that offer remote learning services, the rising number of students, and the growing adoption of advanced technologies fuel regional industry growth. Furthermore, China owns the worldwide largest education system with around 280 million students and 18 million teachers in approximately 500,000 schools.

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Furthermore, North America captures the next-significant share, accounting for 20% of the industry, attributed to massive investments in the education sector of the U.S., and the increasing focus of the companies to expand the worldwide consumer base propel the industry.

For instance, Class Technologies Inc. has raised around $100 million revenue in its B series funding to expand itself outside the U.S.

In addition, the rising emergence of digital classrooms in schools fuels the demand for hardware. Due to the rising importance of digital classrooms, companies are putting efforts to worldwide expand digital classroom platforms.

Individual learners support industry expansion and generate $100 billion revenue, compared to institutes in 2021. It is led to increased focus of individual learners to acquire new skills and allocation of high federal budget in the education sector.

For instance, the Indian Union Budget 2022-23 has allocated Rs. 1,04,278 crores in the education sector. It is 12% higher than the 2021-2022 gross allocation of Rs. 93,223 crores.

The massive investments for improved digital connectivity to provide quality education, and capture resource competitiveness. It has provided wide access to young people for digital resources in India.

While, the institutes category is expected to witness the fastest growth, of more than 15% in the coming years. It is ascribed to the active involvement of Edtech companies in partnering and collaborating with others. For instance, Teachmint Technologies Pvt. Ltd. announced the acquisition of My Class Campus in January 2022, to offer EdTech services to institutions and schools.

The K-12 category holds the largest industry share, accounting for 35% in the EdTech industry, ascribed to the gamification trend in the sector to improve math skills among students. It provides an immersive experience in classrooms and offers exposure to such as virtual field trips and lab-based experiments to students.

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APAC captures the largest industry share, accounting for 45% in 2021. It is led by the growing usage of smart devices and internet penetration. In addition, the large-scale financial aid offered by the government in emerging economies, including India and China, along with increasing accessibility of digital devices for students propel the industry. For instance, the Indian government has set up approximately 20,000 digital boards in Delhi to boost the education level in the country.

The growing popularity of digital classrooms propels the edtech industry growth.

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