Edtech Market Size To Hit US$ 452.4 Billion by 2028 | Growth Rate (CAGR) of 14.3%

The global edtech market size reached US$ 194.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 452.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.

The report has categorized the market based on sector, type, deployment mode and end user.

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Factors Affecting the Growth of the Edtech Industry:

• Digital Transformation in Education:

Educational institutions are increasingly adopting digital tools and platforms to facilitate online learning. As a result, the demand for EdTech solutions, including learning management systems (LMS) and video conferencing tools, is rising. Digital transformation is making education more accessible and flexible. Students can now access course materials, lectures, and resources from anywhere with an internet connection, thereby propelling the growth of the market. EdTech enables students to receive tailored recommendations, adaptive assessments, and targeted support, which enhances their learning outcomes.

• Rising Demand for Online Learning:

Online learning offers students the flexibility to access educational content and resources at their own pace and convenience. This demand for flexibility, especially among working professionals and non-traditional students, is leading to a rise in EdTech platforms and online courses. Online learning provides access to a wide range of courses and subjects that may not be available locally. This is making it attractive for individuals looking to pursue niche interests or specialized skills. Moreover, online courses are often more cost-effective as compared to traditional and on-campus education.

• Personalized Learning Trends:

EdTech platforms use data analytics and artificial intelligence (AI) to customize learning experiences for individual students. This tailoring includes adaptive content recommendations, pacing, and assessments that match the proficiency level and learning style of students. Personalized learning assists in improving student engagement and achievement. It can also identify and address specific learning gaps or weaknesses of students by providing targeted resources and support. In addition, EdTech allows for differentiation, ensuring that each student receives appropriate instruction and challenges.

Explore Full Report: https://www.imarcgroup.com/edtech-market

Edtech Market Report Segmentation:

By Sector:

• Preschool
• K-12
• Higher Education
• Others

K-12 represented the largest segment on account of the increasing adoption of digital learning tools and platforms in primary and secondary education institutions.

By Type:

• Hardware
• Software
• Content

Hardware accounted for the largest market share due to the rising demand for devices like tablets, laptops, and interactive whiteboards in classrooms and educational institutions.

By Deployment Mode:

• Cloud-based
• On-premises

On-premises exhibits a clear dominance in the market as many educational organizations prefer to have direct control over their EdTech infrastructure and data security.

By End User:

• Individual Learners
• Institutes
• Enterprises

Individual learners hold the biggest market share on account of the growing trend towards lifelong learning and the pursuit of skills beyond formal education.

Regional Insights:

• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America enjoys the leading position in the Edtech market due to its enhanced technology infrastructure and rising investment in education technology.

Global Edtech Market Trends:

The increasing demand for online learning, digital tools, and technology-driven educational solutions is impelling the market growth. Personalized learning is gaining traction, with EdTech companies leveraging data analytics and AI to tailor educational content and experiences as student needs. Lifelong learning and the need for acquiring new skills are catalyzing the demand for EdTech platforms offering courses and resources for professional development and upskilling.
Moreover, the rising trend of gamification and immersive learning is making education more engaging and interactive for students of all ages.

Leading Companies Operating in the Edtech Industry:

• 2U Inc., BYJU'S
• Chegg Inc.
• Class Technologies Inc.
• Coursera Inc.
• Edutech
• Google LLC (Alphabet Inc.)
• Instructure Inc.
• Lenovo Group Limited
• SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.)
• Udacity Inc. and upGrad Education Private Limited.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.