K-12 Testing And Assessment Global Market to Observe Prominent CAGR of 9.1% by 2028, Size, Share, Trends, Demand, Growth, Challenges and Competitive Outlook

"The Business Research Company recently released a comprehensive report on the Global K-12 Testing And Assessment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The K-12 testing and assessment market size has grown strongly in recent years. It will grow from $11.50 billion in 2023 to $12.53 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to rising awareness of learning, growing use of games for assessment, and growing awareness of personalized learning.

The K-12 testing and assessment market size is expected to see strong growth in the next few years. It will grow to $17.74 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the increasing number of private tutors, increasing demand for online education, and increasing demand for standard assessments. Major trends in the forecast period include product innovations, partnerships, and technological advancements.

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Market Drivers and Trends:

The increasing demand for educational services is expected to propel the growth of the K-12 textbook market going forward. Educational services refer to services provided by certain public or private establishments to train or provide instruction-based learning on any subject to students or other individuals. The rapid pace of technological change requires individuals to acquire new skills and knowledge continually. This creates a need for lifelong learning opportunities, such as vocational training, development courses, and online education. K-12 textbooks are often developed in alignment with state or national educational standards, ensuring the content meets the prescribed learning objectives and expectations for each grade level. For instance, in October 2021, according to the U.S. Census Bureau, a U.S.-based principal government agency of the U.S. Federal Statistical System, the total U.S. elementary and secondary school revenue was $584.9 billion in F.Y. 2020, up 2.2% from $572.5 billion. The increasing demand for educational services will drive the K-12 textbook market.

Major companies operating in the K-12 testing and assessment market are developing next-generation assessment solutions to evaluate student performance and outcomes better. Next-generation assessment solutions represent a significant advancement in educational evaluation, offering more personalized, data-driven, and engaging ways to measure and support student learning. For instance, in December 2023, New Meridian, an Austria-based non-profit organization, launched ProgressGuide, a new through-year assessment system. This was designed to help school districts target instruction and monitor student growth throughout the year. This innovative approach to assessment is part of New Meridian's mission to support quality education for all students by fostering deeper learning and advancing equity in education.

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Major Key Players of the Market:

Pearson Plc, Sylvan Learning LLC, Educational Testing Service, Coursera Inc., Houghton Mifflin Harcourt, Instructure Inc., Renaissance Learning Inc., Scantron Corporation, ACT Inc., NWEA, Edgenuity, Excelsoft Technologies Pvt. Ltd., Questar Assessment Inc., Measured Progress, Cognia, Educational Initiatives Pvt. Ltd., Istation inc., Proprofs Inc., Lexia Learning Systems LLC, Edulastic Inc., Cambium Assessment Inc., CORE Education and Consulting Solutions, Illuminate Education Inc., Otus LLC, Classworks Inc.

K-12 Testing And Assessment Market 2024 Key Insights:

• The K-12 testing and assessment market size is expected to see strong growth in the next few years. It will grow to $17.74 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Rising Demand For Online Education Is Fueling Growth In The Market
• Next-Generation Solutions To Enhance Student Learning And Outcomes
• North America was the largest region in the K-12 testing and assessment market in 2023

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