North America market will continue its dominance during the projected period for K–12 Education Technology and Asia-Pacific to experience the fastest CAGR of 22.6% between 2018 and 2028.
Dallas, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) -- At a projected CAGR of 19.8% over the forecast period, the global K–12 Education Technology market is expected to increase from $105.68 billion in 2022 to $322.68 billion in 2029.
The main drivers propelling the K12 Education Technology Market include rising digital learning usage, rising BYOD policies, and business mobility, extensive government initiatives to develop LMS, and rising use of artificial intelligence (AI) and machine learning (ML) in LMS. With the advent of technology in education, schools and universities are now able to provide innovative solutions like e-books, AR/VR interactive material, and acknowledged university-approved online courses. Thus, it is projected that this will encourage the growth of the K–12 education technology industry.
The expansion of the k-12 education technology market is anticipated to have been influenced by an increase in the usage of EdTech (education technology) solutions in both academic and non-academic sectors. EdTech products and services are now more widely accepted in K–12 and higher education. Additionally, it is anticipated that there will be plenty of potential for the expansion of the K12 technology education industry due to the proliferation of smart devices, easy access to the internet, and the emergence of AR and VR for a more participatory education curriculum. Additionally, growing knowledge of the advantages of technology integration is anticipated to fuel the market's expansion.
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Globally, edtech solutions are becoming more and more popular as parents search for new ways to engage their children in the classroom. Additionally, the use of technology provides educational institutions with several advantages such as cost-effective spending, automation of the student recruiting process, and connectivity between individuals, teams, and software for complete student lifecycle management. On the other hand, innovative and adaptable learning strategies like gamification encourage student interaction, which enhances their capacity for learning as a whole. The K12 education technology industry will develop in the future years as a result of rising knowledge of technology's many advantages.
Thanks to the introduction of technology in education, schools, and universities may now provide cutting-edge solutions like electronic books, interactive content for augmented reality (AR) and virtual reality (VR), and online courses that have been recognized by universities. EdTech products and services are now more widely accepted in K–12 and higher education.
k-12 Education Technology Market Scope:
Market Size in 2029
USD 322.68 billion
Type, Enabling Technology, Application, Regions
LMS, LCMS, LCDS, SRS, Assessment Systems
Educational Analytics, Educational Gaming, Educational Security
North America, Europe, Asia Pacific, Middle East and Africa, South America
Key Players Profiled
BYJU’S, Blackboard, Inc., Chegg, Inc., Coursera, Inc., Edutech, edX Inc., Google LLC, Instructure, Inc., Microsoft, Udacity, Inc., and upGrad Education Pvt. Ltd.
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The market for K–12 education technology is experiencing a shift in demand. As school finances are tighter, state and local educational organizations are redefining themselves around remote learning and valuing cost efficiency more when making judgments about how much money to invest where. Instruments that engage and teach youngsters are in higher demand among parents. The primary factors boosting the growth of the K–12 education technology market are the proliferation of smart devices, easy access to the internet, and growing public awareness of the advantages of technology integration in the education sector.
North America is anticipated to hold the greatest market share for k-12 technology. Due to rising investments from venture capitalists and private equity investors, North America now dominates the market. As the industry matures and established competitors are distinguished from those that have recently joined the market, companies with significant sales growth are expected to attract larger investments. The region with the biggest growth is anticipated to be the Asia Pacific. The growth in public popularity of computing and smart devices is a result of the Asia-Pacific region's expansion. Recently, developing nations like India have experienced a spike inaccessible internet connectivity, which has prompted a larger use of K–12 education technology.
Major Points from Table of Contents:
1. Executive Summary
2. Edtech state of play
4. National Edtech plans
5. Annex: Glossary
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