November 15, 2020
The global EdTech market is expected to reach USD 45190 Million by 2026
Valuates Reports have released a new report which projects that the global EdTech market is expected to reach USD 45190 Million by 2026. The report identifies that the demand for the K-12 EdTech market is at a turning point. State and local educational agencies are cited as reinventing themselves around remote learning which is increasing the value of cost-effectiveness in spending decisions through tightening school budgets. The increasing demand among parents for instruments that engage and educate their children are also considered to be contributing factors, as is the proliferation of smart devices and seamless internet connectivity and increasing awareness pertaining to the advantages of technology integration in the education sector.
The report finds that some of North America’s major high schools and educational organizations are gradually moving their focus from legacy EdTech education systems to online EdTech solutions. AI incorporation in schools in order to automate tasks, such as grading subjects and providing input, is expected to further propel the K-12 education technology market size.
Projected growth of global EdTech market
- VIP Kid
- Acro Platform Ltd
- Illuminate Education
- Noon Academy
The K-12 EdTech market is less concentrated with the top two companies from China, which altogether held over 13% of the market in 2019. Though now Europe is the leading region in the market, India and China are believed to have a faster growth rate. Since it is a relatively new industry, the market is expected to grow rapidly in the following years, with 25% per year.
North America is expected to hold the largest K-12 technology market share. This dominance of North America is attributed to the growing investments from venture capitalists and private-equity investors. Companies with substantial sales growth are projected to receive higher investment as the sector matures and separate themselves from new market players.
The Asia Pacific is expected to witness the highest growth during the forecast period. The growing prevalence of computing and smart devices among the masses can be attributed to the growth of the Asia-Pacific region. In recent times, a surge of affordable internet connectivity has been seen in developing countries such as India, leading to wider adoption of K-12 education technology.
You can read more about EdTech here: https://global-edtech.com/edtech-definitions-products-and-trends/
“ Increasing the adoption of digital learning, increasing propensity to bring your own device (BYOD) policy and enterprise mobility, comprehensive government initiatives for the advancement of LMS, increasing use of artificial intelligence (AI) and machine learning (ML) in LMS are the major factors driving the Education Technology Market size. ” Global K-12 Education Technology Market, Valuates Reports