The global education technology market size is anticipated to reach USD 285.2 billion by 2027, growing at a CAGR of 18.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Technology has made headway in every sector for the betterment of that field and education has not been spared. With the rise in technology in education, it brings connectivity, accountability and boosts the efficiency of teaching in a strong way. Courses like Massive Open Online Courses (MOOCs) and instruments like virtual classrooms have been revolutionizing the education front, leading to major demands from the EdTech sector.
New age technologies are taking the sector farther and providing a good platform for students to understand and learn quickly by observation along with reading. These technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and Internet of Things (IoT) among others are helping bring wholesome experience for students. These cross-curricular learning opportunities in the EdTech sector are expected to enable institutes and teachers to streamline resource commitments as well as develop students’ knowledge through practical and cross-curricular applications.
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The EdTech sector is differentiated on the basis of levels of education and it makes it easier to understand the usage of technology at all these levels. The sector is differentiated into several levels such as Pre-school, K-12, Higher education and others. Among all these levels, K-12 segment accounts for the largest revenue share due to multiple new techniques used in learning such as game-based learning and development of maths’ skills by practical, project-based work in schools. Additionally, incorporation of technologies in this sector is enabling immersive content and providing experiences, such as virtual field trips and complex lab-based experiments, resulting in an engaging learning experience. On other note, preschool segment is bound to register higher growth due to the boost in efficiency teachers’ received and the time they were able to save by adopting technology in their day-to-day work.
COVID-19 Effect
COVID-19 has been able to give a massive push to the usage of technology in the education sector as social distancing norms are required to be followed to stop the spread of the contagion. It has resulted in new products being unveiled by the major players and quick adoption of these products by academic institution and schools. These methods are also being promoted by several economies to maintain safety and less caseload of the infection. This has led to increased expected growth rate by the market and increased demands.
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Further key findings from the study suggest:
- Some of the major higher institutes and educational organizations across North America are increasingly shifting their focus from legacy EdTech education system towards online-based EdTech solutions
- Integration of AI in schools and universities to automate activities, such as grading subjects and providing feedback, is anticipated to propel the demand for EdTech offerings
- Cloud computing technology is used to store vital resources, such as audio/video lessons, written lessons, and assignments, on a school’s cloud terminal. These resources can be accessed by students as per their convenience
- Widespread use of mobile devices and tablets is leading to the use of gamification and immersive learning in educational institutions for an interactive and enhanced learning experience.
Major Key Players:
- BYJU’S
- VIPKid
- iTutorGroup
- Udacity
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Some Recent Developments
- In June 2020, Edtech firm BYJU’S launched an online tutoring programme called ‘BYJU’S Classes’. This will be a programme where students would have access to scheduled online classes from teachers across India, instant doubt resolution and one-on-one guidance from dedicated mentors. With BYJU’S Classes, students will be assigned a dedicated mentor who will offer one-on-one attention, progress reports and also suggest personalised classes to work on topics that they need to focus on. This mentor will interact with students regularly to understand their progress and requirements and counsel them on their learning approach and other concerns. This has immense potential to help improve the child to grow quickly.
- Byju’s is in advanced stages of talks to acquire Doubtnut, a two-year-old education learning app, as the Indian edtech giant looks to expand its reach in smaller cities and towns in the world’s second-largest internet market. With the acquisition of Doubtnut, BYJU’s will get a greater reach in the Indian market and will definitely gain a larger base in India to build upon. Doubtnut has made it big and gained a very large base of students from the smaller cities and towns in India.
- In September 2019, An educational start-up VIPKid has secured investment base from China’s Tencent. Chinese technology giant Tencent Holdings Ltd. is confirmed to invest $150 million in VIPKid. This could bring a silver lining to China’s online education industry, as concerns arose among investors over the industry’s business model. The platform now has over 70,000 English teachers from North America and more than 500,000 paid clients. Apart from the original English education branch, it expanded its business to online Chinese learning with Lingo Bus, small teaching classes SayABC and K-12 learning for kids under 18.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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