Dallas, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) — With a projected CAGR of 19.8% over the forecast period, the global K-12 educational technology market is expected to grow by $105.68 billion in 2022 to $322.68 billion in 2029.
The main engines propelling the K12 Education Technology Market include the growing use of digital learning, the rise of BYOD policies and enterprise mobility, broad government initiatives to develop LMSs, and the growing 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 such as e-books, interactive AR/VR materials, and university recognized and approved online courses. Thus, it is expected to encourage the growth of the K-12 education technology industry.
The expansion of the K-12 education technology market is expected to have been influenced by an increase in the use 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 predicted that there will be a lot 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 augmented reality and virtual reality for a more participatory teaching program. Additionally, growing awareness of the benefits of technological integration is expected to fuel the expansion of the market.
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Globally, edtech solutions are becoming increasingly popular as parents look for new ways to engage their children in the classroom. Additionally, the use of technology provides educational institutions with several benefits such as cost-effective spending, automation of the student recruitment process, and connectivity between individuals, teams, and software for complete cycle management. of student life. On the other hand, innovative and adaptable learning strategies like gamification encourage student interaction, which improves their overall learning ability. The K12 education technology industry will grow in the coming years due to the growing knowledge of the many benefits of technology.
Thanks to the introduction of technology in education, schools and universities can now offer state-of-the-art solutions such as e-books, interactive content for augmented reality (AR) and virtual reality (VR) and online courses 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||$322.68 billion|
|Segment covered||Type, enabling technology, application, regions|
|Type Covered||LMS, LCMS, LCDS, SRS, evaluation systems|
|Technology Covered||Educational analytics, educational games, educational security|
|Application Covered||Connected disconnected|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa, South America|
|Profiled Key Players||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 K-12 educational technology market is experiencing a shift in demand. As school finances are tighter, state and local education organizations are redefining themselves around remote learning and valuing cost-effectiveness more when judging how much money to invest where. Instruments that engage and teach young people are more in demand by parents. The major factors driving the growth of the K-12 education technology market are the proliferation of smart devices, easy access to the internet, and increasing public awareness about the benefits of technology integration in the education sector.
North America is expected to hold the largest market share for K-12 technology. Due to increased investment from venture capitalists and private equity investors, North America is now dominating the market. As the industry matures and established competitors differentiate themselves from those who have recently joined the market, companies whose sales have increased significantly are expected to attract greater investment. The fastest growing region is expected to be Asia-Pacific. The growing popularity of computing and smart devices among the public is a result of the expansion of the Asia-Pacific region. Recently, developing countries like India have seen a spike in inaccessible internet connectivity, which has prompted greater use of technology in K-12 education.
Main points of the table of contents:
2. State of Edtech
4. National Edtech Plans
5. Appendix: Glossary
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