The education industry has witnessed dramatic changes in the past decade and is still undergoing radical process changes in the delivery of its products and services. The advancements in technology and innovations are changing the market scenario and increasing the need for cost-effective and superior customer services.
There is an increasing need for the implementation of technological innovations in the educational processes and data to enable better decision plans, greater responsiveness to customer demands, improved product design & quality, and faster turnaround times.
The availability of basic digital infrastructure is a key driver for education technology that will impel the prospects for the market growth during the forecast period. The availability of an essential infrastructure that offers technical support to staff and students is critical to the successful implementation of online learning and teaching in institutions across all levels.
In addition, the academic institutions across the world are providing off-campus licenses for software, repositories for course & study materials and online course catalogs. This has resulted in a wider acceptance of digital modes of learning, giving a further boost to the growth of the education technology market.
According to the report, the education technology market will grow at a CAGR of 15.4% during the period 2018-2024. The institutions and organizations in the education sector are heading towards enhancing their offerings and are partnering with technology providers to cater to the increasing needs of the users.
The new digital educational services are developing wide applications in terms of smart technology, connected products, and services with highly secure connectivity, mobility, analytics, and cloud solutions.
Market Segmentation Analysis
The report provides in-depth qualitative insights, historical data, and supportable projections & assumptions about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendor's portfolio, blogs, whitepapers, and vendors presentations.
Thus, the research report serves every side of the market and is segmented based on regional markets, educational systems, and end-user verticals.
Regions and Vendors Analysis
The report contains an in-depth analysis of the vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The key and the prominent vendors covered in the report include Google Inc., Microsoft Corporation, IBM, Apple Inc., EdX, Byju's, and others.
The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The regions covered in the report are North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading the market, followed by Europe, with Asia Pacific emerging in the education technology market.
The report provides an in-depth analysis of the global education technology market aiming to reduce time to market for educational products and services, reduce operational cost, and operational performance.
The growth of the education technology market is driven by the growing Internet usage among the population, increased use of cloud-based technology by education service companies, use of mobile-based applications along with cross-industry partnerships, and a significant increase in venture capital investments.
The evolution of technologies such as cloud computing, cognitive computing, and machine learning are paving the way for the growth of education technology. Major companies such as IBM, Microsoft, Apple, and Google among others are providing solutions related to education technology; for instance, IBM's Watson for education technology and Google's G Suite for education.
The report provides details about educational systems, end-users, and regions. Furthermore, the report provides details about the major challenges impacting the market growth.
- High adoption rate of new technologies
- Increasing investments flow into the EdTech market
- Lower cost of online education
- Adopting campaign marketing tools to enhance learner engagement
- Compliance with privacy & data security regulations and shortage of industry regulations & standards
- Insufficient digital infrastructure in emerging & undeveloped economies
- Growth in Internet and smartphone penetration
- Hybrid business model
- Growth in gamification
- Apple Inc.
- Google Inc.
- Microsoft Corporation
2 Report Outline
3 Market Snapshot
4 Market Outlook
5 Market Characteristics
6 Educational Systems
9 Vendors Profiled
10 Companies to Watch for