EdTech solutions are likely to evolve with the advancements in technologies such as IoT and AI. The integration of AR and VR in these solutions allows for a more-interactive learning experience for students. It aids students to cope with abstract concepts and produce better results. Asa result of these benefits, the worldwide education technology market size was $237.6 billion in 2021, which is expected to reach $998.4 billion by 2030, at a CAGR of 17.3%
during 2021–2030. Moreover, many countries have been emphasizing smart classes, especially during the pandemic.
The hardware had around 60% revenue share in 2021 due to the rising importance of digital classrooms in the education industry. For example, the popularity of interactive whiteboards has swelled as they offer a better experience. They include dry-erase surfaces, digital pens, communication software, and other multi-touch choices. Users save and share notes across a variety of digital devices, including tablets, smartphones, and laptops, which has allowed to uninterrupted education during the COVID-induced lockdowns.
APAC region has a major share in the education technology market because of the growing usage of the internet and smart devices. Furthermore, the rising investment in developing countries, such as India and China, aids in widening the accessibility of digital devices for students. The rising number of vendors providing remote learning services correspondingly drives the market growth. China has the most-extensive education system, with 282 million students and 17.32 million teachers in over 530,000 schools.
Moreover, as per the IBEF, the Indian EdTech industry was valued at $750 million in 2020, and it is predicted to reach $4 billion by 2025. The country’s education technology market received investments of over $1.43 billion across 100 deals in 2020. The COVID-19 pandemic and the succeeding lockdowns compelled both parents and educational institutions to implement tech-enabled learning solutions, making EdTech the most funded sector. Out of the total funding, Byju’s is the leader with 57%, followed by Unacademy (10.5%) and Vedantu (9.5%).
The growing demand for EdTech solutions is a reflection of the rising awareness of their potential in taking economies forward. The pandemic has compelled many investors and EdTech companies to evolve in the new digital learning model. The stalwarts have expanded their product offerings using digital technologies, to ensure uninterrupted learning. The pandemic encouraged many students to improve their skills and augmented their reliance on educational technology. It helped the education technology market grow and ensure that education remains non-disrupted even during COVID-19.
In recent years, the major players in the market have been collaborating and partnering for attaining a significant position. For example, in July 2020, McGraw Hill initiated a partnership with TutorMe LLC to offer college students one-on-one tutoring sessions absolutely free. TutorMe live tutors are available round the clock and help users comprehend and become fluent in related subjects. The total number of registered subscriptions by college students was more than 4.3 million in 2020. With the partnering of stalwarts, the education technology market will continue to offer opportunities worldwide.
The market has progressed by leaps and bounds since the outbreak of the pandemic, with the transformation of the education sector by virtual platforms.