Edtech Market is Expected to Reach USD 422.95 Billion by 2031

As per the report published by Kings Research, the global Edtech Market was valued at USD 152.10 billion in 2023 and is projected to reach USD 422.95 billion by 2031, growing at a CAGR of 13.65% from 2024 to 2031.

The global edtech market is witnessing exponential growth, mainly fueled by rapid technological advancements and increasing adoption of remote learning models. The proliferation of artificial intelligence (AI), machine learning, and augmented reality (AR), has led to a paradigm shift in education beyond traditional boundaries, offering personalized and immersive learning experiences. AI-powered adaptive learning systems are analyzing student performance data to tailor content delivery, address individual learning needs, and enhance overall engagement.

Moreover, the integration of AR technology is enabling interactive simulations and virtual laboratories, providing hands-on learning experiences irrespective of geographical constraints. This technological revolution is enhancing learning outcomes and empowering educators with innovative tools for content creation and assessment. Additionally, the proliferation of mobile devices and internet connectivity has facilitated access to educational resources, thereby bridging the digital divide and promoting the democratization of learning opportunities worldwide. As technology continues to evolve, the edtech market is poised to witness sustained growth in the forthcoming years, mainly driven by innovation and a commitment to transforming education for the digital age.

Key Insights

• Based on deployment, the on-premise segment held the largest market share of 64.08% in 2023
• Based on application, the K-12 segment generated the highest revenue of USD 65.11 billion in 2023
• Based on type, the hardware segment is anticipated to generate a value of USD 226.07 billion by 2031
• On the basis of region, Asia-Pacific is projected to garner revenue of USD 103.88 billion by 2031

Accenture Unveils LearnVantage Platform for Individuals to Develop Skills

March 2024: Accenture launched Accenture LearnVantage, a platform designed to offer its clients wide-ranging technology learning and training services. These services facilitated the enhancement and acquisition of technological, data-centric, and AI-related skills, enabling individuals to reinvent their companies and achieve better business value.

Rising Government Investments in the Education Sector to Drive Edtech Market Growth

Governments worldwide are increasing investment in edtech, acknowledging its pivotal role in democratizing access to education and fostering innovation. Increased funding for educational initiatives, coupled with significant investments in teacher training for technology integration, are poised to stimulate market growth. Moreover, government support for the development of digital infrastructure, including broadband access and technology-enabled classrooms, is likely to reshape the edtech landscape. By prioritizing these investments, governments aim to enhance educational equity, improve learning outcomes, and prepare students for the digital future.

Personalized Learning for Special Needs to Offer Lucrative Market Expansion Opportunities

Personalized learning for special needs presents a significant opportunity for the development of the edtech market. Tailoring solutions to cater to students with learning disabilities, dyslexia, or ADHD enhances inclusivity and promotes academic success. For instance, specialized software equipped with text-to-speech functionality and dyslexia-friendly fonts is mitigating barriers to reading comprehension for dyslexic students. Moreover, adaptive learning platforms, which tailor content difficulty according to individual learning pace and preferences, possess the capacity to accommodate students diagnosed with ADHD, which fosters better engagement and retention. Moreover, the integration of assistive technologies, such as speech recognition software and tactile learning aids, enhances accessibility for students with diverse learning needs.

Asia-Pacific to Witness Significant Growth at a CAGR of 14.50% Over 2024 and 2031

Based on region, the global edtech market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Asia Pacific is likely to experience significant growth in the estimated timeframe. Asia Pacific presents a dynamic landscape for edtech innovation, driven by the rapid growth of mobile learning due to high smartphone and internet penetration rates. Educational technology solutions are facilitating access to education, particularly in remote and underserved areas. For instance, mobile learning apps such as BYJU'S and Toppr in India are leveraging mobile technology to deliver interactive educational content to students across the country, irrespective of geographical barriers.

Furthermore, favorable government initiatives and increased investments in edtech are propelling the digital transformation of education across the region. National digital learning initiatives, such as China's ‘Smart Education’ program and India's ‘Digital India’ campaign, underscore the commitment to improving education quality and access through technology integration. This presents significant opportunities for edtech players to collaborate with governments and educational institutions in scaling innovative solutions.

Moreover, the growing emphasis on K-12 education, driven by a large and young population in many Asian countries, fuels the demand for scalable and affordable edtech solutions. Platforms such as Ruangguru in Indonesia and BYJU'S in India are catering to K-12 students with interactive lessons and personalized learning experiences, thereby addressing the diverse educational needs of learners.

Companies Launch Cutting Edge Products to Expand Their Market Reach

The global edtech market is fragmented with key players such as Anthology Inc., Coursera Inc., Udemy, Inc., McGraw Hill, Duolingo, Inc., Showbie Inc., FutureLearn Limited, BYJU'S, upGrad Education Private Limited, Edutech, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.