CHICAGO, Sept. 13, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Edtech Market will grow at a CAGR of 15.22% during 2022-2028.
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The EdTech industry has been witnessing a digital revolution with the emergence of AI and digitalization. The digital ecosystem has significantly impacted the education sector. Technology has played a major role in education categories serving primary, secondary, and corporate training. The global EdTech market is expected to witness an absolute growth of 137.60% in the upcoming years.
Global Edtech Market Report Scope
Report Attributes | Details |
Market Size (2028) | USD 696.04 Billion |
Market Size (2022) | USD 297.56 Billion |
CAGR (2022-2028) | 15.22 % |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Business Models, Type, Sector, End-user, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics |
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In the global EdTech market, a prominent trend is the increasing emphasis on personalized and adaptive learning. Utilizing AI and machine learning algorithms, EdTech platforms can now analyze individual learner data to offer customized content, assessments, and learning pathways. This trend is rapidly gaining traction as both educators and learners recognize the advantages of tailored learning experiences that cater to individual strengths, weaknesses, and preferences. Additionally, another significant trend is the surge in remote and online learning. The COVID-19 pandemic played a pivotal role in accelerating the adoption of online education, prompting educational institutions and businesses worldwide to transition to digital learning models. Even as we move beyond the pandemic, the enduring flexibility and accessibility of online learning are expected to fuel sustained growth in this market.
Market Trends & Opportunities
Adoption of Hybrid Learning Model & Personalized Learning
The fusion of remote and online learning has given rise to the hybrid learning model, which is now a dominant approach in education. Many online education providers are seeking to incorporate occasional in-person interactions to create a classroom-like experience, while traditional brick-and-mortar institutions are enhancing their offerings with online components, enriching the online learning landscape. This hybrid model is anticipated to see increased adoption in the future. Projections suggest that online education will continue to grow in popularity among students, learners, and professionals due to its convenience in accessing specialized content and opportunities for self-paced learning.
Several factors are contributing to the expansion of personalized learning within the global EdTech market. A primary driver is the increasing demand for tailored learning solutions from both educators and students. As education becomes more intertwined with technology, students increasingly expect learning experiences that cater to their unique preferences and objectives. Furthermore, the continuous advancements in AI and machine learning have simplified the development and implementation of personalized learning solutions. These technologies can analyze student data and behavior to offer personalized recommendations for learning materials and activities. For instance, DreamBox Learning is a personalized learning platform that utilizes adaptive learning technology to customize math instruction for K-8 students. It designs an individualized learning path based on a student's current comprehension level and learning style. Another example is Knewton, an adaptive learning platform that deploys machine learning algorithms to assess student performance data and produce personalized learning suggestions. This platform is adopted by various educational providers, including Pearson and McGraw Hill Education.
Adoption of Virtual & Augmented Reality Pushing the Market Growth
Virtual Reality (VR) and Augmented Reality (AR) technologies are causing a profound transformation in the realm of education delivery, significantly influencing the recent growth of the global EdTech market.
These technologies usher in an exceptionally immersive and interactive learning environment, enabling students to grasp and engage with intricate concepts in a more captivating manner. VR and AR offer a unique avenue to replicate real-world scenarios and offer students hands-on learning experiences.
The US Department of Education has initiated efforts such as the Virtual and Augmented Reality for Education (VARE) program. This initiative provides grants to educational institutions, facilitating the development and integration of VR/AR-based educational programs. Its primary objective is to broaden access to high-quality education and enhance student outcomes.
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