Technology industry

Global edtech industry expected to reach $283 billion by 2028 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Analysis Report of Global Education Technology Market Size, Share and Trends by Deployment (On-Premises and Cloud), by Type (Hardware, Software and Content), by End-User (Enterprise and Consumer) ), by Sector, by Regional Outlook and Forecast, 2022-2028″ report has been added to from ResearchAndMarkets.com offer.

The global education technology market size is expected to reach USD 283 billion by 2028, with the market growing at 15.5% CAGR during the forecast period.

Educational technology (EdTech) refers to the hardware and software used to educate children on a virtual level to enhance classroom learning and improve student achievement. By leveraging technology to learn and teach, EdTech platforms help students overcome barriers and receive a well-rounded education. E-books, which can be downloaded online from anywhere in the world, are becoming increasingly popular among students. Digital content is cheaper to produce than print content, which has higher production expenses.

eBooks are available in a variety of languages ​​and can be quickly translated and viewed by large numbers of people. Learners can also listen to academic material in an audio format to increase their vocabulary and develop better interpretive reading, which is especially beneficial for people with physical limitations. For example, Texthelp, a leading company in the field of EdTech assistive technologies, launched OrbitNote, a pdf-compatible software, which allows visually impaired students to access documents by recording voice notes, in January 2022.

OrbitNote should also allow users to interact with digital copies in a whole new way. Companies are expected to be able to create a welcoming, dynamic and collaborative environment for all. EdTech solutions are expected to emerge alongside advancements in cutting-edge technologies such as AI, IoT, and AR/VR, and play a vital role in expanding the market. The use of augmented reality and virtual reality in EdTech solutions allows students to have a more participatory experience. It allows students to explore and interact with abstract concepts in a natural way, resulting in increased student engagement.

For example, zSpace, Inc., a US-based EdTech company that offers blended or distance learning, introduced new AR/VR learning equipment in January 2022 that is expected to allow students to engage with multi-layered content in a virtual world without the need for glasses. The implementation of blockchain technology, however, allows end users to maintain and protect student and learner records, allowing educators to study consumption patterns of content provided to students and make decisions based on the data.

Market Growth Factors

Growing Technology Improvements

EdTech solutions are expected to grow alongside technological advancements such as IoT and AI. The use of augmented reality and virtual reality in these systems allows students to have a more engaged learning experience. It allows students to develop and interact with abstract topics in a natural way, which increases their engagement. Additionally, the use of blockchain technology allows consumers to maintain and protect student and learner records, allowing educators to examine resource consumption patterns and make data-driven decisions.

Customization of various learning opportunities

Access to educational information is available 24 hours a day, seven days a week, thanks to technology. Classes can be taken entirely online using a laptop or mobile device. Hybrid learning models combine remote access to technology with frequent in-person class sessions.

It is possible to use technology to adapt the learning plans of each student in both cases. Teachers can design lessons based on the interests and strengths of their students. Students could study at their own pace, which is an added advantage. Additionally, students can revisit the lesson plan videos when they need to study the course material to better understand key ideas. Teachers can use the data collected by these online activities to find out what students have encountered with certain courses and provide additional help and support.

Market restraining factors

Reduce direct communication between peers

Technology is often designed with the best intentions in mind: to save time and facilitate specific mechanical tasks. However, almost all school tasks have been automated due to advancements in technology. As a result, what started out as a good idea ended up in a situation where future generations should be unable to perform basic cognitive tasks without the aid of technology.

Moreover, it should be noted that when children rely on technology to solve all their problems in school, they gradually lose their problem-solving skills which are in high demand. Teachers and educational institutions as a whole must constrain the use of technology in education as the only response to this challenge.

Scope of the study

Market Segments Covered in the Report:

Per deployment

By type

  • Material

  • Software

  • Contents

Per end user

By sector

  • K-12

  • Preschool

  • Higher Education

  • Others

By geography

  • North America

  • Europe

  • Asia Pacific

  • LAMEA

Main market players

  • Google LLC

  • Microsoft Corporation

  • Instructure, Inc.

  • Coursera, Inc.

  • Chegg, Inc.

  • edX, Inc.

  • PARJU’S

  • Private Limited Education Upgrade

  • Udacity, Inc.

  • Edutech

For more information on this report, visit https://www.researchandmarkets.com/r/r832v6