Edtech Market Size is Projected to Reach US$ 452.4 Billion by 2028, at a CAGR of 14.3% - IMARC Group

Edtech Market is Driven by the shifting consumer preferences from projector-based displays towards touchscreen displays that provide more student engagement

SHERIDAN, WYOMING, UNITED STATES, February 7, 2023 /EINPresswire.com/ -- The latest research study “Edtech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global edtech market size reached US$ 194.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 452.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.

Edtech, also known as education technology, represents a technology that is utilized to deliver education on a virtual level. It generally consists of hardware and software that provide various benefits to students and improve their education outcomes. In line with this, edtech assists individuals in overcoming hurdles. Digital content is easier to generate than printed content, which has a higher production cost. E-books offer cost efficiency, flexibility, portability, etc. Consequently, they are gaining extensive traction among learners. As such, listeners with disabilities also utilize audio formats of educational content to enhance their vocabulary and learn to read interpretively.

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Edtech Market Trends and Drivers:

The shifting consumer preferences from projector-based displays towards touchscreen displays that provide more student engagement are primarily driving the edtech market. Additionally, the growing digitization in the education sector, the increasing penetration of high-speed internet, and the escalating demand for smart devices are further catalyzing the market growth. Besides this, the widespread adoption of Artificial Intelligence (Al) and Machine Learning (ML) technologies for creating personalized e-learning experiences is acting as another significant growth-inducing factor. Moreover, the inflating need for digital learning, on account of the sudden outbreak of the COVID-19 pandemic and the implementation of stringent lockdown regulations by government bodies, is positively influencing the global market. Apart from this, the introduction of 5G, extensive R&D activities, and the rising disposable income levels of individuals are also augmenting the market growth. Furthermore, continuous investments in online learning and distance learning programs, owing to their flexibility and real-time feedback, are expected to fuel the edtech market over the forecasted period.

Edtech Market Report Segmentation:

List of Major Key Players:

The major players in the market are

• 2U Inc., BYJU'S
• Chegg Inc.
• Class Technologies Inc.
• Coursera Inc.
• Edutech
• Google LLC (Alphabet Inc.)
• Instructure Inc.
• Lenovo Group Limited
• SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.)
• Udacity Inc. and upGrad Education Private Limited.

The report has been segmented the market into following categories:

Breakup by Sector:

• Preschool
• K-12
• Higher Education
• Others

Breakup by Type:

• Hardware
• Software
• Content

Breakup by Deployment Mode:

• Cloud-based
• On-premises

Breakup by End User:

• Individual Learners
• Institutes
• Enterprises

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Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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