Global Education Technology Market
Education is a major business sector both in terms of revenue as well as employment. The education industry is widely known for its quick adoption of technologies. Educational institutions and enterprises are among the earliest adopters of automated processes & cloud-based applications and have been utilizing mobile-based technologies for decades, although without realizing their full potential. In the present scenario, traditional educational systems are facing various challenges such as shorter innovation cycle, high resource volatility, high customer expectations, and increasing competition in terms of differentiation. To address these challenges, educational service providers have prioritized technology-driven innovation. Thus, advanced data processing technologies, new analytical forecasting models, and big data analytics are likely to drive a significant change in the education industry in the next 5–10 years.
The global education technology market has been segmented on the basis of educational systems, end-users, and regions. Educational systems are classified into learning management system (LMS), e-learning content management system, e-learning content development system, student response system (SRS), electronic document management system (EDMS), and other software. End-users are classified as kindergarten, grade 1–12, and higher education. The regions covered in the report are North America, Europe, Asia Pacific, MEA, and Latin America.
The increase in population, growth of emerging markets with rising income, and higher cost of traditional educational systems are the factors facilitating the growth of education technology with an aim to reduce total cost of ownership. The education industry is facing enormous challenges such as high costs, traditional and legacy systems, transformation of information gathered from a vast array of users into useful knowledge for making effective decisions, and integration of human and technical resources to enhance workforce performance. These challenges have led to increased implementation of education technology across higher education institutions and online education service providers.
Major industrial technology companies and cloud vendors such as Cisco, Apple, Google, Microsoft, and IBM consider education technology as a vital component of their future businesses. However, as the needs of the following industries (in terms of smart classroom, cloud platforms, analytics, and network infrastructure) keep on growing, the education industry provides ample opportunities to start-ups and new entrants as well. In addition, investors are investing more in EdTech start-ups than ever before.
Few of the prominent vendors in the global education technology market ecosystem, such as IBM, Microsoft, Apple, EdX, Byju’s, and Google among others, are providing various apps and solutions in education technology. For instance, IBM’s Watson for education technology and Google’s G Suite for education.
Sr. Research Analyst,