The global education technology market size is anticipated to reach USD 285.2 billion by 2027, growing at a CAGR of 18.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Technology has made headway in every sector for the betterment of that field and education has not been spared. With the rise in technology in education, it brings connectivity, accountability and boosts the efficiency of teaching in a strong way. Courses like Massive Open Online Courses (MOOCs) and instruments like virtual classrooms have been revolutionizing the education front, leading to major demands from the EdTech sector.
New age technologies are taking the sector farther and providing a good platform for students to understand and learn quickly by observation along with reading. These technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and Internet of Things (IoT) among others are helping bring wholesome experience for students. These cross-curricular learning opportunities in the EdTech sector are expected to enable institutes and teachers to streamline resource commitments as well as develop students’ knowledge through practical and cross-curricular applications.
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The EdTech sector is differentiated on the basis of levels of education and it makes it easier to understand the usage of technology at all these levels. The sector is differentiated into several levels such as Pre-school, K-12, Higher education and others. Among all these levels, K-12 segment accounts for the largest revenue share due to multiple new techniques used in learning such as game-based learning and development of maths’ skills by practical, project-based work in schools. Additionally, incorporation of technologies in this sector is enabling immersive content and providing experiences, such as virtual field trips and complex lab-based experiments, resulting in an engaging learning experience. On other note, preschool segment is bound to register higher growth due to the boost in efficiency teachers’ received and the time they were able to save by adopting technology in their day-to-day work.
COVID-19 Effect
COVID-19 has been able to give a massive push to the usage of technology in the education sector as social distancing norms are required to be followed to stop the spread of the contagion. It has resulted in new products being unveiled by the major players and quick adoption of these products by academic institution and schools. These methods are also being promoted by several economies to maintain safety and less caseload of the infection. This has led to increased expected growth rate by the market and increased demands.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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