Industry Forecast: Digital Transformation in Edtech Market to Generate $19.72 Billion Revenue by 2029
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What Are the Forecasted Growth Rate and Market Size of the Digital Transformation in Edtech Market?
The edtech market has witnessed explosive growth in size due to digital transformation in recent years. The market, which is projected to be worth $6.73 billion in 2024, is expected to further grow to $8.34 billion in 2025, yielding a compound annual growth rate (CAGR) of 23.9%. The historic growth of this market is largely attributed to factors such as the increased accessibility of the internet, the proliferation of mobile devices, advancements in cloud technology, the emergence of e-learning platforms, and the growing need for customized learning experiences.
The edtech market size is predicted to undergo dramatic expansion in the course of the next several years due to digital transformation, growing to $19.72 billion by 2029 with a compound annual growth rate (CAGR) of 24.0%. This predicted growth for the forecast period is a result of various factors including the emergence of AI-enhanced learning, development of immersive technologies such as VR/AR, the spread of 5 G connectivity, a heightened emphasis on lifelong education, and an upsurge in demand for data-centered education. The forecast period is also expected to witness major trends like personalized learning facilitated by AI, the use of blockchain for verifying credentials, immersive learning via AR/VR, gamification and adaptive learning, along with the incorporation of IoT in smart classrooms.
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Which Factor Is Shaping The Future Of The Digital Transformation in Edtech Market?
Expectations are high for the contribution of e-learning platforms to the expansion of the digital transformation in the edTech market. These platforms, as online systems offering courses, training, and academic content, allow unrestricted, internet-based education to anyone, anywhere, whenever they want. The increasing flexibility and accessibility of education lend to this rise of e-learning platforms as traditional classroom confines are shunned in favor of self-paced learning from any location, enhancing accessibility to education and its convenience. This wave of online learning shapes the digital move in EdTech by instilling accessibility, flexibility, and tech-savviness in education. A case in point is a report by Eurostat, a Luxembourg-based government agency, which, in January 2024, disclosed that internet users aged between 16 and 74 who had accessed an online course or learning materials stood at 30%, up from 28% in 2022. All these imply that the digital transformation in the edTech market is being fuelled by the surge in e-learning platforms.
What Is The Segment-Wise Breakdown Of The Digital Transformation in Edtech Market?
The digital transformation in edtechmarket covered in this report is segmented –
1) By Technology: Artificial Intelligence (AI), Cloud Computing, Learning Management Systems (LMS), Virtual and Augmented Reality (VR And AR), Big Data And Analytics, Other Technologies
2) By Deployment Mode: Cloud, On-Premise
3) By End-use: Preschool, Kindergarten To 12th Grade, Higher Education, Other End-users
Subsegments:
1) By Artificial Intelligence (AI): Artificial Intelligence-Powered Personalization, Chatbots And Virtual Tutors, Artificial Intelligence-driven Assessment And Feedback, Natural Language Processing (NLP), Adaptive Learning Systems, Artificial Intelligence For Content Generation And Curation.
2) By Cloud Computing: Cloud-Based Learning Platforms, Cloud Infrastructure For Scalable Education, Software as a Service (SaaS) For Education, Cloud Collaboration Tools, Cloud Storage And Data Management
3) By Learning Management Systems: Course Management And Delivery, Mobile Learning Platforms, Student And Instructor Collaboration Tools, LMS Analytics And Reporting, Gamification Features In LMS, Credentialing And Certification Systems
4) By Virtual and Augmented Reality (VR And AR): Immersive Learning Experiences, Simulations For Skill Training, Virtual Reality For Virtual Classrooms, Augmented Reality For Interactive Learning, 3D Visualization For Complex Concepts, Virtual Reality For Exam Preparation And Practice
5) By Big Data and Analytics: Learning Analytics For Performance Tracking, Predictive Analytics For Student Success, Behavioral Analytics For Engagement, Data-Driven Decision Making In Education, Curriculum Optimization With Big Data, Real-Time Feedback And Adaptation
6) By Other Technologies: Blockchain For Credential Verification, Internet Of Things (IoT) In Education, Gamification And Game-Based Learning, Voice Assistants And Speech Recognition, Digital Whiteboards And Smart Classrooms, 5G Technology For Real-Time Learning
What Upcoming Trends Are Expected To Impact The Digital Transformation in Edtech Market Globally?
Major firms operating in the digital transformation of the edtech industry are prioritizing technological innovations like AI-powered educational tools to elevate educational experiences and improve access. AI-powered educational tools utilize artificial intelligence to personalize lessons, offer intelligent tutoring, and enhance learning according to student’s capabilities and progress. For example, in March 2024, Accenture Inc., a professional services firm headquartered in Ireland, launched a revolutionary learning and training platform known as Accenture LearnVantage. The platform was created in response to the rising need for technology, data, and AI expertise across various industries. LearnVantage offers various services, including specialized AI and data science training for IT professionals, plus cloud and cybersecurity certifications. The platform also provides generative AI training specifically crafted for business leaders and top-tier executives.
Which Companies Hold The Largest Market Share In The Digital Transformation in Edtech Sector?
Major companies operating in the digital transformation in edtech market are Amazon Inc., Google LLC, Microsoft Corporation, Pearson plc, LinkedIn Learning, Think and Learn Private Limited, 2U Inc., Chegg Inc., Coursera Inc., Instructure Holdings Inc., Duolingo Inc., Edmentum Inc., Pluralsight Inc., edX LLC, Crimson Education Ltd, upGrad Education Private Limited, Headway, Codecademy, Physics Wallah Private Limited, Udacity Inc., Khan Academy Inc.
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How Does Regional Performance Compare Across The Digital Transformation in Edtech Industry?
North America was the largest region in the digital transformation in edtech market in 2024. The regions covered in the digital transformation in edtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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