Empowering Learners: The Rise and Impact of the Edtech Market is Expected to Reach US$ 14.9 Billion by 2031 | Says FMI

According to Future industry Insights (FMI), the edtech market is grow at a strong 14.5% CAGR during the projected period (2021-2031). Overall market sales are predicted to reach US$ 74.2 Billion by the end of 2021 and US$ 288.4 billion by the end of 2031.

According to FMI, significant technology advancements and the introduction of learning through entertainment have expanded the global usage of edtech. Because uniformity is challenging when working with numerous sites, digital learning allows people to access content at any time of day. It can also be accessible at any time and from any location on the planet.

Online learning involves assisting learners in efficiently adjusting to new changes as innovative new tools or practices are introduced in digital technology. Thus, learning management systems (LMS) are becoming more and more popular all over the world.

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The LMS assists in organizing the learning process and building a stimulating learning environment so that more functionalities can be added to increase learning potential. As a result, businesses are utilizing LMS to improve employee training and product and service knowledge.

Key Takeaways

• By component, the hardware segment is anticipated to account for the leading share during the forecast period. However, the software segment is estimated to grow at a CAGR of 16.7% through 2031.
• By end user, the academic institution segment is anticipated to increase at a CAGR of 16.7% between 2021 & 2031.
• The market in U.S. is expected to expand at a CAGR of around 11.2% through 2031.
• In India, edtech market is estimated to grow by a CAGR of nearly 22.8% over the next ten years.
• Edtech market in Japan is expected to witness growth by 5.1X during the forecast period.

Adaptive Learning is Gaining Traction

Adaptive learning has gained more interest due to new product development, partnership among e-learning software providers and education publishers and significant investment in adaptive learning. Adaptive learning is gaining popularity as the development of new technologies like AR and AI which is giving adaptive learning a lift at another level.

Adaptive learning has the advantage of robust analytics, it also helps in confidence-based assessments and pre-learning tests that help organizations to sidestep the drawbacks of generalized learning.

Adaptive learning ensures that each learner goes through the most effective learning path. Adaptive learning helps learners to gain confidence due to the personalized feedback provided. Adaptive learning model adoption can help learner to gain the objective knowledge and various skills.

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Initiative by Educational Institutes Creating Growth Opportunities

Education institutions are undertaking initiatives for encouraging the students for switching from the traditional textbooks to eBooks for learning seamlessly. For Instance, K-12 schools are replacing traditional study to new online learning to benefit student’s overall growth. This is creating opportunities for the players to offer their e-learning solution in the market.

Also, demand for micro learning is increasing as it is suitable way of learning for the new generation of learners that have shorter attention spans. Learners are provided information at a rate that matches their ability to help them absorb knowledge more efficiently.

Micro learning also helps them to improve learning transfer by 71% compared to traditional learning methods. It generates 50% more engagement, while reducing development costs by 50% and increasing development speed.

More Valuable Insights on Edtech Market

FMI’s report on the edtech industry research is segmented into three major sections – component (hardware, software, and services), end user (government organization, academic institution, enterprises and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the Edtech demand outlook.

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Edtech Market Segmentation

By Component:

• Hardware
• Interactive White Board
•  AR/VR Devices
•  Projectors
•  Webcasting Devices
•  Others
• Software
• Learning Management System Platform
• Virtual Classroom Software
• Others
• Services
• Managed Learning Services
• Professional Services

By End User:

• Government Organization
• Academic Institution
• K-12
• College Universities
• Enterprises
• SMEs
• Large Enterprises
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)