In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
November 2020: Blackboard Inc. released new cloud learning management system that can connect higher education students with valuable resources aimed at helping them to succeed in college. This feature can directly connect the students to support services in just one click.
The global education technology (EdTech) market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~19% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising number of internet users, increasing penetration of mobile devices, and escalating demand for EdTech solutions in classrooms around the world. In 2019, approximately 4 billion people in the world accessed internet, i.e., almost half the population of the world is connected to the internet. Northern Europe has the highest internet penetration of more than 95 percent. Along with these, growing development in technologies such as artificial intelligence, internet of things (IoT) and AR/VR is expected to offer abundant growth opportunities to the market in the upcoming years. Additionally, rise in focus to enhance student engagement is also projected to drive market growth in the near future. Furthermore, the inception of COVID-19 outburst around the world has led to a boom in demand for innovative education technologies, which is also predicted to expand the market growth.
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The market is segmented by hardware into interactive displays, and interactive projectors, out of which, the interactive displays segment is anticipated to hold the largest share in the global education technology (EdTech) market as these displays serve to raise the level of learner engagement and encourage student enthusiasm for learning. In addition, the increasing usage of interactive displays to show content such as content, such as images, videos, and video calls, is also assessed to drive growth to this market segment by the end of 2030. Further, on the basis of sector, the K-12 segment is predicted to grab the largest share, which can be credited to the rising trend of game-based learning for students of kindergarten to grade 12th, and rising use of innovative teaching technologies in this sector.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global education technology (EdTech) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the growing user base of smart devices and internet in the region. For instance, China has the largest number of internet users in the world. More than 850 million people have access to the internet in the country. Apart from these, rising development of affordable broadband connectivity in countries namely India and China, is also anticipated to boost the growth of this region’s market. Moreover, the market in North America region is expected to grab the largest share during the forecast period increasing investments from private equity investors and venture capitalists in the education sector in the United States.
The global education technology (EdTech) market is further classified on the basis of region as follows:
Our in-depth analysis of the global education technology (EdTech) market includes the following segments:
Ans: The major growth drivers for the market are rising user base of internet and smart devices and increasing demand for EdTech Solutions in Classrooms.
Ans: The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2030.
Ans: Data security concerns associated with EdTech solutions are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business growth opportunities to the market owing to the growing user base of smart devices and internet in the region.
Ans: The major players in the market are Blackboard, Inc., Google LLC, Instructure, Inc., Microsoft Corporation, Chegg, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by hardware, technology, sector, and by region.
Ans: The K-12 segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.