On the basis of geographical analysis, the global K-12 digital curriculum 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 North America is estimated to gather the largest share over the forecast period on the back of the rising investments from venture capitalists and private equity investors in the development of education industry, and a strong presence of prominent market players in the region. Moreover, the market in Asia Pacific is predicted to witness noteworthy growth over the forecast period owing to the rising adoption of online learning, increasing demand for standardization of competitive tests and escalating government initiatives regarding e-learning by several countries in the region. For instance, Indian government is planning to establish the Atal Tinkering Laboratories (ATL) in schools across the country, which are aimed at fostering creativity, curiosity, and imagination in young children, along with inculcating skills such as design mindset, computational thinking and physical computing.
The global K-12 digital curriculum market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global K-12 digital curriculum market includes the following segments:
March 2021- McGraw Hill acquired Kidaptive, Inc., which is a company that works on an adaptive learning platform. The company has expertise in subjects including science, data analytics and early learning.
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.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are growing number of job opportunities in science, technology, engineering and mathematics (STEM) fields and increasing usage of big data around the world.
Ans: The market is anticipated to attain a CAGR of ~31% over the forecast period, i.e., 2022 – 2030.
Ans: Low awareness about e-learning methods in lower economic regions is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the rising investments from venture capitalists and private equity investors in the development of education industry in the region.
Ans: The major players in the market are Pearson Education, Inc., McGraw Hill LLC, K12 Inc., Blackboard Inc., Cengage Learning, 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 technology, application, and by region.
Ans: The education analytics segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.