Educational Technology Market Size Expected To Reach $257 Billion By 2027 At A CAGR Of More Than 15% As Per The Business Research Company's Educational Technology Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 04, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s educational technology global market report 2023, the global educational technology market is poised for substantial growth, projecting an increase from *$126.72 billion in 2022* to *$146.28 billion in 2023*, boasting a notable compound annual growth rate *(CAGR) of 15.4%. *The educational technology market is expected to reach *$257.03 billion in 2027*, sustaining a *CAGR of 15.1%.**Driving Forces: Demand for Online Educational Platforms*
One of the primary drivers fueling this growth is the escalating demand for online educational platforms. These digital platforms offer a diverse range of educational resources, courses, and tools, revolutionizing traditional learning methods. The adoption of technology in education facilitates a shift from static learning materials to dynamic, interactive content. Notably, online education platforms enable real-time progress tracking and analysis for students and teachers alike. Platforms like Coursera have reported a substantial surge in users, reaching 92 million in 2022, reflecting the growing appetite for online educational resources.
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*Key Players in the Educational Technology Landscape*
Major contributors to the educational technology market include prominent entities such as Instructure Inc., Microsoft Corporation, Alphabet Inc., IBM Corporation, and Pearson PLC. These players play a pivotal role in shaping the landscape by leveraging technological advancements and innovative strategies.
*Technological Advancements Transforming the Educational Landscape*
A significant trend in the educational technology market is the rapid adoption of technological advancements. Major companies in the educational technology market are embracing new technologies to maintain their competitive edge. For instance, The International Information System Security Certification Consortium launched an AI-based self-paced CISSP Readiness Education, demonstrating the integration of artificial intelligence to enhance individualized learning experiences. Such innovations underscore the industry's commitment to evolving technologies.
*Strategic Acquisitions and Market Expansion*
In April 2022, Pearson, a UK-based educational media company, strategically acquired Mondly, a Romanian educational technology company specializing in audio-visual language learning courses. This acquisition has bolstered Pearson's digital strategy, reinforcing its position in the language learning market and providing avenues for cross-selling and bundling, ultimately driving revenue growth.
*Regional Landscape and Market Segmentation*
While North America dominated the educational technology market in 2022, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. The global educational technology market is segmented by type (hardware, software, content), sector (preschool, K-12, higher education, other sectors), and end-user (business, consumer).
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In conclusion, the Educational Technology Global Market Report 2023 unveils a promising landscape amidst global challenges. Businesses and industry players can harness the insights provided in this educational technology market report to navigate market dynamics, identify growth opportunities, and stay ahead of the curve. As the sector evolves, adopting technological innovations and strategic partnerships will be crucial for sustained success in the dynamic educational technology market.
*Educational Technology Global Market Report 2023* by The Business Research Company provides insights on the educational technology market size, educational technology market segments, educational technology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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