The education technology (edtech) market has witnessed steep development in the last decade. As new ideas and cutting-edge technologies are making their way into the education sector, innovative products and services are changing traditional classrooms. The market is changing rapidly as cost-effective and superior customer services are being demanded more and more.
Edtech is driven by digital infrastructure. The accessibility to its essential components that offer technical support is vital. The availability of trailblazing technology pushes the successful application of online education across institutions of all levels and in different regions.
A report prepared by Infoholic Research LLP on Global Education Technology Market dictates that the edtech market will grow at a Compound Annual Growth Rate (CAGR) of 15.4% between 2018 and 2024. The increased needs of people is also due to the growing investment flow, lower cost of online education tools, increased security of data, regulation of privacy policies, and more.
The report paints a perfect picture of the edtech sector as it includes historical data, qualitative insights, feasible projections, and viable assumptions. The qualitative research is based on presentations, blogs, whitepapers, and portfolios of the vendors. The report features an in-depth analysis of vendors’ profile. This includes SWOT analyses, business unit examinations, priority reports, and investigations of the competitive landscape.
Geographical presence and marketing patterns helped filter out prominent edtech companies that would bulk up the report with useful numbers. The companies include Byju’s, Educomp Solutions, Google, Microsoft Corporation, IBM, Apple, Unacademy, EdX, etc.
The edtech companies sell interactive media, smart boards, regular projectors, smart projectors, virtual reality, online practice environments, and more. Smartclasses are one of the new tools developed by edtech experts that combine interactive online content with the Internet of Things. It allows all the students to communicate with other students and teachers.
Asia, Latin America, North America, Europe, Africa, and the Middle East are the regions covered in the report. Asia, Europe, and North America generate the most capital. The last two regions are leading the market as they already have a strong basic digital infrastructure.
Asia currently has the best opportunities in place as India and China have a huge demand for digitizing their education system. The founder of Indian edtech juggernaut- Educomp Shantanu Prakash, deems connecting remote schools to the internet as a priority. In China, the edtech sector is better placed, but due to the immense size of the country, infrastructure roadblocks are being reported.