According to Future Market Insights (FMI), the demand registered in the edtech market will increase at a healthy CAGR of 14.5% during the forecast period (2021-2031). The overall sales in the market are expected to reach a valuation of ~US$ 74,239.7 Mn by the end of 2021. As per FMI, rapid technological advances and the introduction of learning through entertainment have increased the adoption of edtech worldwide. As standardization is difficult while working with multiple sites, digital learning helps individuals to access the content at any time of the day. It can also be accessed at any time in any part of the globe.
With new innovative tools or practices being launched in digital technology, online learning is helping learners adopt new changes efficiently. Hence, learning management software (LMS) is gaining wider acceptance globally. The LMS helps in managing the learning process and creating an engaging learning environment for adding more functionalities to enhance the learning capacities. Hence, companies are using LMS to make their employees better trained, and more knowledgeable about products and services.
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- 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. The 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.
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.
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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.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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