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From Traditional to Digital – Future of EdTech

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EdTech is one of the most rapidly growing industries in recent years. In 2020, the global EdTech market has a size of USD 89.49 billion, and this market is expected to see a compound annual growth rate (CAGR) of 19.9% from 2021 to 2028 (Grand View Research, 2021). As one of major markets, there are many sectors in the EdTech industry. EdTech industry can be roughly divided into three different sectors: Hardware, Software and Content (Grand View Research, 2021). The hardware sector is currently leading the EdTech market with a 42% of the global avenue share, for example, interactive whiteboards, tablets, laptops are all EdTech digital hardware which usually work with some software platforms (Grand View Research, 2021). The learning materials, question banks, or study notes all fall into the content sector, while platforms and e-learning portals are in the software sector (Grand View Research, 2021). Moreover, this market can be further divided into different sectors based on the use for different education level or different purposes such as for consumers or for business (Grand View Research, 2021). Some of the top players in the EdTech industry include BYJU’s, Blackboard Inc., Chegg Inc., Edutech, Google LLC, Microsoft, and etc. (Grand View Research, 2021).

It is predicted that the content segment will have the fastest growth in the upcoming years (Grand View Research, 2021). With the innovation in content delivery and visualization technologies, it is easier to reach the better-quality educational content, which can help the content segment further expand their potential market (Grand View Research, 2021). As for the software segment, it is always seen with the application of technology, artificial intelligence and machine learning (Ilieva, 2021). There is a new movement taking place in the education industry, which is that the way of recruitment is changing among many educational instructions especially universities and colleges (Ilieva, 2021). When we look into this cross-border application sector, we can see a rapidly growing market with great potentials. There are plenty of companies that are currently participating in this market such as ApplyBoard, Study portal, IDP, Adventus, and etc. (Ilieva, 2021).

The digital classrooms in the educational institutions across the world contribute a lot to the high share of hardware segment in the EdTech industry (Grand View Research, 2021). For instance, interactive whiteboard for both education and business is one of the biggest and most popular sectors in it (Grand View Research, 2021; Grand View Research, 2020). Compared to the fast growth of cross-border application sector, the interactive whiteboard sector seems more mature with a CAGR at 7.6%, however, this CAGR is still higher than the CAGR of the predicted Education & Training spend overall growth which is predicted at 5-6% (Grand View Research, 2020; Ilieva, 2021). BenQ Corporation, Boxlight Corporation, Google Inc and Microsoft Corporation are all participating in this market (Grand View Research, 2020).

With the technology developing, we can see development in almost every sector in education industry. There are ongoing trends that governments and educational institutions want to transfer the traditional blackboard classrooms to more digital ones while organizations and corporates also need a more efficient way to provide adequate training to their employees (Grand View Research, 2020). Moreover, Educational institutions are changing their way of recruitment too (Ilieva, 2021). We can see the great potential and the market opportunities in the EdTech industry. With the continuous development of artificial intelligence and machine learning, we can expect that the EdTech industry will keep booming and significantly change the way of studying and learning.

References

Grand View Research. (March 2020). Interactive Whiteboard Market Size. Retrieved from https://www.grandviewresearch.com/industry-analysis/interactive-whiteboard-market  

Grand View Research. (April 2021). Education Technology Market Size, Share & Trend Analysis Report. Retrieved from https://www.grandviewresearch.com/industry-analysis/education-technology-market# 

Ilieva, J. (May 11, 2021). The Rise of EdTech 4.0 – is a Recruitment Revolution Coming? Retrieved from https://www.educationinsight.uk/category/edtech/