Digital Education Market
According to a new report published by Allied Market Research, the digital education market was valued at $12.5 billion in 2021, and is estimated to reach $125.3 billion by 2031, growing at a CAGR of 26% from 2022 to 2031.
Digital education is a technique or method of learning that involves technology and digital devices. This is a new and broad technical sphere, which is expected to help any student attain knowledge and gain information from any corner across the country. It is believed that digital education is the future of education and learning.
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In addition, technology has a significant impact on the way students learn and the way teachers conduct lessons. As educational technology becomes more sophisticated, more accessible, and more engaging, schools and parents are better equipped to adapt to the new trends of digital education. Technology has impacted education by introducing new learning methods, such as adaptive learning, flipped classroom models, and massive open online courses (MOOCs).
Rise in the adoption of advanced technologies in digital learning, increase in penetration of smartphones, and internet penetration positively impacts the growth of the market. In addition, surge in use of AI and machine learning in digital education boosts the growth of the market across the globe.
However, factors such as lack of social interactions in the digital education and high cost of implementation limit the growth of the market. On the contrary, emergence of several trends, such as micro learning, gamification, adoptive learning, and mobile learning are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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Depending on learning type, the self-paced online education segment holds the largest digital education market share as it can be done across different platforms, websites, PCs, and mobile apps. However, instructor-led online education segment is expected to witness growth at the highest rate during the forecast period due to real time doubt clarification and two-way interactions.
Region-wise, the digital education market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to the availability of high-speed internet and the advent of the 5G network. In addition, 5G network enables service providers to improve learning through the incorporation of AR & VR technologies that require high-speed internet connection for effective operation. However, Asia-Pacific is expected to witness significant growth during the forecast period, due to the growing internet penetration and adoption of digital learning by various institutes across the region.
The COVID-19 pandemic has transformed working model of the educational sector by focusing more on online working models, which has created a lucrative scope for the digital education market. After the outbreak of the pandemic, countries including the U.S., Italy, China, and other developed countries were one of the first countries to adopt online education courses and teaching methodologies, creating a higher investment scenario within the market for educational technology. For instance, BYJU’S, a Bangalore-based educational technology, and online tutoring firm founded in 2011, was the world’s most highly valued edtech company in 2021.
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The report focuses on growth prospects, restraints, and analysis of the global digital education market forecast. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the digital education industry.
KEY FINDINGS OF THE STUDY
1. By learning type, the self-paced online education segment accounted for the largest digital education market share in 2021.
2. By region, North America generated highest revenue in 2021.
3. By end user, the academic institutions & individuals segment generated the highest revenue in 2021.
The key players that operate in the digital education market analysis are Alison, Brain4ce Education Solutions Pvt. Ltd., BYJU’S, Coursera Inc., DataCamp, Inc., Edmodo, edX LLC., Intellipaat Software Solutions Pvt. Ltd., iversity learning solutions GmbH, Jigsaw Academy Education Pvt. Ltd., LinkedIn Corporation, MiriadaX, NovoEd, Pluralsight LLC., Udacity, Inc., Udemy, Inc., and XuetangX. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital education industry.
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