The significant advancement in technology and new innovations have transformed the market scenario and increased the requirement for the cost-effective and superior customer services. Whereas, the industry of education has observed dramatic changes in the recent past decades and is still undergoing radical procedure changes in the support of its products and services. There is a significant increase in the ultimatum for the acceptance of technological improvements in the educational processes and data to allow better decisions plans, higher responsiveness to consumer requirements, developed product designs and quality, and faster turnaround times. Nevertheless, the key players of this market are making significant investments for developing the techniques of doing work and leading the fastest market growth during the forecasted period with the handsome amount of share.
The market of education technology is fragmented with the organized and unorganized players while the organized players are dominating the handsome amount of share by working with the innovated technologies. Moreover, the unorganized key players are also showing their efficient performance with the new efforts and techniques for becoming a prominent player around the globe more efficiently. According to the report analysis, ‘Global Education Technology Market’ it states that there are several key players which are recently functioning in this market more significantly for dominating the highest market share with the effective working in the developments of technology includes Google Inc., Microsoft Corporation, IBM, Apple Inc., EdX, Byju’s, and several others. In addition, the obtainability of basic digital infrastructure is a key driver for education technology that will require the projections for the market growth during the forecast period. The accessibility of a necessary infrastructure that propositions technical benefits to staff and students is critical to the successful acceptance of online learning and teaching in institutions across all levels.
Although, according to the research, it is forecast that the education technology market will grow at a significant CAGR of 15.4% during the period of 2018-2024. The significant growth of the education technology market is fueled by the significant increase in the Internet utilization among the populace, increased usage of cloud-based technology by education service companies, utilization of the mobile-based applications along with the cross-industry partnerships, and an effective growth in the venture capital investments.
Nevertheless, the market of this is spread across the globe with the significant developments in the working techniques and implementation of innovated technologies which majorly includes North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. The revenue is created mainly from North America, Europe, and the Asia Pacific. For instance, North America is the foremost market, followed by Europe, with the Asia Pacific emerging in the education technology market. The introduction of effective technologies such as cloud computing, cognitive computing, and machine learning are paving the technique for the growth of education technology. Therefore, in the near future, it is expected that the market of education technology will increase across the globe more significantly over the recent few years with the investment by the new investors for the developments.
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Ankur Gupta, Head Marketing & Communications