Overview: The global market for interactive text books is expected to have significant growth reaching a value of over USD 1.1 Billion by the year 2021 with a CAGR of about 17% for the period 2017-2021. Interactive textbooks are also known as digital textbooks or eTextbooks which are an extended form of eBooks or digital books and it include elements of interactivity in addition. eBooks are only the digital version of printed textbooks. The global interactive textbooks market encircles vendors, such as publishers, ed-tech solution providers, and content creators, who are offering interactive textbooks to institutions. The market is expected to witness major growth owing to higher rates of adoption in the upcoming years owing to increased reliance and functionality of technology, advanced software which is expected to create more sophisticated platforms for learning and increasing levels of customization for students. Over the past 5-7 years interactive learning has grown from being simulated video students see on a computer to actual games, simulations and challenges they solve individually thanks to the availability of mobile devices. Learning based platforms and applications have made individualized interactive learning a possibility. The current trends even indicate a large number of educational institutes offering iPads or tablet devices for students to carry with them that store their information, manage the platform based student dashboard, and update the students on the situation of their coursework and any important announcements that occur. While all these features make it easy to centralize their digital school life on a device, the main benefit for students through the usage of this technology is the vast library of interactive textbooks and learning based tools which are designed to make learning and education entertaining and fun. Technology has made learning, into more of a game than ever and has boosted student’s learning satisfaction. Students enjoy this method of learning and a large number of them have begun to adapt this kind of learning as opposed to class room based learning as evidenced in various Education Industry Market Research Reports. While North America is the largest market in terms of value, the fastest growing market is expected to be the Asia Pacific region
Competition Scenario: As interactive textbooks are an emerging industry and the content delivery system is still developing, most of the market is split between a handful of content providers working to gain prominence in the education market. Vendors in this market are making such textbooks available either for free or through rental agreements and the pricing mechanism of these textbooks is either based on per chapter or monthly and yearly subscriptions. The major players of the market are – Apple, Houghton Mifflin, Harcourt, McGraw-Hill Education and Pearson Education. The other prominent vendors in the market include Metrodigi, Cambridge University Press, John Wiley & Sons, Oxford University Press, and Vital Source.
Key Drivers: The major drivers propelling the growth of the Interactive Textbook market are:
- Increased student engagement: The availability of advanced platforms allows teachers and developers to create superior methods of content delivery which allow students to learn through a device which is gaining increasing popularity among the student population. The application of devices also allows for interactive assessment exercises that students are able to take and includes multiple games like puzzles, crosswords and interactive experiences which could not be replicated in a conventional textbook the way they are on the device.
- Rise in use of interactive textbook creation tools: The growing popularity of interactive text books and their increased adoption with technology providers has led to a growing interest for developers to design education based applications and platforms which help students learn in new ways. The increase in suppliers of the educational content has multiple benefits for consumers- the first being that more competition usually signals a lower price which is beneficial as most providers work on a subscription based model. Second being the growing rate of innovation allows developers and providers to use new ways of delivering the same concept
- Alignment with education standards: More and more students prefer using a platform as it is a centralized point of knowing everything that they need to with reference to their academics and important updates. A majority of universities have some sort of Enterprise Resource Platform which allows students to check their own profile and its details along with checking the important news for the university, check their own academic performance and the integration of analytics helps the universities track and assist the student performance for optimum solutions which are designed to optimize the performance of the student. These factors are beneficial and more so desired by students today.
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Ankur Gupta, Head Marketing & Communications