The overall global smart education and learning market was worth an estimated $166.30 billion in 2018, the most recent year that data is available. One of the benefits of education technology — specifically apps — is that there are many applications, including corporate, academic, and government environments.
Major EdTech app vendors highlighted by Technavio include Duolingo, a US-based language learning app with over 300 million users; Alphabet, Google’s parent company which is responsible for Socratic; and Age of Learning, which offers programs like ABCMouse, Adventure Academy, and ReadingIQ. The market is fragmented and dominated by several major players.
While the global smart education and learning market as a whole is projected to reach $665.12 billion by the end of 2026, the market for edtech apps specifically will grow $46.88 billion by 2024, according to the report, which notes the start of the growth period as 2020.
During these four years, this market is expected to expand at a compound annual growth rate (CAGR) of 26%, which is a massive number. The Asia-Pacific region is projected to be a major contributor to growth, the report says, and may be responsible for as much as 42% of market growth during the forecast period.
Reasons for Growth
In addition to the rise in interest in the Asia-Pacific region, which is projected to play a major role in the market’s expansion, growing demand for STEM-based apps is anticipated to boost growth. “Developed and developing countries across the world are increasing the emphasis on improving STEM education systems owing to the growing opportunities in these streams,” explains the report. As a result, companies in the industry are investing resources into developing STEM apps.
COVID-19 will also play a critical role, according to the report. The pandemic has driven a massive push toward online learning — and as a result, companies that produce resources making remote schooling easier are seeing major gains. Edtech apps will continue to see rising interest in the near future, even once the pandemic is more under control globally, as some of its impacts are expected to linger.
The edtech market will soar in the next few years, which is useful information for entrepreneurs and investors alike. In general, industries that cater and ease the massive shift from in-person to digital, caused by COVID-19, have all seen a boost in business and are projected to continue growing at an aggressive pace.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.