Education Tech Market Will Reach $238 Billion by 2024
Arizton identifies increasing demand for optimized educational content that is designed for the specific needs of professionals, employers, and general consumers as the primary driver of e-learning market growth.
Additional factors include the maturity of primary and secondary education systems, increased spending on corporate learning and training, federal budget allocations to education, higher literacy rates, and increased cultural exchange.
The report suggests that the adoption of self-paced learning modules in the corporate sector will revolutionize the global education market. This will be further encouraged thanks to augmented reality and virtual reality technology and the proliferation of mobile platforms and social networks. Arizton expects that m-learning technology will soon become mainstream.
The major players in the e-learning market are currently focused on the development of customizable modules characterized by high engagement levels and rich content. Given the growing trend of investing in e-learning subscriptions and online courses, vendors will have an opportunity to generate substantial profits.
Growth Rates of Different Market Segments
Thanks to its easy accessibility and cost-effectiveness, the packaged content segment will retain its large market share. However, the trend toward adoption of SaaS-based learning management systems in corporate environments will drive the growth of the LMS segment at a faster CAGR. Other models, such as video-learning, gamification, and virtual classrooms, are expected to grow at a slower pace.
The self-paced education segment will have a significant market share. Professionals are increasingly aware of the need to expand skill-based proficiency in order to improve their career prospects. In the past decade, this model has been particularly popular in Russia and the UK. During 2018, North America dominated all segments of the e-learning market, and it’s expected to remain so in the forecast period.
The specialized training segment occupied about three quarters of the market during 2018. However, testing services are likely to outgrow this segment in terms of CAGR due to the growing need for better user experience, content accuracy, and technological soundness.
The research report cites setting an adequate price-versus-value ratio as the biggest challenge for major vendors. So far, vendors playing a key role in the market include Apollo Education Group, BlackBoard Learn, Oracle, Pearson PLC, and the British Council.
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