According to a research report titled ‘Global Education Technology Market Size study, by Sector (Preschool, K-12, Higher Education and Others), End-User (Business and Consumer), Type (Hardware, Software and Content) and Regional Forecasts 2020-2027’, available with Market Study Report, global education technology market was valued at 74.64 billion in 2019 and is projected to grow at a CAGR of 19.9% during 2020-2027, subsequently amassing USD 318.8 billion the forecast period end.
 

Research findings state that increase in online educational courses offered by top universities across the world as well as  technological advances in the education sector, such as Artificial Intelligence (AI), Internet of Things (IoT), Augmented Reality (AR), and Virtual Reality, are stimulating worldwide education technology industry growth.
 

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For the record, Zhejiang University launched over 5,000 online courses using ZJU DingTalk in 2019. In 2020, EdX launched a series of undergraduate online courses called MicroBachelors programs that also provide real college credits and are practical knowledge for real-world jobs. Such initiatives will continue to enhance the industry outlook.
 

Additionally, stringent regulations regarding the safety of personal data of students and widespread penetration of technology are anticipated to bolster the global education technology market remuneration scope in the upcoming years.
 

Various government initiatives towards development of education technology are also adding momentum to global education technology market expansion. Citing an instance, the Indian Government announced ‘Study Webs of Active Learning for Young Aspiring Minds (SWAYAM)’ in 2017, that develops & delivers online courses through video lectures.
 

For the unversed, education technology is a type of online learning that can be remotely accessed in digital form through e-textbooks, video lectures, audio format and animated videos to provide an interactive learning experience to students.
 

Despite the lucrative growth prospects, flexible data privacy rules for students that put personal information at risk, and lack of digital infrastructure in developing nations are expected to hamper market growth over the forecast period.
 

Considering the regional outlook, Asia Pacific, North America, Europe and Latin America are the key contributors to the overall education technology market remuneration. Among these, North America captured a substantial portion of the market share in the recent past. Factors such as presence of top educational institutes, rising demand for skill development courses in corporates, and availability of advanced Internet-of-Things (IoT) infrastructure are favoring regional industry growth.
 

Meanwhile, Asia-Pacific market is projected to exhibit a hefty compound annual growth over the forecast period 2020-2027 owing to factors such as rising investments by EdTech companies, presence of substantially younger population demographic, and access to affordable broadband connectivity across the region.
 

Major contenders in global education technology market are Udacity Inc., Microsoft Corp., Instructure Inc., Google LLC, edX Inc., Edutech, Coursera Inc., Chegg Inc., Blackboard Inc., and BYJU'S (Think and Learn Pvt Ltd.).