According to the 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 worth USD 74.64 billion in 2020 and is anticipated to grow with a CAGR of 19.9% during 2020-2027 to reach USD 318.8 billion valuation by the end of forecast period.
 

Availability of online courses offered by leading universities, alongside easy internet accessibility and surge in smart device usage are primarily attributing to growth of global education technology market. Technological advancements such as artificial intelligence (AI), augmented reality (AR), internet of things (IOT), and virtual reality (VR), in consort with various government led initiatives have further catalyzed the growth.
 

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Notably, education technology refers to online learning that is accessible from anywhere with an active internet connection. This maybe in the form of video lectures, e-textbooks, audio format, or animated videos to make the learning interesting.
 

On the downside, leniency for data privacy, and lack of digital infrastructure are restraining the market growth. However, stringent measures by the concerned authorities to protect personal data of the students, and adaptation to technology in daily life are likely to raise the demand for education technology.
 

Based on sector, the market is divided as preschool, K-12, higher education, and others. The end user spectrum inculcates business and consumer. In terms of type, the industry is classified into software, content, and hardware.
 

Speaking of regional distribution, worldwide education technology market trends are studied across North America, Latin America, Asia Pacific, Europe, and the rest of the world. Of these, North America accounted for major market share in the recent past, due to presence of leading educational universities in the region, demand for skill-development courses, along with robust IoT infrastructure.
 

Parallelly, Asia Pacific market is expected to show highest growth rate over the study period. Ample young population, affordable internet accessibility, and heavy investments by the EdTech players are the factors believed to propel the market growth.
 

Various companies in global education technology industry space are Blackboard Inc., BYJU'S, Coursera Inc., Chegg Inc., edX Inc., Edutech, Instructure Inc., Google LLC, Udacity Inc., and Microsoft Corporation.