E-LEARNING AND EDTECH MARKET FORECAST
With the prevalence of COVID-19 causing a rising need for digital services, we must look at how the pandemic has caused shifts and changes in the E-learning and EdTech market. It has been estimated that as of the year 2019, the EdTech market was worth around 73.9 billion USD. Likewise, the global E-learning market was estimated to be worth about 200 billion USD as of 2019. The growth in that sector can be attributed to advancements in technology and an increasing demand for digital and remote solutions to in-classroom learning.
Advancements in EdTech
Human beings have always used technology to innovate their surroundings and make life easier and more accessible. And as technology has progressed, so has its usefulness in the classroom. Smartboards, tablets, projectors, and other technologies are quickly integrated into everyday classroom use, and more people opt to take classes online. Artificial Intelligence and Machine Learning have also become more popular. They are now being utilized to advance online learning further by providing AI-powered solutions to the digital classroom. Some classrooms are even becoming hybridized, using both in-classroom learning and video conferencing technology to create digital classrooms. Digital aids and speech-to-text translators have also become more widely utilized in the school to help learners with disabilities.
Increases in E-learning
The 2020 coronavirus pandemic has meant more people have had to stay home in order o decrease the spread of the virus. Many public institutions have suffered due to the inability to gather in large groups, especially our educational institutions. The failure to attend class physically has increased the demand for virtual classroom services. In BestCollege’s seventh annual Online Education Trends Report, findings concluded that almost half (49%) of remote students expected to enroll in online classed even after their educational institutions reopened. The study also found that 48% of online learners were motivated to take online classes to advance their education or their careers. For administrators, the need for digital solutions is also growing. Around *83% of all educational administrators believe in the need for increased accessible online solutions to the classroom to maintain the learning environment during a time when we must socially distance. Of students surveyed by BestColleges, a whopping 95% expressed satisfaction with remote solutions and online classes.
The US and Global Market
The US makes up one of the most significant portions of the E-learning and EdTech market share, occupying around 34% of the market. It has also been estimated that over a third of the growth in the market can be attributed to North America. In the US, the E-learning and EdTech market is estimated to grow by around 21 billion by 2024. The Global E-learning and EdTech market consists of North America, Europe, Asia, South America, the Middles East and, parts of Africa. As of 2018, online K-12 education was worth around 6.73 billion USD. The demand for online classroom services has been influenced by increased demand for accessible language learning services. It has also been affected by the coronavirus pandemic and the need for continued social distancing.
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