According to a news release announcing the report, the ed-tech industry in China will be among the fastest-growing markets in the world, projected to reach $43.5 billion by 2026 at a compound annual growth rate of 18 percent. Other significant markets include Japan and Canada, projected to grow at 13.5 and 15.5 percent respectively, and Germany, which is expected to grow nearly 14 percent. The rest of the European market is projected to reach about $25 billion, analysts said.
The report said the U.S. currently holds nearly 30 percent of the global ed-tech market, estimated at $29.4 billion in 2021. Based on this figure and the global market's projected value of $207.3 billion by 2026, the U.S. market could exceed $60 billion by 2026 if it maintains its share of the global market. However, the news release didn't provide an exact estimate of the 2026 U.S. market share.
Analysts said the growth of the market has been driven by several factors, including rising demand for e-learning solutions and digital education, increased use of connected devices in schools, lower developmental costs for ed-tech tools and more adoption of machine learning and artificial intelligence-driven programs during COVID-19. In addition, the report said, tech such as virtual reality and augmented reality are “anticipated to witness greater implementation in classrooms as learning tools."
The report examined 326 companies in the K-12 and higher ed digital learning market, including Apple, Blackboard, Cisco Systems, Dell, Discovery Communications and IBM.
Market analysts have kept a close eye on the digital learning market during the pandemic. Recent research from Holon IQ expects total global ed-tech expenditures to grow at a compound rate of about 16 percent through 2025, while another reportreleased last fall by Infiniti Research Limited projects a growth rate of about 18 percent.
