Global Educational Tech Market Projected to Reach $187.9 Billion by 2029

“Comprehensive Report Highlights Key Segments, Growth Drivers, and Technology’s Role in Global Educational Tech Market”

October 23, 2024

Boston: “According to the latest BCC Research study on “Educational Equipment and Software: Global Markets” is expected to grow from $105.4 billion in 2024 and is projected to reach $187.9 billion by the end of 2029, at a compound annual growth rate (CAGR) of 12.2% during the forecast period of 2024 to 2029.”

This report analyzes the global educational equipment and software market, highlighting current trends and providing a comprehensive market overview. The report segments the market by type and application, offering detailed revenue forecasts from 2024 through 2029, using 2023 as the base year. The geographic breakdown includes North America (U.S., Canada, Mexico), Europe (U.K., Germany, France, Spain, Rest of Europe), Asia-Pacific (Mainland China, Japan, South Korea, India, Rest of Asia-Pacific), and the Rest of the World (South America, Middle East, and Africa). It explores emerging technologies shaping the educational sector and provides insights into the competitive vendor landscape. The report concludes with detailed profiles of key players driving innovation and growth in the market.

This report is especially relevant to stakeholders in the educational equipment and software industry, offering a timely and in-depth analysis of a sector that is undergoing rapid transformation. Through detailed segmentation by type and application, it provides valuable insights for equipment manufacturers, software developers, content providers, and investors, helping them understand key market trends, identify growth opportunities, and navigate emerging challenges. As education continues to shift towards digital platforms and technology-driven solutions, staying informed about these dynamics is essential for making strategic decisions, fostering innovation, and maintaining a competitive edge. The report’s focus on emerging technologies and the evolving vendor landscape ensures that stakeholders remain well-positioned to capitalize on future developments in this fast-moving market.

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The following factors drive the global market for educational equipment and software:

Increasing integration of AI and ML in educational tools: AI and ML are revolutionizing education by personalizing learning and automating tasks. These technologies identify students' strengths and weaknesses, allowing for customized instruction and real-time feedback to improve outcomes.

Rise of gamification in education: Gamification incorporates game elements into learning, making it more engaging. Rewards, challenges, and interactive content motivate students, improving retention and fostering a deeper interest in learning.

Rapid rise of mobile learning: Mobile learning uses smartphones and tablets to provide flexible access to educational content. This trend supports continuous learning outside traditional classrooms, making education more accessible and convenient.

Growing impact of social-emotional learning (SEL) technologies on education: SEL technologies help students develop emotional intelligence and interpersonal skills, improving well-being and academic performance by addressing the holistic needs of learners.

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Report Synopsis

Key Interesting Facts about global educational equipment and software:

1. Hardware Dominates the Market:

• The hardware segment leads the educational equipment and software market.
• Projected to reach $76.1 billion by 2029 due to the high initial investments required for physical devices.

2. Content as the Second-Largest Segment:

• Content remains highly valued for its direct influence on teaching and learning.
• It holds the second-largest market share after hardware.

3. Rapid Growth of Software:

• Software is growing quickly, with a CAGR of 13.7%.
• Growth driven by technological advancements, shift to cloud-based solutions, and increased use of SaaS models, Learning Management Systems (LMS), and Enterprise Resource Planning (ERP) systems.

4. Universities Leading the Market:

• The university segment is the largest and is expected to surpass K-12 in market share.
• This is due to the higher adoption of cloud-based solutions and advanced technologies in higher education.

5. Challenges in the K-12 Sector:

• K-12 institutions face budget limitations, integration issues, and lower technology adoption among staff.
• Additional challenges include high costs for platform administration, operational expenses, inadequate staffing for SaaS management, and reluctance to adopt new technologies.

The global educational equipment and software include in-depth data and analysis addressing the following important queries:

1. What is the projected market size and growth rate of the global educational equipment and software market?

The global market for educational equipment and software was valued at $100.8 billion in 2023 and will reach $187.9 billion by 2029, growing at a CAGR of 12.2% from 2024 to 2029.

2. What are the key factors driving the growth of the global educational equipment and software market?

• The key factors driving the growth of the global educational equipment and software market include increasing integration of artificial intelligence (AI) and machine learning (ML) in educational tools, a rise of gamification in education, and the mobile learning revolution.

3. By application, which segment will dominate the market by the end of 2029?

• By the end of 2029, the universities segment will continue to dominate global educational equipment and software owing to the increased adoption of educational technology across various universities for higher education. Also, the higher market share, as universities tend to go for regular technological upgrades, is driven by the need to align with industry standards and prepare students for tech-centric careers.

4. Which region has the highest market share in the global educational equipment and software market?

• The North American region is the leading revenue generator for the global educational equipment and software market. In 2023, it accounted for $39.0 billion in revenue, representing about 38.7% of the global total. Both North America and Europe are key markets, with significant growth potential driven by major industry players deriving substantial revenue from these regions, innovations in equipment and software, high internet penetration, widespread technology adoption in education, and substantial government investments to foster industry expansion. Moreover, the Asia-Pacific region has become the fastest-growing market for educational equipment and software on a global scale, fueled by favorable demographic trends and robust economic development.

Some of the Key Market Players Are:

• 2U
• ANTHOLOGY INC.
• APPLE INC.
• ARTICULATE GLOBAL LLC.
• CISCO SYSTEMS INC.
• CORNERSTONE
• COURSERA INC.
• D2L CORP.
• DELL INC.
• ECHO360
• GOOGLE INC. (ALPHABET INC.)
• HP DEVELOPMENT CO. L.P.
• INSTRUCTURE INC.
• INTEL CORP.
• LENOVO
• MICROSOFT
• ORACLE
• PEARSON

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Educational Equipment and Software: Global Markets( IAS118C )
Publish Date: Sep 2024    

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