Education Technology (EdTech)
EdTech refers to the use of technology (hardware and software) to facilitate the learning process. For example, virtual classrooms and learning in the living room can boost efficiencies in learning, through intelligent grading, pronunciation correction, and adaptive learning.
According to a global EdTech market report from Markets and Markets, the global EdTech and smart classroom market size is expected to grow from USD 85.8 billion in 2020 to USD 181.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.1% during the forecast period. The COVID- 19 pandemic and growing need for online teaching-learning models may even lead the growth rate to beat estimate.
Based on the education phases, Ed-Tech industries could be divided into three market segments
K-12 education (from kindergarten to 12th grade)
Enterprise and professional learning