• An upcoming report from Evolve Business Intelligence forecasts the global educational technology market (edtech) to grow 18 percent to $300 billion in the next 10 years.
• In 2022 the market, which includes education apps, software, and online learning, was valued at $130 billion
• According to choice insights, North America is currently the market leader, while the Asia-Pacific region is the fastest-growing.

Last month, venture capital firm Global Silicon Valley published a catalogue of what it believes is the world’s top 150 digital education companies in the world. It said that these 150 companies alone reach roughly 3 billion people, and generate around $25 billion in revenue.

Edtech, that is education that leverages technological advances, is a lucrative endeavour.

According to an upcoming report from Evolve Business Intelligence, the edtech market is expected to balloon to $300 billion by 2033. In comparison, the global insuretech market is forecast to reach only $166.4 billion by 2023.

This would apparently be an 18 percent growth, as the edtech market is currently valued at $130 billion as of 2022. This market represents solutions like online learning platforms, educational apps and software.

Evolve Business Intelligence’s report examines and evaluates the current and future conditions of the market to “identify trends, opportunities, and potential risks that may impact the performance of businesses” in the space.

“With schools and universities closed due to lockdowns and social distancing measures, the demand for online learning solutions has increased dramatically. Moreover, the pandemic has also accelerated the adoption of digital technology in education,” reads a press release from Evolve.

“With remote learning becoming the new norm, schools, and universities have had to invest in digital infrastructure and EdTech solutions to ensure continuity of education. This has created new opportunities for EdTech providers to deliver innovative solutions that support online learning.”

Evolve has published a few insights related to its upcoming report. One of which is that North America dominated the edtech market in 2022. The fastest growing market, however, was the Asia Pacific market – which is expected to register the largest annual growth rate from 2023 to 2033.

Key players and corporates involved in the market include companies like BYJU’s, Google, Microsoft, Coursera Inc., Instructure Inc., and Blackboard, whose products were nearly ubiquitous in IIE universities in South Africa pre-pandemic.

The report is set to cover the Middle East and Africa region, with South Africa particularly highlighted. The South African government has made significant investments in the edtech space in the country, especially in underserved or underrepresented communities.

We have covered in the past the rollout of fourth industrial revolution (4IR) skills and related technologies in KwaZulu-Natal’s schools, including the creation of bootcamps and mobile skills laboratories where young people can learn about VR/AR, data analytics, and multimedia production among other subjects.

Those interested in reading the full report when it releases can sign up here.

[Image – Photo by Compare Fibre on Unsplash]