Education Technology Market Size, Share, Growth Analysis, By Sector(Preschool, K-12, Higher Education, Others), By End User(Consumer, Enterprise), By Type(Hardware, Software [Classroom Management System, Document Management System, Learning and Gamification), By Deployment(On-premises, Cloud), By Region - Industry Forecast 2024-2031

Education Technology Market size was valued at USD 108.63 billion in 2019 and is poised to grow from USD 123.4 billion in 2023 to USD 388.81 billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).

Education technology (EdTech) refers to hardware and software used to educate students on a virtual level to improve classroom learning and improve students' educational outcomes. By utilizing technology for learning and teaching, EdTech platforms help students overcome difficulties in receiving a comprehensive education. Learners are increasingly turning to eBooks, which can be accessed online from anywhere in the world. Digital content is less expensive to produce than printed content, which has higher production costs. Digital books are available in a variety of languages and can be easily translated and accessed by a larger user base. Furthermore, learners, particularly those with physical disabilities, can listen to audio versions of educational content to improve their vocabulary and encourage better interpretive reading.

EdTech solutions are expected to evolve in combination with advances in cutting-edge technologies such as IoT, AI, and AR/VR, and to significantly contribute to Education Technology Market growth. The incorporation of AR and VR in EdTech solutions allows for a more interactive learning experience for students. It enables students to explore and seamlessly connect with abstract concepts, thereby increasing student engagement.

Increasing student engagement is becoming a top priority for educators. As a result, Education Technology Market participants respond to such concerns by introducing advanced interactive whiteboards and transitioning from projector-based displays  to touchscreen displays. For example, In July 2021, Huawei Technologies Co., Ltd., an information technology company, launched a kid's smart learning screen for children, with a variety of educational resources and applications such as word lookup, remote homework tutoring, teaching classes, textbooks, parent management education center, and smart learning solutions.

US Education Technology Market is poised to grow at a sustainable CAGR for the next forecast year.