Future Market Insights (FMI) predicts that during the projected period, the demand for tech products will grow at a robust CAGR of 14.5%. (2021-2031). By the end of 2021 and the end of 2031, it is anticipated that the market’s total sales will be valued at US$ 74,239.7 Mn and US$ 288.4 Bn, respectively.
According to FMI, the introduction of learning through entertainment and quick technology advancements have boosted edtech use globally. Digital learning makes it possible for people to access the content at any time of the day because uniformity is challenging when working with numerous sites. Additionally, it is accessible from anywhere in the world at any time.
Online learning involves assisting learners in efficiently adjusting to new changes as innovative new tools or practices are introduced in digital technology. Thus, learning management systems (LMS) are becoming more and more popular all over the world. The LMS assists in organizing the learning process and building a stimulating learning environment so that more functionalities can be added to increase learning potential. As a result, businesses are utilizing LMS to improve employee training and product and service knowledge.
- During the projected period, it is anticipated that the hardware segment will hold the largest share by component. The software market, however, is anticipated to expand at a CAGR of 16.7% through 2031.
- The academic institution end-user segment is expected to grow between 2021 and 2031 at a CAGR of 16.7%.
- Through 2031, the market in the US is anticipated to grow at a CAGR of about 11.2%.
- Over the next ten years, the Indian ed-tech market is predicted to expand at a CAGR of roughly 22.8%.
- The Japanese tech market is anticipated to grow by 5.1X during the next five years.
Adaptive Learning is Increasingly Popular
New product development, a collaboration between e-learning software companies and education publishers, and major investment in adaptive learning have all increased interest in the subject. As new technologies like AR and AI are developed, adaptive learning is becoming more and more popular, elevating it to a new level. The strong analytics of adaptive learning, along with its assistance in confidence-based evaluations and pre-learning exams, enable enterprises to avoid the limitations of generalized learning.