Blockchain in Education Market Size, Share, Growth, and Industry Analysis, By Type (Credentials Verification, Expanding MOOCs, Digital Rights Protection, Open Source Universities, School Assets Tracking & Management, and Others), By Application (Personnel Recruitments, Digital Rights Management, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Blockchain in Education Market Report Overview

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The global blockchain in education market size was USD 118.7 million in 2021 and the market is projected to touch USD 3,049.26 million by 2030, exhibiting a CAGR of 43.94% during the forecast period. 

The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

Employers, employees, and students can utilise blockchain, a distributed ledger technology, to authenticate educational records in transparent and secure apps. Blockchain is a system for capturing and archiving transactional data. Block chain is a shared, unchanging record of peer-to-peer operations that is kept in a digital ledger and is made up of interconnected transactional blocks. Through blockchain in education technology, which is built by cryptographic methods without any prior confidence or dependency between the participating parties, users of a network can also connect. With regard to the blockchain system, there is no central authority.

All participants in a blockchain are aware of every transaction that takes place, and before any data is added, the network must verify it. This facilitates trustless collaboration among network members while maintaining an inflexible audit trail of all interactions. Given that the majority of work done in the education sector is paper-based and that blockchain technology can easily convert it to a paperless method, blockchain-based ledger technologies can be extensively used in the field of education. Additionally, academic transcripts, badges, certifications, lessons, courses, and many other items for the educational sector are stored using blockchain technology.

COVID-19 Impact: Pandemic Caused Lockdown led in Upsurge of the Market Demand

Due to the adoption of Blockchain in education technology by the education sector to improve efficiency, transparency, security, and safety, it is predicted that the COVID-19 epidemic will increase the blockchain in education market share. Universities are implementing Blockchain-based learning systems to assure student accessibility to education in order to maintain the continuity of schools. Blockchain adoption in the education industry is enhancing student and teacher performance. As a result, it is projected that throughout the forecast period, there will be considerable prospects for the expansion of the worldwide blockchain in education market growth.

LATEST TRENDS

"Technological Advancements in Data Storing, Sharing, Gaining Ownership to Boost the Market Growth "

Blockchain technology is becoming more popular in edutech because it provides a flexible & reliable way to keep student credentials as they move from course to course throughout their professional lives. Students can save their proof of formal and informal learning using blockchain technology and distribute the materials with the target audience. Students can profit from blockchain in edutech by updating their curriculum, which can also be shared with employers. In addition, Blockchain technology is assisting students in taking control of their academic data, which is a key element driving the industry.

Blockchain in Education Market Segmentation

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• By Type

Based on type, the blockchain in education market is classified into credentials verification, expanding moocs, digital rights protection, open source universities, school assets tracking & management and other.

• By Application

Based on application, the blockchain in education market is classified into personnel recruitments, digital rights management and others.

DRIVING FACTORS

"The Systematic Students Record-Keeping, Verifying and Retrieving to Boost the market"

Many of the record-keeping and record-verification procedures discussed in this article take a lot of time and money. Schools can save money by shifting many of these tasks from offices to the blockchain. To manage records and archives, they will require less office space, less storage space, and fewer staff members. In the event that schools automate these procedures, they could be able to pass on the lower costs to the students in the form of lower records service fees or, in the event that courses can be automated and instructors can accommodate more students with less resources, perhaps lower tuition. Blockchain already is having an influence on education, and it has the potential to completely change this industry.

"Introducing Cryptocurrencies in Blockchain to Strengthen the Market Structure  "

With students, parents, banks, and contributors, educational institutions must conduct numerous financial transactions. They consist of collecting fees, handling payments, awarding scholarships, etc. It is possible to create unique Blockchain protocols to streamline this procedure. The same was demonstrated in 2014 by King's College in New York City, which switched from taking student fees through credit card transactions to bitcoin payments. More universities may start accepting and disbursing payments using cryptocurrencies in the near future. On secure cryptocurrency exchanges like Kraken, a new type of digital asset is probably going to be developed and exchanged. Even the academic community can purchase goods and services with cryptocurrencies. Custom tokens are easily imaginable being utilised in cafeterias, classrooms, and bookstores.     

RESTRAINING FACTORS

"Computer Literacy and Technical Issues can Hamper the Market Demand"

 Although kids and adults are often tech knowledgeable and thus capable of using computers well, a big issue among pupils nowadays is a lack of computer literacy. Many students do not have access to the high bandwidth or robust internet connection required for online courses, and consequently fall behind their virtual classmates: Their poor monitors make it difficult to follow the Course Management System, and their learning experience suffers as a result. However, the restraining factor technical challenge is projected to limit the blockchain in education market growth in the forecasted period.

Blockchain in Education Market Regional Insights

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"North American Region Gauge for the Huge Revenue Share in the Market"

Due to the growing need for Blockchain smart contracts employing Blockchain technology in educational institutions in the region, North America is predicted to dominate the market for Blockchain in Education globally. American university and college students are accustomed to using technology and tech tools to advance their knowledge and skills. Universities and colleges in the area are utilising Blockchain technology to safeguard the storage of information recorded in the chain, making academic content accessible and secure for everyone. In order to meet consumer demand for blockchain education solutions and keep up with technological improvements, regional providers of Blockchain in edutech solutions are concentrating on the release of unique solutions. Due to the significant interest in Blockchain in edutech among colleges and institutions in the area, this trend is anticipated to intensify over the next years.

 KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

Blockchain in edutech solution providers are putting their development plans into action to increase their market presence and secure a larger market share. In order to increase their presence in the global market, providers of Blockchain in edutech solutions have implemented significant growth strategies, including product launches, partnerships & acquisitions, and the creation of regional and global distribution networks.

List of Market Players Profiled

• BlockCerts (U.K.)
• Disciplina Group, LLC (U.S.A)
• Gilgamesh (U.K.)
• IBM (U.S.A)
• Learning Machine Technologies (U.S.A)
• Education Ecosystem (U.K.)
• odem.io (Switzerland)
• Education Ecosystem (U.S.A)
• Oracle (U.S.A)
• RecordsKeeper (Switzerland).

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth of the  blockchain in education service.