K-12 Technology Spend Market Size, Share, Growth, and Industry Analysis, By Type (Hardware, Software, Solution, Support), By Application (Pre-primary School, Primary School, Middle School, High School), Regional Forecast By 2031

K-12 Technology Spend Market Report Overview

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The global K-12 technology spend market size was USD 18830 million in 2022 & the market is expected to reach USD 135296.95 million in 2031, exhibiting a CAGR of 24.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with K-12 technology spend market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

K-12 is a shorthand for the public school grades up to college and is used in education and educational technology in the U.S., Canada, and some other nations. Kindergarten (K) and first through 12th grade are included (1-12). Elementary school (grades K–5), middle school or junior high school (grades 6–8), and high school are typically the three levels that make up K–12 institutions (grades 9-12).

These three sections are sometimes kept apart; in other cases, elementary and middle school are combined, but high school is kept apart. In other instances, the entire campus is home to all levels.

K-12 education is free in the U.S., with most schools being public (state-funded) schools, and is mandatory in the U.S. until age 16 or 18, depending on the state. However, there are also a number of private K-12 schools, which are supported by tuition payments and other private sources of funding.

COVID-19 Impact: Pandemic increased the market demand

The WHO (World Health Organization) has classified COVID-19 as a pandemic with substantial economic and social consequences. Companies are required to set up an entirely different office as a result of this disease's ability to make people stay at home, in order to be ready for the national governments' WFH (Work from Home orders). Schools are encouraged to pursue cutting-edge teaching and research since students have access to the PLD (Professional Learning and Development) network. Distance learning is anticipated to have a positive effect on the industry's growth as a result of the epidemic.

Latest Trends

"Audio books and dictation software to fuel market growth"

Students are now able to listen to their course material thanks to audiobooks. Because they can listen to their course materials, students who are unable to read due to physical difficulties like dyslexia or visual impairment might benefit from audiobooks. Students who don't have any special difficulties can still listen to audiobooks because hearing pronunciations helps them learn new words. The sensory experience offered by audiobooks keeps students interested and aids in their memory of the material. Similar to how dictation software has benefited many students and educators. It helps pupils who are unable to write or type due to physical limitations or other conditions. It speeds up note-taking while assisting kids in spelling correctly.

K-12 Technology Spend Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Hardware, Software, Solution, Support.

• By Application Analysis

Based on application, the market can be divided into Pre-primary School, Primary School, Middle School, High School.

Driving Factors

"Game based learning to stimulate market demand. "

Game-based learning is gaining popularity in the K–12 technology spend market. The majority of K–12 educators endorse initiatives that help children improve their arithmetic abilities by incorporating real–world project-based learning into the classroom. Additionally, the field's use of technology permits rich information and offers experiences like virtual reality excursions and complex lab activities that enhance learning. excellent episode. For instance, Tencent Classroom, a Chinese e-learning centre, stated in April 2020 that more than 80% of K12 students (about 730,000) finished their lessons online. This sector contributes greatly in K-12 technology spend market growth.

Restraining Factors

"Lack of resources to restrict market growth"

Resource limitations affect all educational institutions. Perhaps you don't have enough employees or space in the budget for additional supplies. The educational experience is directly impacted by this, but staff members also feel more stress as a result. For instance, a teacher must work overtime to accommodate extra students. When there are insufficient resources, it can also affect parents because they have to put in more effort or money to make up the difference.

K-12 Technology Spend Market Regional Insights

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"Growing Demand in North America Anticipated to Boost Market Expansion"

In 2021, North America will control the market and account for more than 37% of worldwide sales. The regional K-12 Technology spend market share will maintain its dominance during the anticipated term due to the volume of private equity investments made in the US EdTech sector. Companies with much higher revenues are anticipated to draw more capital as the market matures and set themselves apart from new competitors.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP K-12 TECHNOLOGY SPEND COMPANIES

• Blackboard
• Knewton
• Microsoft
• 2U
• Aptara
• Articulate
• Dell
• Discovery Communication
• Echo360
• IBM
• Jenzabar
• Promethean World
• Saba Software

Report Coverage

This report examines an understanding of the K-12 technology spend market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.