K-12 Technology Spending 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 To 2031

Updated On: 15 April 2024

K-12 Technology Spending Market REPORT OVERVIEW

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global k-12 technology spending market size was USD 18830 million in 2022 and market is projected to touch USD 135296.9 Million By 2031, exhibiting a CAGR of 24.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Global K-12 Technology Spending Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market for K–12 education technology spending offers great opportunity for cloud-based solutions. They can provide schools with flexible, scalable, and affordable access to technology-related services and solutions. Utilizing artificial intelligence and machine learning in educational technology solutions has the potential to significantly improve learning outcomes and customize student experiences. These tools can help students fill in any gaps in their knowledge, offer personalized paths for progress, and provide immediate feedback.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 pandemic is predicted to reduce the worldwide K-12 Technology Spending market size from USD 18830 million in 2022 to US$ 70110 million by 2028 with a CAGR of 24.5% over the research period. Fully accounting for the economic shift brought on by this health catastrophe, it is predicted that by Type, Hardware, which in 2021 accounted for% of K-12 Technology Spending globally, will reach USD million by 2028 and expand at a revised% CAGR in the post-COVID-19 timeframe. Pre-primary School was the dominant application, accounting for over percent of the market in 2021; this share changed to a certain % CAGR during the projected period.

LATEST TRENDS

"Growth of the market in recent years"

Online Learning Resources, using open educational resources (OERs) offers a huge chance to lower the price of instructional materials and widen access to high-quality educational resources. Companies that specialize in education technology can create products that make it easier for schools to find and use OERs. Professional Growth, Teachers must have the requisite skills and expertise to effectively use technological solutions in the classroom given the expanding usage of technology in education. This offers opportunities for educational technology firms to create support services and professional development programs that can aid instructors in honing their technological expertise.

K-12 Technology Spending Market SEGMENTATION

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• By Type

Based on type the Global K-12 technology spending market is classified as hardware, software, solution, support.

• By Application

Based on application the global k-12 technology spending market is classified as pre-primary school, primary school, middle school, high school.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth"

The K–12 education technology spending market is mostly driven by the growing use of technology in education. Schools and educators are spending more in digital solutions as they become aware of the potential for it to improve student learning results and engagement. The rising need for personalised learning is another factor influencing the K–12 education technology spending industry.

Learning management systems and adaptive learning platforms give educators the ability to create personalised learning experiences that are tailored to the unique needs and learning preferences of their students. Due to the need for schools to implement remote and hybrid learning methods, the COVID-19 epidemic has hastened the movement towards digital classrooms. As a result, there has been a rise in spending on technological products like collaboration tools, videoconferencing software, and online learning systems.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Investment in mobile learning solutions is being driven by the growing use of mobile devices like smartphones and tablets in education. Learning is made more convenient and accessible via mobile learning solutions, which give students access to educational resources and material on their mobile devices. The effective use of technology in education requires teachers to have the necessary skills and knowledge. The market for K–12 education technology spending is therefore driven by investments in support services and programmers for teachers' professional development.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The lack of infrastructure in some areas is one of the main barriers to K–12 education technology spending. K–12 schools frequently have little finances, which can make it challenging to invest in pricey technology solutions. This includes problems like restricted access to high-speed internet, insufficient power supply, and inadequate technology infrastructure in schools. This is especially true for schools in low-income regions, where spending may already be constrained. Concerns concerning data security and privacy have been highlighted by the growing use of technology in education. Schools must make sure that student data is securely stored and that personal information is secured.

K-12 Technology Spending Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The United States presently dominates North America, which is the largest market for K–12 education technology spending. This market is growing as a result of elements like greater educational technology usage, need for personalized learning methodologies, and the transformation of the classroom into a digital one. Europe is a sizable market for K–12 education technology spending, with large contributions from the UK, Germany, and France. The market in Europe is being pushed by elements like the expansion of the usage of digital content in the classroom, the demand for e-learning solutions, and the popularity of online tutoring services.

According to projections, the Asia-Pacific area will see the largest growth in K–12 education technology investment over the next few years due to reasons like growing student demand for mobile learning solutions, rising online learning platforms, and more use of technology in schools. Within this region, China and India are anticipated to have a significant impact on this market.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Knewton (U.S)
• Microsoft (U.S)
• 2U (U.S)
• Aptara (U.S)
• Articulate (U.S)
• Dell (U.S)
• Discovery Communication (U.S)
• Echo360 (Europe)
• IBM (U.S)
• Jenzabar (U.S)
• Promethean World (China)
• Saba Software (Europe)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.