K-12 Education Market – Growth, Trends, Impact of COVID-19 and Forecast (2022)
The K-12 education market was valued at $3,259. 36 million in 2021 and is expected to register a CAGR of 9.53% over the forecast period (2022 – 2027). The market is driven by schools moving away from the traditional blackboard approach to integrating smart technology into learning environments.
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The Learning Trend encompasses a wide range of activities, tools, and services that aim to improve student academic achievement.
Rising job opportunities in science, technology, engineering, and math (STEM) fields have boosted the demand for STEM education. Students who obtain high marks in the competitions can be admitted to higher education institutions. Therefore, parents, students, and various stakeholders are emphasizing basic STEM education in schools around the world.
With the advent of technology, many educational institutions have begun to implement learning management systems (LMS), software or web-based applications that provide access to a central, integrated place for resources. instructional materials, including content resources, assessment tools, grading tools, and administrative tools. According to the National Center for Scholastic Statistics, almost all public schools in the United States are connected to the Internet, providing various educational resources, connection tracking for entire classes of students, a portal through which students can easily see the homework and grades, and many more.
The Middle East and Africa region has also seen strong growth in the adoption of e-learning platforms. In December 2021, the Minister of Education of Qatar launched the Flexible Learning Paths initiative to improve professional skills for primary and secondary education, higher education and professional development. The initiative would be launched by FutureX, the national e-learning platform, in collaboration with Coursera, Edx, Udacity and FutureLearn, the international platforms.
The application of e-learning in the high school curriculum has been practiced for a long time. Additionally, the market is witnessing strategic partnerships to capitalize on the growing demand. For example, in July 2022, TMRW, an educational technology company, partnered with TCS to provide digital learning platforms for K-12 education in Indian schools. An integrated learning operating system is present in TMRW (LearnOS).
The K-12 education market includes prominent players, such as Blackboard Inc., ALMA, and Pearson Education Inc. Brand identities primarily influence the market. Strong marks mean good performance, so long-time players should have the upper hand.
The spread of COVID-19 around the world has tested academic, social and economic systems. According to UNESCO monitoring, more than 181 countries have undertaken nationwide school closures, affecting more than 1.5 billion children. It has also brought the digital divide to the forefront of the education conversation, and many school districts have traditionally discouraged virtual learning because not all students have access to it. According to the Tunisian ministry, the mobile phone was the most used service for middle and secondary education, with a penetration share of 46.1% among other devices such as tablets and computers.
Main market trends
Growing popularity of e-learning to drive market
The software solutions provide institutions with well-organized enterprise resource planning systems that help faculty members create enhanced courses and effectively manage classrooms and schools. Online teaching platforms create virtual classrooms, allowing teachers to handle large audiences without any budgetary constraints. Online education provides students with more one-on-one time with their instructors. And most online K-12 programs are inexpensive or even tuition-free.
Mobile devices are growing for smart learning due to their portability and convenience in accessing content and social interactions. Moreover, students and teachers communicate effectively and efficiently with simple clicks for feedback. Learning outcomes for skills and knowledge can be intelligently measured and observed through the latest ICT technologies.
With children getting used to using technology from an early age, everything is quickly digitizing and adapting to this new generation. When students are already used to watching YouTube videos or browsing news articles on their phones, they may struggle to sit and listen to a teacher in a classroom. Their way of consuming information has changed; therefore, the concept of being able to sit back and learn from their device is seen as a more previous and appealing method of educating oneself.
Institutions use software such as Blackboard, which allows them to manage courses and provides students with access to modular information and resources. There are now countless platforms that can help mimic the interactions of a teacher and a student in a classroom, such as Skype. While some argue that online learning lacks the social aspect or physical interaction in a classroom, social media has revolutionized this and allows students to interact in real time.
Online learning not only means that students can access information wherever they are, but also ensures that resources are always available. For example, students can access books online instead of visiting a library. Whether at the airport or on a long train journey, everything is accessible. Therefore, as young students have busier lives and are always on the move, online education may suit their lifestyle better.
Asia-Pacific will hold a large market share
In the Asia-Pacific region, the K-12 education market is growing at a rapid pace owing to the adoption of e-learning by millions of learners. Several countries are putting their entire K-12 curriculum online. The growth is mainly driven by countries like China, India, Indonesia and Malaysia, among others.
The consequences associated with these continued school closures are staggering and include loss of learning, mental distress; missed school meals and routine vaccinations; increased risk of dropping out of formal education; increase in child labour; and the increase in the number of child marriages. According to the report, education budgets in the region will need to increase by an average of 10% to make up for these losses if Asia is to meet the education targets of the United Nations’ 2030 Agenda Sustainable Development Goals over the course of the year. of the next nine years. These difficult times have prompted government agencies and public and private institutions to invest in the alternation of education technologies for a continuous flow of knowledge.
The COVID-19 pandemic has proven to be the driving force in boosting online learning. The e-learning market is driven by the growing need for EdTech & Smart Classrooms amid the COVID-19 pandemic. To overcome the challenges of adopting solutions like LMS platforms in April 2022, IBEForuM organized the Digital Learning APAC Summit to decipher the obstacles facing the education sector in the APAC region.
Leading EdTech companies, such as Panl, have collaborated with Google for Education to enable pilot schools in APAC to build a body of in-depth academic evidence demonstrating how schools can fully benefit from Google’s educational tools and improve teaching and learning. large-scale learning.
India is one of the biggest potential markets for e-learning platforms and LMS systems. New educational policies and initiatives are being taken by the government to give the student freedom. To choose from the variety of subjects they would like to study through the streams.
Recently, the Ministry of Human Resource Development was renamed the Ministry of Education, and this Ministry of Education issued a new education policy with a vision to reshape the education system of India by 2040. He proposed setting up a new national assessment center, PARAKH (Performance Assessment, Review, and Analysis of Knowledge for Holistic Development), to regularly monitor the education system.
The K-12 education market is fragmented in nature as many companies compete for market share. Major players include McGraw-Hill Education, Pearson Education Inc., Stride Inc. (k12 Inc.) and others. Here are some recent developments:
January 2022 – Pearson announced the acquisition of Credly, the leading provider of digital workforce credentials. Acquisition of Credly, in which Pearson already has a nearly 20% investment, would strengthen the company’s presence in the workforce skills sector, adding a sophisticated credentialing service to its capabilities analysis, learning and evaluation of the workforce.
November 2021 – McGraw Hill has completed the previously announced acquisition of Achieve3000, a recognized pioneer in individualized instruction and accelerated learning for K-12 students in all 50 states and 48 countries . It enables McGraw Hill to deliver a broader range of exceptional digital learning solutions that support teachers, engage students and improve learning outcomes.
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