Education technology is set to become a global phenomenon, growing 17 per cent annually, until it hits $252 billion in 2020. Those are the conclusions of the EdTechXGlobal forecast for the biggest trends in the education technology industry.
The forecast was released by the education technology-focused conference of the same name, together with IBIS Capital.
The funny thing is, the market is already huge – it’s more than $5 trillion worth, eight times bigger than the software market, and three times bigger than the media and entertainment industry.
Yet, it’s only two per cent digitised, and the problem apparently lies in too many ‘gatekeepers’.
“We expect a long rising tide rather than an avalanche, and as such, we need to manage our expectations accordingly,” explained Benjamin Vedrenne-Cloquette, Co-Founder, EdTechXGlobal.
“We estimate that the speed of digitisation in education will be up to five times slower than has been seen in other sectors, due primarily to the increased number of gate keepers involved in digital transition decisions, teachers, institutions, governing bodies, districts and policy makers amongst a few”.
The eventual digitisation of the education market will be primarily led by smartphones, the report also concludes. According to the report, 90 per cent of the world’s under 30 population is located in emerging markets, and mobile-first strategies on education and vocational training will lead the way.
The fourth EdTechXEurope will take place at Kings Place in London, UK, on June 15 – 16. It will host more than 800 global attendees and more than 150 global speakers.
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