K12 Education Market Size Projected to Generate a Revenue of $525.7 billion by 2031Download Sample Reports Overview
The Global K12 Education Market Size is predicted to be valued at $525.7 billion by 2031, surging from $103.5 billion in 2021, at a CAGR of 5.0%.
Impact Analysis of COVID-19 on the K12 Education Market
The COVID-19 pandemic has impacted practically every part of society, including education. The pandemic's impact on demand for K12 education was seen in the worldwide K12 education market in 2020-2021. COVID-19 has caused a decrease in demand and a decline in the K12 education industry in 2020. In addition, many issues developed as educators transitioned from conventional face-to-face learning to digital platforms for remote teaching, necessitating quick responses and policy and procedure changes in order to provide fair and appropriate remote learning to all students.
Global K12 Education Market Analysis
Gamification improves the whole educational process. Scorecards, leaderboards, and groups improve student engagement, motivation, and cognitive abilities. The use of games in online learning fosters active student participation. The inability of additional students who live far from their school to attend lessons contributes to an increase in absenteeism. Therefore, government agencies and educational institutions are collaborating to resolve the problem through online education. Moreover, gamification will become more widely used and have the ability to reduce absenteeism, which is expected to drive the expansion of the k12 education market during the forecast period.
The development of the K12 education plan may make the school system more competitive. However, the authorities need to address a few difficulties before the plan can be executed. The K12 education system is excellent, but it only works if the government or another authority meets all of the requirements. If the government could allocate a higher budget for educational needs, the K12 program would be one step closer to success. These are the major problems expected to restrict the expansion of the K12 education market.
Artificial intelligence is important in the virtual field of education. AI algorithms may offer personalized study material depending on student profile, performance, and active behavior. It may also provide meaningful information in the form of quizzes, tests, and videos for measuring progress. Open Educational Resources (OER) has the capability to replace traditional textbooks as they are affordable and compact. OER is gradually being accepted by both academic staff and students. Institutions also invest in online learning programs because they are flexible, cost-free, simple to set up and improve student participation. Therefore, all these factors are projected to create several growth opportunities for the key players operating in the k12 education market during the forecast period.
Global K12 Education Market, Segmentation
The K12 education market is segmented on the basis of type, deployment mode, application, spend analysis, and region.
The type segment is further classified into public and private. Among these, the private sub-segment is anticipated to have a dominant market in 2031. A private academy is a private online school dedicated to providing personalized education to all students. The private academy believes that every student has the right to a quality education that is endorsed and accepted by the K12 education industry and satisfies their specific needs.
The deployment mode segment is further classified into cloud and on-premise. Among these, the cloud sub-segment is anticipated to show the fastest growth by 2031, due to the developments in the IT cloud sector. Cloud-based data storage is adaptable and protected by proprietary rights that are only available to specific users. Cloud-based deployment is the distribution of hosted services via the Internet utilizing one or more hosting models. The cloud segment is primarily driven by the adoption of new digital models with the aim of virtual learning.
The application segment is further classified into high school, middle school, and pre-primary school and primary school. Among these, the high school sub-segment is anticipated to have a dominant market share by 2031. Online learning is moreover implemented in high school education systems. For example, in July 2022, TMRW, an ed-tech startup, teamed with TCS to provide digital learning platforms for K-12 education in Indian schools. TMRW contains an integrated learning operating system (LearnOS). All such factors are projected to drive the segment growth during the forecast period.
The spend analysis segment is further classified into hardware, software, and others. Among these, the hardware sub-segment accounted for a dominant market share in 2021. E-learning and software solutions provide integrated corporate resource planning tools that enable to create better courses and conduct classes more effectively. Online systems provide virtual classrooms, allowing academics to manage a large audience.
The K12 education market in North America accounted for a dominating market share in 2021. The major high schools and educational organizations in North America are increasingly shifting their focus away from legacy EdTech educational standards and toward online EdTech solutions. AI integration in schools to automate processes such as grading topics and providing input is predicted to drive the K-12 education technology market growth in the region. In the U.S., education is delivered in private and public institutions, as well as by people through homeschooling. State governments establish overall standards of education, frequently enforce standardized testing for K-12 public education systems, and monitor, typically through a board of regents, state institutions, and universities.
Key Players in the Global K12 Education Market
Some of the leading K12 education market players are
- McGraw-Hill Education
- Pearson Education Inc.
- Cengage Learning India Pvt. Ltd.
- K12 Inc.
- Blackboard Inc.
- Tata Class Edge
- Educomp Solutions
- Next Education India Pvt. Ltd.
- Adobe Systems
- TAL Education Group