K-12 ed tech spending is expected to skyrocket in market worth from $14.8 billion in 2022 to $132.4 billion globally in 2032, according to a recent report by Market.Us, a consulting and market research company, as reported by K-12 Dive.
Increased demand for personalized and online learning that emerged from the pandemic is driving the boom. “As education increasingly relies on digital platforms, schools and districts allocate budgets to stay competitive and provide students with 21st-century skills,” the report said.
Purchases of hardware, software and other technology and services like interactive whiteboards, learning management systems and internet connectivity are all part of K-12 ed tech spending analyzed by Market.Us. Between 2022 and 2032, the market for ed tech spending will increase at a compound annual growth rate of 25.2 percent, the report said.
When splitting up ed tech spending by region, North America dominates the market with a major revenue share of 34.3 percent, according to Market.Us.
Federal pandemic relief dollars made many of the latest district investments possible in the U.S., but that well will be running dry soon as the spending deadline for the Elementary and Secondary School Emergency Relief Fund is less than a year away. Questions remain as to whether the momentum on ed tech funding can continue once that happens, even as the need for extra learning time to return to pre-pandemic math and reading achievement shows no signs of letting up.
Ed tech that relies on videos, audio, e-books and augmented reality or virtual reality is expected to hit nearly $170 billion by 2030 for the U.S. alone, according to a separate report by Research and Markets, a market research store. That projected rise comes amid increased efforts to boost internet accessibility and a growing preference for digital learning platforms across corporate, academic and government sectors, the report found.
K-12 Dive
