Academic institution spend on remote learning tech growing exponentially
Academic institutions—both K12 and higher ed—account for the fastest growth and the largest market share in an analysis of remote learning technologies and how they’re used by enterprises, academic institutions, government organizations and individual users.
Conducted by Future Market Insights, the study forecasts the market for remote learning technology to have a compound annual growth rate of 14.7% between 2020 and 2030. Remote Learning Technology Spending Market, the related 400-page report, provides perspective on how the COVID-19 pandemic has impacted the purchasing of software and services and what companies are investing heavily in these areas.
The growth of remote learning has promoted the adoption of technologies that provide learning materials online and those that mimic classroom environments. Advancements in web and mobile-based LMS platforms in the past few years have driven exponential growth, and the pandemic’s impact on where learning can safely take place has of course added to the momentum. Solutions such as online learning software, language apps, video conferencing tools and virtual tutoring have soared in recent months.
Some highlights of the report:
- The value of the global market for remote learning technology spending was $43 billion (US dollars) in 2019, a substantial increase over the previous year.
- Exponential growth is projected in the current year, with an estimated valuation of the market spend at over $49 million (US dollars).
- North America is a leading market, accounting for 30% of the global market in 2019, but East Asia is projected to surpass North America by 2030, owing to a massive student population and adoption of remote learning during the coronavirus pandemic.
- A significant number of educational institutions are expected to increase their budgets to support home learning for the duration of coronavirus lockdowns, mainly because they found that current digital learning infrastructure was insufficient.
- Growing partnerships between remote learning service providers and LMS solution developers are enabling more scalable operations for education content for students at regional, national and international scales.
- Many online learning platforms are providing free access to their services and materials during the pandemic (see UB’s list of free resources for colleges).
- Major players in the remote learning technology market are capitalizing on the growth in demand for e-learning platforms while also investing in the development of additional remote learning programs and solutions. The report offers Oracle Corporation, SAP and IBM as specific examples, as well as the following “key participants”: Microsoft Corporatio; Adobe; Blackboard Inc.; e-Zest Solutions; WizIQ Inc.; Hurix; Allen Interactions Inc.; Cornerstone OnDemand Inc.; PeopleFluent; Instructure Inc.; Skillsoft; and Infor.
Additional summary details, and a link to purchase the report, can be found here.