LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the education technology market in North America is expected to reach over USD 55 billion by 2019.
This report titled ‘Education Technology Market in North America 2015-2019’, provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, Technavio researchers have considered revenues generated by vendors through product segments such as software and services, and hardware.
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“Although big data solutions are still in the nascent stage, its adoption is expected to increase in the future, and it will have a positive impact on the education technology market in North America. Organizations like IBM who have a strong presence in the big data analytics market for business industries have also developed exclusive solutions for the education market,” said Jhansi Mary, one of Technavio’s lead industry analysts for education technology research.
“With North America aiming to improve its graduation rates and the quality of education, many leading educational Institutions will likely invest in analytics. The core benefit of adopting big data solutions lies in their effective utilization of various forms of education content and real-time technologies,” added Jhansi.
Some of the other driving forces behind the growth of the education technology market in North America are as follows:
- Implementation of IT security and cloud-based solutions
- Increase in demand for one-to-one computing
- Increase in demand for MOOCs
Implementation of IT security and cloud-based solutions
Many educational institutions are widely adopting cloud-based solutions like virtualization of IT infrastructure, cloud-based emails, and Software-as-a-Service (SaaS). The implementation of innovative and customized IT and cloud-based security solutions is a next-generation IT reform initiated by educational institutions to protect the existing network infrastructure.
Fast implementation and reduced capital expenses are some of the key benefits of employing these solutions. The majority of institutions are therefore shifting to SaaS LMS solutions for special training purposes. Currently, most SaaS e-learning solution providers promise features like hacking protection, which prevents outsiders from accessing the learning material. Thanks to its growing awareness, other system security measures like secure socket layer connections are finding widespread implementation in this market. Thus, institution-wide adoption of IT security and cloud-based solutions are likely to become a key revenue source for the education IT market in North America until 2019.
Increase in demand for one-to-one computing
Computing platforms are helping students broaden their learning beyond the classroom by allowing access to real-time information with ease. Institutions in North America that were previously using the textbook-and-blackboard format have since gone the digital way to impart knowledge. They are also taking concrete steps for implementing one-to-one computing initiatives. One-to-one computing is gaining popularity as it is known to have a positive impact on students, in terms of their language and analytical skills. Various studies have found that students with access to computing devices are able to absorb concepts better and obtain better grades. Moreover, these devices are capable of instantly finding solutions while connecting with teachers or other students. BYOD is the latest trend driving the approach to one-to-one education, and it is slated to make education technology thrive in north America over the next four years.
Increase in demand for massive open online courses (MOOCs)
MOOCs allows for an unlimited number of users to participate in multiple courses for free. These courses are provided by well-qualified lecturers from renowned institutions from over the globe. Many start-ups are providing MOOC platform by collaborating with universities and individual professors to offer courses. Some well-known players in this field are Coursera, Udacity, and Udemy. In the past few years, the global MOOCs market has experienced tremendous growth.
In the academic segment, the higher education sub-segment accounts for 80% of the global MOOCs market. With many Ivy League colleges like Harvard, MIT, Caltech, Berkeley, and Princeton already offering MOOCs, many others will likely follow this trend in the future.
However, MOOCs are not expected to remain free, since content developers will soon have to provide additional services in the form of seminars, discussion boards, and web conferences, it will incur additional costs that have to be transferred to end-users. This in turn is expected to benefit the education technology market and encourage new entrants to leverage its potential.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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