The growing adoption of hybrid learning across Nigeria, just like the world over, is one of the factors transforming the EdTech market projected to peak at $696.04 billion by 2028.
EdTech, otherwise known as education technology, will record a global EdTech market that is expected to witness an absolute growth of 137.60% in the upcoming years, according to Arizton’s latest research report, the Edtech Market that forecasts a CAGR of 15.22% during 2022-2028.
The EdTech industry, authors of the report say, has been witnessing a digital revolution with the emergence of AI and digitalization. The digital ecosystem has significantly impacted the education sector with technology now playing a major role in education categories serving primary, secondary, and corporate training.
The report authors write that the fusion of remote and online learning has given rise to the hybrid learning model, which is now a dominant approach in education. “Many online education providers are seeking to incorporate occasional in-person interactions to create a classroom-like experience, while traditional brick-and-mortar institutions are enhancing their offerings with online components, enriching the online learning landscape.”
This hybrid model, the report says “is anticipated to see increased adoption in the future. Projections suggest that online education will continue to grow in popularity among students, learners, and professionals due to its convenience in accessing specialised content and opportunities for self-paced learning.”
Additionally, the authors note, “another significant trend is the surge in remote and online learning. The COVID-19 pandemic played a pivotal role in accelerating the adoption of online education, prompting educational institutions and businesses worldwide to transition to digital learning models. Even as we move beyond the pandemic, the enduring flexibility and accessibility of online learning are expected to fuel sustained growth in this market.”
How Hybrid Learning, VR and Other Dynamics Will Shape EdTech Market
In the global EdTech market, authors of the report say that a prominent trend is the increasing emphasis on personalised and adaptive learning. Utilising AI and machine learning algorithms, EdTech platforms can now analyse individual learner data to offer customised content, assessments, and learning pathways.
“This trend is rapidly gaining traction as both educators and learners recognize the advantages of tailored learning experiences that cater to individual strengths, weaknesses, and preferences,” the report says.
Additionally, the authors note, “another significant trend is the surge in remote and online learning. The COVID-19 pandemic played a pivotal role in accelerating the adoption of online education, prompting educational institutions and businesses worldwide to transition to digital learning models. Even as we move beyond the pandemic, the enduring flexibility and accessibility of online learning are expected to fuel sustained growth in this market.”
Virtual Reality (VR) and Augmented Reality (AR) technologies are causing a profound transformation in the realm of education delivery, significantly influencing the recent growth of the global EdTech market, the report says.
“These technologies usher in an exceptionally immersive and interactive learning environment, enabling students to grasp and engage with intricate concepts in a more captivating manner. VR and AR offer a unique avenue to replicate real-world scenarios and offer students hands-on learning experiences,” according to the report.
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