The education technology (edutech) market has developed quite quickly across the world. Experts at Frost & Sullivan estimate that the market will grow at a compound annual growth rate (CAGR) of 18.3% and generate $40.9 billion by 2022.
The edutech market in Australia is estimated to grow at a CAGR of 3% by 2022, driven by increasing student demand, competition among institutions, and lower acquisition costs.
Frost & Sullivan has published a report on the topic titled Australian Edutech Market—Key Trends, Technologies, and Opportunities, Forecast to 2022 which highlights the various trends that affect the Australian edutech market, mainly digitization, university partnerships, and advances in Internet connectivity.
Download free insights from this report here: https://bit.ly/2DdgBuO
The largest factor behind the growth of edutech market is the ever-changing demand of the student body for a more seamless and digitized learning and campus experience. Therefore, universities are driven to adopt technologies to effectively meet learning outcomes, which creates opportunities for solution providers and service vendors.
Key technologies expected to play a role in the expansion of the Edutech market in Australia include Learning Management System (LMS) innovations, conferencing, Big Data analytics, AI, Massive Open Online Courses (MOOCs), as well as augmented reality and virtual reality technologies.
The growth of The Edutech market in Australia generates various growth opportunities for market players, largely for universities. Frost & Sullivan highlights a number of key opportunities for universities to maintain competitiveness, such as:
- Highlighting the importance of the ‘student experience’ through a number of innovations
- Utilizing Big Data analytics to understand student behavior and to meet student objectives and learning outcomes
C-suites in service provider companies catering to the education technology market could also leverage their services on the universities’ demands by emerging as early market movers that provide the best value service bundles. Moreover, experts at Frost & Sullivan suggest the following strategic imperatives for success and growth:
- Tech vendors should pay close attention to training and development programs for students, staff, and users at all levels in the tertiary education sector.
- Focus on user experience will be a significant differentiator among service providers, and this feature could be used to position tech vendors, create superior usability, and implement a wide array of features
- Service providers will have to focus on helping universities gain a comprehensive understanding of student behavior and needs, and design products that deliver superior student experience.
Frost & Sullivan predicts that as purchase prices reduce and nascent technologies show their value through early market adoptions, universities are expected to increasingly trial, purchase, and implement new solutions across campuses for student and organizational benefits.
Sachi Mulmi is a researcher with Frost & Sullivan. She can be reached at email@example.com