The future of the edtech industry is in the APAC region, according to analysts.
Pedagogically inclined tech companies have thrived across the globe during and in the aftermath of the pandemic. However, analysts believe that it’s in the Asia-Pacific region where we will see a huge upswing over the next decade.
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“By 2030 the APAC market will be the largest edtech market in the world,” Rory Gopsill, thematic analyst at GlobalData, says in a new podcast from the research firm.
A GlobalData report describes edtech as a “technology that helps facilitate learning”. Edtech solutions, such as the ones championed in the APAC region, included artificial intelligence, virtual and augmented reality, cloud delivered apps, robotics, blockchain, e-books, video, gaming software, wearables and tablets.
Gopsill says there are three reasons why edtech is growing in the APAC region.
The first reason is the significant amount of people in the APAC region.
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By GlobalData“Firstly, its enormous population, which will grow to roughly 4.9 billion in 2030, bolstered by China, India and Indonesia,” says Gopsill.
“The second is its hugely important position within the world economy. By 2030, the APAC region will be home to roughly 50% of global GDP. It will also host the majority of the global middleclass, so the people with the disposable income to pay for tech-enabled education.
“And, finally, already certain countries within the APAC region have a number of high-flying edtech companies such as India [which has] BYJU, etcetera. Indonesia has Ruangguru
“All these reasons mean that the APAC region is well-placed to lead the world of edtech in 2030.”
The pandemic accelerated the growth of the edtech industry by locking students inside for months at the time, forcing them to turn to digital educational tools.
GlobalData estimates that the edtech industry’s revenues could “reach $538.5bn by 2030”.
