July 09, 2020
According to the research report titled ‘Global K 12 Education Market Size study with COVID-19 impact, by Type (Public K-12 Education, Private K-12 Education and Online K-12 Education), by Application (Pre-primary School, Primary School, Middle School and High School) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global K 12 education market is anticipated to register an appreciable growth rate through 2026.
For the uninitiated, an individual’s first 13 years of schooling prior to entering university is termed as K 12, also known as secondary and elementary education. Elementary education starts at the age of five or six, and secondary education of a student is from 12 to 18 years of age. Primary schools provide elementary education, after which secondary education is provided in high school. High school can be further categorized into junior high and senior high education.
Due to the COVID-19 outbreak, lockdowns have been imposed across various economies, which has encouraged teachers to opt for online & digital medium for conducting lectures. This transition along with robust technological innovations, and adoption of advanced solutions in education sector worldwide are projected to drive the K 12 education market growth over the anticipated timeline.
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According to Shift Disruptive E-learning, 40-60% reduction in employee time is observed in e-learning as compared to conventional classroom learning, with an increase of 25-60% in retention rate over traditional classrooms which is 8-10%. In addition, as per World Education Services, global e-learning market is projected to be worth USD 331 billion by the year 2025 with an upsurge in Massive Open Online Courses (MOOC) from 6850 in 2016 to 9400 in 2017. Further, according to Holon IQ, the artificial intelligence based educational technology expense reached USD 0.8 billion in 2018 and is expected to hit USD 6.1 billion mark by 2025. High efficiency of e-learning over conventional practices, easy accessibility to increasing number of online courses, and integration of advanced technologies such as AI into education sector will foster the industry growth in the forthcoming years. Although, high cost of higher education may impede the market growth over the anticipated timeline, cites the research report.
Speaking of the regional landscape, global K 12 education market is fragmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. North America presently holds a significant market share pertaining to innovations and adoption of advanced technologies in education sector.
Meanwhile, Asia Pacific K 12 education market is slated to grow substantially over the anticipated timeline owing to initiatives undertaken by government to promote e-learning coupled with growing adoption of online learning initiative by educational institutions in the region.
Major players in global K 12 education market are IBM Corp., Blackboard Inc., Adobe Inc., Tata ClassEdge, TAL Education Group, Samsung, Next Education India Pvt. Ltd., Educomp Solutions Ltd., Dell, and Chungdahm Learning among others.