Education and Learning Analytics Market to be Worth $34.7 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®
LONDON, Oct. 15, 2020 /PRNewswire/ -- According to a new market research report titled, "Education and Learning Analytics Market by Component, Deployment, Applications (Acquisition & Retention, Curriculum Development, Finance, Operations, Performance Management), User Group (Academic, Corporate) and Geography– Global Forecast to 2027", the education and learning analytics market is expected to grow at a CAGR of 29.8% from 2020 to 2027 to reach $34.7 billion by 2027.
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Education and learning analytics refers to the collection, storage, analysis, and reporting of data about learners and their learning experience and learning programs for deriving meaningful insights in optimizing learners and increasing the productivity of institutes. The market for learning analytics is at its nascent stages, but with constant innovations in new technologies and growing acceptance of modernized tools and platforms in the education sector, the demand for these tools is expected to propel during the forecast period.
The growth of this market is mainly attributed to the rising need for data-driven decisions to improve education quality and extensive government initiatives in digitalizing the education sector. In addition, the advent of machine learning and AI in data analytics provides significant opportunities for players operating in the education and learning analytics market. However, unwillingness to adopt learning analytics solutions due to data privacy and security concerns, the absence of skilled professionals to manage analytics solutions, and lack of awareness regarding benefits of data analysis are causing hindrances to the growth of this market. Furthermore, the popularity of distance learning is leading to the rising adoption of learning analytics tools, which is seen as an upcoming trend in the current market scenario.
Impact of COVID-19 on the Education and Learning Analytics Market
The COVID-19 pandemic has adversely hit many economies around the globe. The market for technology in the education sector has not been affected to a greater extent, due to which the education and learning analytics market is projected to witness a fast recovery in the post-COVID-19 world. Lockdowns and quarantines have stopped learners from accessing educational institutions physically but have brought technology closer to them. Students are given remote access to lectures and classes, which has triggered online learning to a greater extent. The rise in remote learning and consistent student engagement on e-learning platforms is anticipated to generate huge data, which is expected to open avenues for adopting education and learning analytics solutions.
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Moreover, with the development of ICT in education, e-books, animations, graphics, models, online video-based micro-courses quizzes, games, and e-notes, learning has become more accessible, engaging, and contextualized. This is encouraging students to adopt e-learning tools. Further, numerous countries struggling to mitigate the impact of school closures are supported by the UNESCO to facilitate the continuity of education through remote learning. Thus, extensive government initiatives and massive adoption of e-learning are poised to facilitate learning analytics post the pandemic.
Based on component, the software segment is expected to grow at the highest CAGR during the forecast period. The ability of software to track and determine the learner's performance while simultaneously managing faculty, curriculum, programs, operations, and budgets is one of the drivers for this segment. Moreover, the intuition of software with cloud-based services is further expected to drive this segment.
Based on application, in 2020, the performance management segment is expected to account for the largest share of the overall education and learning analytics market. Factors such as rising reliability of institutions on data-driven decisions and growing importance of analyzing individual performance are driving the growth of this segment. On the other hand, the urriculum development segment is projected to grow with the fastest CAGR during the forecast period.
Based on deployment type, in 2020, the cloud-based segment is projected to command the largest share of the education and learning analytics market. This is primarily attributed to the extensive benefits offered by cloud providers in terms of SaaS, PaaS, and IaaS for learning analytics.
Based on end user, in 2020, the academic institutes segment is poised to account for the largest share of the overall education and learning analytics market. This can be attributed to the increasing spending capacity of higher education institutions on data-driven solutions. The academics segment is further split under k-12 and higher education institutions. The higher education segment commanded the largest share, owing to the growing adoption of learning analytics to assess the students' performance and derive insights based on the patterns obtained from students' performance data. Moreover, the k-12 segment is expected to grow with the fastest CAGR over the forecast period, owing to the higher adoption of customized analytics solutions offered by solution providers to k-12 schools.
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Geographically, the North American region is projected to command the largest share of the global education and learning analytics market in 2020. North America's dominance is majorly attributed to the availability of major education and learning analytics companies and their focus on developing advanced education and learning analytics technology. In addition, education and learning analytics for corporate learners in countries such as the U.S. and Canada is gaining traction. However, Asia-Pacific region is expected to witness rapid growth during the forecast period, driven by factors such as increased government-funded projects in literacy development, coupled with increasing economic development. Moreover, the region has a large share of the younger population, adopting modernized tools for learning.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past five years (2016–2020). The education and learning analytics market has witnessed several agreements, collaborations, and partnerships in recent years. For instance, in February 2020, MicroStrategy Incorporated announced a partnership with Yellowbrick Data to integrate a Yellowbrick Data warehouse with its analytics platform. This partnership opened the doors for users looking for new ways to manage and store data in an integrated system.
The education and learning analytics market is consolidated and dominated by few major players, namely, MicroStrategy Incorporated (U.S.), TIBCO Software Inc. (U.S.), Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), D2L Corporations (Canada), SAS Institute Ins. (U.S.), IBM Corporations (U.S.), Microsoft Corporation (U.S.), SABA Software (U.S.), SAP SE (U.S.), and Blackboard Inc. (U.S.), among others.
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Scope of the Report
Education and Learning Analytics Market, by Component
Education and Learning Analytics Market, by Deployment Type
Education and Learning Analytics Market, by Application
Education and Learning Analytics Market, by End User
Education and Learning Analytics Market, by Geography
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