K12 Education Market to Grow USD 3619.8 Million by 2028 at a CAGR of 19% | Valuates Reports
BANGALORE, India, Aug. 5, 2022 /PRNewswire/ -- The Global K12 Market is Segmented by Type (Public K-12 education, Private K-12 education, Online K-12 education), by Application (Pre-primary School, Primary School, Middle School, High School): Opportunity Analysis and Industry Forecast, 2022–2028.
The global K-12 Education market size is projected to reach USD 3619.8 Million by 2028, from USD 1052.5 Million in 2021, at a CAGR of 19.0% during 2022-2028.
Major Factors Driving the Growth of the K12 Education Market
The rising government initiatives, technological advances, and growing popularity of STEM-based education will fuel the growth of the market.
Covid-19 has accelerated the adoption of online learning which in turn will increase the growth of the market.
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TRENDS INFLUENCING THE GLOBAL K12 EDUCATION MARKET
Several government initiatives are being undertaken to improve the quality of education at the k12 level across the world. Policies are being introduced to modernize the sector with private player participation and investment. This will boost the growth of the K12 education market in the coming years. For instance, Saudi Arabia in its Vision 2030 aims to increase the share of private education by allowing foreign business ownership. This is being done to ease the ownership restrictions on foreign firms thereby attracting global K1 providers.
Rapid technological innovations have increased the popularity of learning analytics in the educational industry. This allows educational institutions to offer a personalized form of learning. Artificial intelligence fuels the adoption of digital education systems. It provides customized content based on student profiles, performance, and active behavior. Hence institutes are actively investing in virtual learning models which in turn will drive the growth of the K12 education market during the forecast period. Progress is tracked by producing content in the form of tests, quizzes, and videos. eLearning is flexible, improves student engagement, and can be accessed anytime anywhere. It adapts accordingly to individual learning styles and needs.
The growing job opportunities in science, technology, engineering, and mathematics have increased the popularity of STEM-based education. Hence parents, students, and teachers are placing greater emphasis on basic STEM-based education in schools across the globe. This will surge the growth of the K12 education market in the coming years. Students who successfully score high grades in competitive examinations are able to get admitted to higher educational institutions which provide a clear headway for technical education and better career options.
The sudden emergence of the pandemic has forced schools and other educational institutions to shift to online learning platforms. This has boosted the demand for online K12 education. Elearning and software solutions are providing well-organized enterprise resource planning systems to build improved courses and manage classrooms efficiently. Online platforms create virtual classrooms that enable teachers to manage a large audience without any budget constraints. Students get to have more one-on-one sessions with their teachers.
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K12 EDUCATION MARKET SHARE ANALYSIS
Based on application, the high school segment will grow the highest in the K12 education market share as students are getting responsive to online learning tools and virtual high school curriculum through the use of cutting-edge technologies.
Based on region, Asia-pacific will witness significant growth due to increasing adoption of online learning and rapid transition to eLearning platforms. The growth is being driven by countries such as China, India, Indonesia, etc.
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