Global edtech market is poised to touch $300 billion by 2029: Report

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Despite a slowdown in the edtech space in India post Covid-19-led lockdowns and China’s edtech crash, the sector is expected to touch a market size of $300 billion by 2029 as against $101 billion presently, said Blume Venture’s report.

“The Covid-19 impact pushed the market size of edtech in India at $6 billion in 2022 vs $4 billion in 2020… however, edtech startups in India have proved that their total addressable market is not just limited to dollars spent by Indian parents and institutions but also global spends,” the report titled ‘Indian Edtech in 2022’ said.

The report said that the biggest market size, sector-wise in India remains to be K12 with $2.7 billion, followed by college and upskilling courses at $1.6 billion.

Amid the slowdown in the Indian market, many edtech players expanded abroad and acquired paying customers in North America, SEA, and Middleeast.

The venture capital fund has also identified key themes emerging in the Edtech space.

“Gamification and Web3 learning, Verticalised upskilling, shift from extracurricular to ‘life as a CV’ and more are emerging trends in the core learning and supplemental learning categories,” the report said.

Blume has estimated the market size of the foundational learning category to be around $500 million.

Edtech in 2021 saw the rise of cocurricular activities like coding and public speaking, however, these spaces have begun to get saturated.

“The market for 21st-century skills that help with holistic personality and social development is still nascent… Blume market size estimate of this segment is around $450 million,” it said.