Report : Academic Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Deployment (Cloud and On-Premise) and Application (Colleges and Universities, Educational Services, and Others)
Adoption of Immersive Learning with Virtual Reality, Augmented Reality, and Gamification to Drive Growth of Academic Software Market during 2020–2027
According to our latest market study on “Academic Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment and Application,” the market was valued at US$ 797.59 million in 2021 and is projected to reach US$ 2,007.08 million by 2027; it is expected to grow at a CAGR of 16.2% from 2020 to 2027.
The current learning analytics landscape, especially for higher education, has expanded rapidly. When students are engaging in fun game events, they can learn better and practice simultaneously. Gaming features help create a fun and productive learning experience for learners. In the K-12 educational field, the implementation of gamification is most widespread. Thus, the adoption of gamification across the global education sector is expected to influence the demand for academic software over the years. Additionally, ever since virtual reality (VR) and augmented reality (AR) have been introduced into education, the class learning experience has undergone a tremendous transition. The growth in demand for experiential learning is moving the development of VR and AR learning forward. Learning has been a lot more engaging than typical techniques. While VR provides a built reality, AR provides a real image with an improved view. Thus, increase in adoption of technologies across educational institutions is creating demand for solutions to support the implementation of them and to offer better results. This is expected to contribute to the academic software market growth over the forecast period.
The academic software market is segmented on the basis of deployment, application, and geography. Based on deployment, the market is bifurcated into cloud and on-premise. In 2019, the cloud segment accounted for a larger share in the market. On the basis of application, the academic software market is segmented into colleges and universities, educational services, and others. In 2019, the colleges and universities segment accounted for the largest share in the market. Geographically, North America held the largest share of the academic software market in 2019, followed by Europe and Asia Pacific. Further, the market in Asia Pacific is projected to witness the highest growth during the forecast period.
Impact of COVID-19 Pandemic on Academic Software Market
The emergence and outbreak of COVID-19 is adversely affecting numerous developed and developing countries. As of January 2021, the US, India, Brazil, Russia, and France are among the worst affected countries in terms confirmed cases and reported deaths. The outbreak is hindering the education sector as all schools, colleges, and universities are temporarily closed to combat the spread of the virus. With high support from the government across all regions, the education sector is experiencing a total shift from offline method to online studies for students. Additionally, several top universities have committed to decade-long, multi-million dollar contracts and joint ventures in central, vital academic areas with educational online program managers (OPMs). These collaborations, if properly designed, would allow universities to leap forward in the coming years. Thus, the rising shift of the education sector to online mediums owing to the pandemic is driving the growth of the academic software market globally.
Alma; Campus Cafe Software; ConexED; Envisio Solutions Inc.; FULL FABRIC; PowerVista Software, Inc; QUALTRICS LLC; Tophatmonocle Corp.; TRUEDIALOG; and WizeHive, Inc. are among the major companies operating in the academic software market.
The report segments the global academic software market as follows: